RippleCEOBradGarlinghouseaddressedkeyconcernsabouttheU.S.SecuritiesandExchangeCommission(SEC)anditsongoinglegalbattleswiththecryptoindustryinarecentinterviewwithjournalistEleanorTerrett.
ThemeetingfocusedontheSEC\'scross-appealregardingthedefinitionofaninvestmentcontractundertheSecuritiesActanditsimplicationsfortheindustry.
GarlinghousewasrespondingtoinvestorAnthonyPompliano’squestion:“Ifcryptocurrenciesweretobeconsideredaninvestmentcontract,wouldthatchangetheclassificationunderwhichpeoplelikeCoinbaseandothersallowinvestmentcontractsontheirplatforms?”
“IftheSECprevailsatthispoint,itwouldbeaterriblesituationfortheindustry.Itwouldjustpushmoreofitoffshore,”Garlinghousewarned,citingthepotentialforregulatoryramificationstopushcryptoinnovationawayfromU.S.ports.
PomplianoalsopressedGarlinghousetooffersomethingpositiveaboutSECChairmanGaryGenslerortheagency’sroleinthecryptocurrencylandscape.Garlinghouse’sresponsewasstriking:“TherewillbeanewSECchairman.”
ThedebatecontinuedwithPomplianobringinguptheSEC’sapprovaloftheCoinbaseIPOandBitcoinETFs,whichhecontrastedwiththeagency’sotherwisehostileapproachtothecryptoindustry.Garlinghousedidn’tholdbackinhiscriticism:“TheyapprovedtheETFwithalotofsquealing.Theyweredraggedthroughcourt.Theywereforcedtodothis,andifthey’retakingcreditforapprovingtheBitcoinETF,that’sbullshit.”
Despitetheregulatorychallenges,GarlinghouseexpressedoptimismaboutRipple’sgrowthoverthenext12to18months,notingthatinstitutionalinteresthasincreasedafterRipple’srecentSwellevent,wheretalkswereheldwithsomeoftheworld’slargestbanks.
“Andit’snotjustaboutRipple’spaymentflows,”Garlinghousesaid.“We’reinthecustodybusinessnow,we’reevengettingintothestablecoinbusiness.There’salotofreasontobeoptimistic.”
*Thisisnotinvestmentadvice.
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