DAVOS – CEO Brad Garlinghouse, speaking at the World Economic Forum today, expressed criticism of the U.S. Securities and Exchange Commission’s (SEC) handling of cryptocurrency regulation. In a series of discussions, including interviews with Fox Business and CNBC, Garlinghouse highlighted the SEC’s preference for enforcement actions rather than establishing clear regulatory frameworks, citing Ripple as a prime example of the agency’s approach.
Garlinghouse contrasted the SEC’s strategy with that of the European Union, noting that EU countries are advancing in the creation of transparent cryptocurrency regulations and licensing frameworks. He emphasized the SEC’s inconsistency, pointing out their approval of ETFs while other aspects of the crypto sector remain in a regulatory grey area.
The Ripple CEO also discussed the potential benefits of blockchain technology, particularly its ability to enhance global payment systems. He underscored Ripple’s contribution to blockchain solutions, especially for cross-border settlements, and noted that the majority of Ripple’s customers are based outside the United States.
Garlinghouse’s comments at the prestigious annual meeting in Davos reflect ongoing tensions between the cryptocurrency industry and regulatory bodies, as companies like Ripple seek clarity in an evolving digital financial landscape.
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