Ripple (XRP) CEO Brad Garlinghouse said the U.S. Securities and Exchange Commission (SEC) “does not have the infrastructure for ‘registered tokens’ to be traded, nor does it provide any clear explanation. “About these tokens.
Garlinghouse noted that under Chairman Gary Gensler, the SEC has urged cryptocurrency companies to register with the financial regulator. However, the committee failed to provide a framework for trading registered tokens and explain what those tokens are.
According to Garlinghouse, the SEC’s move is a declaration of war on the crypto industry. Recently, regulators have launched multiple enforcement actions against crypto companies accused of violating federal securities laws.
The Ripple boss highlighted EU regulatory practices and questioned why the same didn’t happen in the US.
“The 27 EU member states can agree with MiCA on a set of rules … what stops the US.”
The European Union’s Market in Cryptoassets (MiCA) framework will change the regulatory landscape in the region to the benefit of the crypto industry. Headquarters is now awaiting a final vote in April to determine the direction of the industry as a whole.
Cryptocurrencies need to rebuild trust
Meanwhile, Garlinghouse said companies operating in the U.S. cryptocurrency industry must rebuild trust by increasing transparency and creating more utility. This, he said, is the only way we can move forward together.
Garlinghouse emphasized that the failure of crypto firms like FTX and Terra has undermined confidence in the industry.
Several community members also shared Garlinghouse’s sentiments, with many suggesting that Ripple start rebuilding trust and show everyone that there is still talent in this industry.
Crypto enthusiast Cuzzin Henry said:
“I don’t see anyone criticizing the entire securities trading industry because of Bernie Madoff or anyone else; the crypto industry just wants to be respected.”
Meanwhile, Garlinghouse’s statement reinforces his stance on the U.S. government’s approach to cryptocurrency regulation. Previously, he said this “regulatory” approach would force some cryptocurrency companies to leave the United States.
- Ripple CEO Says Crypto Industry ‘Has Already Started’ Moving Outside the US
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board take
According to Cryptoslate
