Ripple Labs CEO Brad Garlinghouse says that the most recent landmark ruling against the U.S. Securities and Exchange Commission (SEC) has put the regulatory agency in check.
In a new interview with CNBC, Garlinghouse says Judge Analisa Torres’ ruling that Ripple’s automated, open-market sales of XRP don’t count as securities is a huge win for the digital assets industry.
“I think this is a huge win, not just for Ripple, but the whole industry. I think it’s the first time the SEC has lost a crypto case and it really puts some of the SEC’s narrative and comments that they make publicly about all of these digital assets being securities, it puts that in check and in a very good way.”
The chief executive calls for lawmakers to create clear crypto guidelines as regulating the industry through enforcement actions doesn’t make sense.
“Hopefully [the ruling] also drives the legislative process because it doesn’t make sense to regulate [the industry] through enforcement, but rather let’s have clear laws about this that allow rules of the road for all entrepreneurs.”
Garlinghouse also says the SEC’s numerous enforcement actions have been holding back innovation within the digital assets industry.
“I think you’re going to see an incredible number of use cases for [blockchain] technology. Having clear rules of the road allows for the investment, allows for entrepreneurs to lean in. I think the SEC just has been wrong in the matter of law and has really stifled innovation here in the United States.”
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