{"id":12670,"date":"2023-07-17T04:05:15","date_gmt":"2023-07-17T04:05:15","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=12670"},"modified":"2023-07-17T04:05:16","modified_gmt":"2023-07-17T04:05:16","slug":"the-sec-has-put-power-and-politics-over-sound-policy-says-ripple-ceo","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12670","title":{"rendered":"The SEC has put \u2018power and politics\u2019 over \u2018sound policy,\u2019 says Ripple CEO"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n <\/p>\n<p>The U.S. Securities and Exchange Commission (SEC) has been prioritizing \u201cpolitics and power\u201d over creating \u201csound policy,\u201d Ripple CEO Brad Garlinghouse said in a July 15 interview with Bloomberg.<\/p>\n<p>Reiterating his criticisms against the regulatory watchdog, Garglinghouse said that instead of providing clear rules for crypto, the SEC has been sowing confusion in the market. He remarked:<\/p>\n<p>\u201c\u2026they [SEC] knew there was confusion and they actually did things that they knew would increase confusion and the only reason to do that is because this confusion actually masquerades as power to the SEC\u201d<\/p>\n<p>The ruling in the Ripple case, which held that XRP is not in itself a security, dispelled some of the confusion sowed by the SEC, he said. The ruling provided the entire U.S. market with much-needed clarity, and is, therefore, \u201calso a win for the entire crypto industry,\u201d he said.<\/p>\n<p>Garglinghouse further stated that the Ripple decision cut short the \u201coverreach\u201d of SEC chair Gary Gensler, who claims most cryptocurrencies are securities. He added:<\/p>\n<p>\u201cIronically, no other country on the planet thought that XRP is a security but it\u2019s nice to have that clarity now for the market here in the United States.\u201d<\/p>\n<h2>Ripple stood up to a \u2018bully\u2019<\/h2>\n<p>Garlinghouse stressed the significance of the Ripple ruling saying this is the \u201cfirst time the SEC has lost a crypto case.\u201d In fact, he said that the SEC has gone largely unchallenged because the regulator has been targeting smaller companies.<\/p>\n<p>\u201cI think the SEC has been a bully and they\u2019ve gone after weak players who couldn\u2019t mount a proper defense.\u201d<\/p>\n<p>Being a crypto giant, Ripple had the \u201cfortitude\u201d and \u201ccourage\u201d to stand up to the SEC, Garlinghouse said. The crypto industry \u201cneeded someone to fight\u201d because the SEC has been using regulation through enforcement as its primary tool, which is \u201cnot a good way to build a market,\u201d he noted.<\/p>\n<p>According to Garlinghouse, the SEC is not doing the hard work that other countries in Europe and elsewhere have put in to provide clear crypto rules. Regulatory clarity could help investors and entrepreneurs, he noted, adding that:<\/p>\n<p>\u201c\u2026even now the SEC is more focused on bringing lawsuits as opposed to doing the work.\u201d<\/p>\n<h2>SEC appeal could take years<\/h2>\n<p>According to some experts, like John Reed Stark, former chief of internet enforcement at the SEC, the Ripple ruling is \u201cripe for appeal\u201d and likely to be overturned. However, Garlinghouse said that it could take the SEC years to file an appeal.<\/p>\n<p>Moreover, Garlinghouse is \u201cvery optimistic\u201d that even if the SEC filed for an appeal in the Second Circuit court, Ripple will win and solidify the recent judgment. His optimism is based on the fact that the SEC overreached its authority while claiming most cryptocurrencies are securities.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/the-sec-has-put-power-and-politics-over-sound-policy-says-ripple-ceo\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Securities and Exchange Commission (SEC) has been prioritizing \u201cpolitics and power\u201d over creating \u201csound policy,\u201d Ripple CEO Brad Garlinghouse said in a July 15 interview with Bloomberg. Reiterating his criticisms against the regulatory watchdog, Garglinghouse said that instead of providing clear rules for crypto, the SEC has been sowing confusion in the market. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12671,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-12670","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12670","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12670"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12670\/revisions"}],"predecessor-version":[{"id":12672,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12670\/revisions\/12672"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12671"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12670"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12670"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}