More and more voices are rising against the SEC. After the announcement of Coinbase’s intention to take the American stock market policeman to court to defend his interests, it is the turn of Brad Garlinghouse, the CEO of Ripple, to raise his voice. He believes that the US regulator is about to nip the crypto industry in the bud.
Crypto companies vs SEC: the resistance is getting organized
For several months, the SEC has multiplied the lawsuits against crypto companies. Prohibition of the launch of a Bitcoin ETF by Grayscale, stop of staking offers offered by exchanges, classify cryptocurrencies other than bitcoin among “Securities” Or “securities”; Gary Gensler’s SEC is on all fronts.
However, the resistance is organized. On March 5, Grayscale will defend its Bitcoin ETF in front of a judge. On the Coinbase side, the exchange has also declared that it is ready to plead one’s case before a judge.
Brad Garlinghouse, CEO of Ripple, does not intend to give up either. According to Bloomberg, Garlinghouse said that crypto companies are gradually leaving the United States. For good reason, the recurrent attacks of the SEC which according to him “are not good for innovation”.
He added that the SEC’s case against Ripple was not just about XRP, but about the entire crypto industry.
Garlinghouse also pointed out that the United States was already lagging behind other countries. For him, Switzerland or even Australia have put in place smarter rules to regulate the crypto industry.
Gary Gensler sticks to his position: “the law is the law”
In an interview with Bloomberg, SEC Chairman Gary Gensler responded by saying the cryptocurrency crackdown was aimed at “protect investors” against fraud.
His ultimate battle is to have the majority of cryptocurrencies classified as Securities. He hopes that crypto companies will be subject to the same regulations as banks and listed companies.
Faced with the growing threat from the SEC, several players in the crypto ecosystem are considering leaving the United States. Nexo was among the first to pack up. According to Brad Garlinghouse, this trend should continue. He estimates that “regulators fail to see that the crypto boom will be equivalent to the internet boom which, in turn, could help our economy.
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