The CEO of Ripple, Brad Garlinghouse, stated that the U.S. crypto industry must rebuild trust by increasing transparency and creating utility.
Brad Garlinghouse, the chief executive officer of Ripple (XRP), stated that the United States Securities and Exchange Commission (SEC) has “no infrastructure for a “registered token” to trade and has not provided clarity” on what these tokens are.
Garlinghouse remarked that SEC Chairman Gary Gensler has repeatedly urged crypto companies to register with the financial regulator. Nonetheless, the commission has failed to provide a framework for trading registered tokens and a definition of these tokens.
According to Garlinghouse, the SEC has declared war on the cryptocurrency industry with its actions—recent enforcement actions brought by the regulator against crypto firms allegedly violating federal securities laws.
Ripple’s CEO pointed out the European Union’s regulatory efforts and questioned why the same was not occurring in the United States. He said: “The 27 EU member states can agree on a set of rules for MiCA… what is preventing the United States?”
To benefit the crypto industry, the EU’s Markets in Crypto Assets (MiCA) framework would transform the region’s regulatory landscape. In April, the guideline will be subject to a final vote.
In the meantime, Garlinghouse stated that firms operating in the U.S. crypto industry must rebuild trust by facilitating greater transparency and developing utility. He noted that this was “the only way we can collectively advance.”
Garlinghouse noted that the failure of crypto companies such as FTX and Terra had shattered industry confidence.
Numerous community members agreed with Garlinghouse, with many encouraging Ripple to begin restoring confidence and demonstrating that there are vibrant actors in the business.
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