Regulations, regulations, and more regulations. The crypto-verse went from being a decentralized industry to a highly scrutinized one. The constant probe and lawsuits flying across the crypto industry have left investors dubious of the fate of the market.
The never-ending Ripple’s tiff with the SEC has brought about an array of questions on why regulators selectively and inconsistently probe projects. Ripple’s CEO, Brad Garlinghouse has posed this question time and again. Once again Garlinghouse appeared in a recent interview and addressed the ongoing lawsuit while taking a jab at Coinbase.
Ripple was sued by the Securities and Exchange Commission [SEC] for carrying out the last of unregistered securities which is XRP. Labeled a security, several exchanges were forced to drop support for XRP. This not only brought about increased loss for XRP investors but also tainted Ripple’s image. However, the platform decided to fight back.
Speaking about the case, Garlinghouse noted how the SEC decided to give Coinbase a green signal to go public. Pointing out the shortcomings of the regulator Garlinghouse said,
“The SEC now seems to take the position when they sued us that ‘XRP is a security and always has been,’ but they approved Coinbase going public even though Coinbase is not a registered broker-dealer. There’s some contradictions here of the SEC almost not, within its organization, knowing left hand, right hand.”
With the increased demand for crypto, governments across the globe have begun regulating the space. While some have been trying to come up with regulations that do not hinder innovation, a few others continue to use enforcement. Similarly, Garlinghouse noted how the SEC wasn’t working hard to formulate a new set of rules. Instead, they “decide we’re going to do regulation through enforcement, which is not efficient.”
Is the SEC painting crypto in the wrong light? Ripple CEO thinks so
The crypto-verse worked long and hard to brush off its association with the dark web. Despite this, the volatile nature of the industry was constantly displayed in the wrong way. While volatility can be deterring, the benefit that follows is what attracts the community. Therefore, the Ripple CEO said,
“I don’t think it’s the Wild West at all. I think crypto certainly is a volatile asset class […] All asset classes have certain volatility — I don’t think it’s a regulator’s job to determine how that volatility should be accessed by consumers, by businesses.”
Additionally, speaking about volatility, the entire market was finally painted green after its long stay in the red arena. XRP however, was the star of today. With a 12.53 percent surge over the last 24 hours, XRP was trading for $0.367, at press time.