CRYPTOCURRENCY Ripple CEO Says The U.S Lacks Regulatory Clarity On Cryptocurrency

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Ripple CEO Brad Garlinghouse said the lack of clarity in US regulation of cryptocurrency is “disappointing”.
Known for cryptocurrency news XRP, the fintech company has been operating in the U.S. since last year.

The Securities and Exchange Commission is mired in a high-stakes legal battle.
In December, the SEC brought charges against the co-founders of the firm, Garlinghouse,
and Ripple, accusing them of raising more than $ 1.3 billion through an offer of unregistered securities.

Ripple CEO Brad Garlinghouse said the lack of clarity in US regulation of cryptocurrency is “disappointing”. Known for cryptocurrency XRP, the fintech company has been operating in the U.S. since last year. The Securities and Exchange Commission is mired in a high-stakes legal battle.

In December, the SEC brought charges against the co-founders of the firm, Garlinghouse, and Ripple, accusing them of raising more than $ 1.3 billion through an offer of unregistered securities. Garlinghouse said that the US has provided clear regulatory guidelines for cryptocurrency unlike countries in Asia.cryptocurrency news

I also credit markets like Singapore and parts of Korea where there has been a significant effort under the leadership of the government to attempt to define a clear regulatory framework around cryptocurrency. He cited the company’s ongoing legal battle with the SEC, where the regulatory framework is unclear.

Ironically, here in the United States, he has not provided the same clarity. It is the only country on the planet that has said that XRP is nothing but a currency, ”he said. “The SEC has said .. XRP is a security. And so now we are engaged in a court discussion. So far, I feel good about how this is happening, but it is definitely disappointing.”

In a complaint filed in December, the SEC said Ripple “created an information vacuum” when it did not disclose the offering to investors. The agency argues that the company was required to share such physical information with investors because XRP could be considered an investment contract as “under certain circumstances” and as “a safeguard under federal securities laws”.cryptocurrency news

Financial regulators globally are looking for how they should regulate the cryptocurrency industry. Garlinghouse canceled the current investigation of cryptocurrency, saying the industry should focus on what this technology offers to customers.

“I think at the end of the day, the industry should focus on utility. And these technologies are solving real problems for real customers, ”he said, adding that Ripple will continue to pay to take advantage of its XRP ledgers and tokens.cryptocurrency news


		

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