Ripple CEO Brad Garlinghouse says the U.S. Securities and Exchange Commission’s (SEC) lawsuit against the San Francisco payments company is essentially placing innovation itself on trial.
The federal watchdog’s complaint alleges that Ripple’s sales of the cryptocurrency XRP from 2013 to the present are illegal because the crypto asset is a security.
Garlinghouse tells Fox News that he believes the regulator’s moves have created uncertainty and handicapped the crypto industry in the US.
“It’s so important for the industry to have clarity. Innovation here in the United States in some ways is on trial. We want innovation here in the US around crypto, around blockchain, to thrive. And without that clarity, innovation goes to markets where there is clarity.
One of the ironies is, the United States is the only country on the planet that has viewed XRP as a security. Whether it’s Japan, the UK, Switzerland, Singapore – they all view XRP as a currency. Yet