As a seasoned crypto investor who has navigated through the volatile waters of this burgeoning industry since its inception, I find myself intrigued by the latest developments between Ripple and the SEC. While it’s no laughing matter when multi-billion dollar companies clash with regulatory bodies, I can’t help but chuckle at the irony of the situation.
In a highly anticipated interview on “60 Minutes,” Ripple’s CEO, Brad Garlinghouse, clarified that the cryptocurrency sector does not aim for deregulation.
In simpler terms, Garlinghouse stated that they haven’t asked for less regulation, but instead have been requesting appropriate regulation.
As stated by the head of Ripple, the crypto sector has been in need of definitive guidelines, or in simpler terms, a clear set of rules to navigate by.
Garlinghouse referred back to the FIT 21 bill, a proposal designed to establish a fresh legal structure for digital currencies. This bill was actually approved by the U.S. House of Representatives as far back as May.
In the latest “60 Minutes” broadcast, I had the opportunity to hear from John Reed Stark, a former SEC official. In our conversation, he didn’t mince words when describing cryptocurrency, likening it to a “plague” or “scourge” within the industry.
In simpler terms, Stark stated that cryptocurrencies are a problematic element for any community. He believes they should be avoided because they are primarily based on speculation, lacking the essential financial documents such as balance sheets and financial statements.
According to the former SEC official, it has been consistently determined in court cases and motions that cryptocurrencies fall under the category of securities.
Instead, the CEO of Ripple emphasized that current regulations do not align well with the innovative nature of the technology.
In his assessment of the interview, Garlinghouse asserted that “60 Minutes” surprisingly omitted the point that XRP is not considered a security. Moreover, he criticized Stark for being biased towards Genser when expressing his negative views on cryptocurrencies.
Over the last day, I’ve noticed a nearly 3% drop in the value of my XRP tokens. Just a few weeks ago, we hit a multi-year high of around $2.82.
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2024-12-09 09:23