Ripple Labs CEO Brad Garlinghouse says the most recent landmark ruling against the US Securities and Exchange Commission (SEC) has brought the regulatory body under scrutiny.
In a new interview with CNBC, Garlinghouse says Judge Analisa Torres’ ruling that Ripple’s automated, open-market sales of XRP do not count as securities is a huge win for the digital asset industry.
“I think this is a huge win not just for Ripple, but for the entire industry. I think it’s the first time the SEC has lost a crypto case and it really captures some of the story and the SEC’s comments that they’re making public about all these digital assets that are securities it puts that under control and in a very good way.
The CEO is calling on lawmakers to set clear crypto guidelines as there is no point in regulating the industry through enforcement action.
“Hopefully [the ruling] also drives the legislative process because there is no point in regulating [the industry] through enforcement, but let’s rather have clear laws about that that make rules of the road possible for all entrepreneurs.”
Garlinghouse also says the SEC’s numerous enforcement actions have held back innovation within the digital asset industry.
“I think you’ll see an incredible amount of use cases for [blockchain] technology. Having clear traffic rules makes investments possible, enables entrepreneurs to lean in. I think the SEC has just been wrong on the legislature and has really stifled innovation here in the United States.
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