With the rise in the popularity of cryptocurrency, people have been showing interest in finding the best crypto memes or top crypto memes in India, or even searching for crypto memes funny, etc. When we talk about Ripple, then we be knowing about the issue of the lawsuit filed against it by the SEC.
However, now according to Ripple Labs CEO, if the U.S SEC wins against the XRP, then it will prove harmful to the crypto industry. He warned that the enforcement-centric approach of the SEC in regulating crypto is not considered healthy in regulating the crypto industry. Let us know more about it.
Ripple CEO’s opinion on the SEC lawsuit
Brad Garlinghouse, the CEO of Ripple has given a warning about the harmful result on the crypto industry that can come through if the U.S. Securities and Exchange Commission (SEC) turns out the winner against Ripple (XRP). He said during an interview session with a software company, Bloomberg.
He further added that SEC is not just bringing the case of Ripple but it is also about the whole industry. Garlinghouse further asserted that SEC is hitting the whole crypto industry with its offense and attacking policy. And this is very alarming for the complete industry.
Kraken, the cryptocurrency exchange has also faced the brunt of this securities watchdog taking action against the crypto exchange over the staking program. Action has also been taken against Paxos for the issuing of stablecoin BUSD. But contrary to it Gary Gensler, the chairman of SEC except for Bitcoin, all other crypto tokens are considered to be securities.
The Ripple executive also explained about the emphasis of the SEC on enforcement is not the same as other regulatory approaches of other countries in terms of cryptocurrencies. Garlinghouse further detailed that other countries are doing the right work in codifying or creating a system that lets the growth of the industry while saving consumers.
Garlinghouse also explained that during the 90s decade, when he got involved in the technology industry for the first time, he came to know about how some even opined about banning the internet, as according to them it was being used for unlawful motives, but the U.S government said no to it as they were in favor of creating a framework that would let entrepreneurs and investors explore the advantages to the United States on a geopolitical basis.
So this is all that has been said in the latest crypto news. Let us see whether the U.S. SEC wins the lawsuit against Ripple and causes a risk for the whole crypto industry or not. To know further updates on this matter, it is better to stay abreast with the ongoing crypto news on the Cryptoknowmics website. It is the best crypto website where you can search for a myriad of topics including crypto whales, airdrops, and many more topics. You can also know about the best crypto memes on Reddit.