There is no love lost between Ripple and Gary Gensler. So it wasn’t surprising that the Securities and Exchange Commission chair got hit with a fresh round of brickbats from the San Francisco crypto company.
“When you behave like an autocrat running a $2.2B bloated agency, why would you ever want to provide clarity about what's ‘in or out?’” Ripple CEO Brad Garlinghouse said in a tweet last week. “Without clear jurisdiction, ambiguity masquerades as power.”
Gensler also reaffirmed during the hearing that “regulations actually already exist” and that “there are disclosure regulations for when somebody tries to raise money from the public.” The SEC sued Ripple in December 2020, accusing the company of failing to register roughly $1.4 billion worth of its XRP cryptocurrency as securities. Ripple uses XRP to run its money transfer network. The case is now in the hands of a U.S. magistrate in New York.
BART shutting down service between Rockridge and Orinda Got plans in the East Bay this weekend? Be prepared to make some adjustments If the SEC prevails, it would be a major victory for Gensler and the regulator at a time when it is mounting what appears to be a more aggressive campaign to rein in crypto companies. Garlinghouse, the Ripple CEO, has said publicly that the company will likely leave the U.S. if the company loses the case.
Derek Horstmeyer, professor of finance at George Mason University, who is critical of the crypto industry, said the “crypto crowd” as well as other sectors that have been critical of his policies “are furious with him.”
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