Ripple CEO Claims New Court Order a Win for Entire Crypto Industry

Being in good spirits following last week’s win in their ongoing lawsuit with the Securities and Exchange Commissions (SEC), Ripple CEO Brad Garlinghouse appeared on Bloomberg and claimed a win for the entire crypto industry.

In a court order last week, Judge Analisa Torres had denied the SEC’s motion to prevent the defendants from using a “Fair Notice Defense.”

Speaking with Bloomberg, Garlinghouse said:

“I think it is a victory not just for Ripple the company but also the whole crypto industry. The SEC, I think, has consistently tried to really expand their reach and their control over the crypto industry. We’ve seen that not just with Ripple but in other cases.”

The Ripple CEO states that by filing lawsuits instead of passing regulations, the SEC has drastically harmed the United States’ competitiveness in the crypto and blockchain industry. He said:

“If we want the US to be a leader in this new growing critical innovative industry, like the internet twenty years ago, we need that regulatory clarity. And the SEC is really just coming out and saying ‘we are going to file lawsuits, enforcement.’ They are not going to provide clear rules so that people know how to operate as other countries have done.”

Adding:

“I think there’s no question that the United States Securities and Exchange Commission has reduced the competitiveness of this critical industry in the United States. I think they’ve been out of step not just with other parts of the US government but they’ve been out of step with other major economies around the world.

The only country in the world that considers XRP, the digital asset that Ripple uses in our technology stack, the only country in the world that thinks XRP could be a security is the United States.

We work successfully in the UK, in Switzerland, in Japan, in the UAE, in Singapore. All of these countries have acknowledged XRP is a currency because that’s how it’s used.”.