Ripple CEO Says We Need Transparency

T

o reinstate trust in the US cryptocurrency sector, Ripple CEO Brad Garlinghouse believes we must increase transparency and create practical use cases. Furthermore, he attested that the SEC does not currently possess an infrastructure fit for registered tokens.

Brad Garlinghouse, CEO of Ripple (XRP), asserted that the United States Securities and Exchange Commission has not offered any clear indication regarding their "registered token" to trade or established an adequate infrastructure for such tokens.

According to Garlinghouse, the SEC has demanded that crypto companies register with them under Chair Gary Gensler; however, they have yet to provide a sound framework for trading registered tokens or even determining what these tokens are.

In Garlinghouse's estimation, the SEC has essentially declared war on the crypto industry in recent months by taking several enforcement actions against companies that supposedly broke federal securities laws.

Brad Garlinghouse, the Chief Executive Officer of Ripple, highlighted that Europe has made progress in its regulatory environment while questioning why the U.S. was falling behind on this front. He stated: “The 27 EU member countries can agree on a set of rules with MiCA… what’s stopping the US.”

In April, the European Union's MiCA framework will come to a final vote - potentially revolutionizing the region's regulatory landscape for crypto markets. If passed, this would have an immense positive impact on all stakeholders in the industry.

In order for the crypto industry to progress, Garlinghouse stated that firms must establish trust by being more transparent and having utility. He said this was the “only way we collectively move forward.”

Garlinghouse observed that the collapse of crypto organizations such as FTX and Terra has caused a decline in consumer confidence within the industry.

Numerous community members echoed Garlinghouse's perspective, and urged Ripple to rebuild faith in its brand and demonstrate that there are reliable players within the industry.

A crypto enthusiast Cuzzin Henry said: “I don’t see anyone bashing the entire stock trading sector because of Bernie Madoff or others alike; the crypto industry just wants the same respect.”

Jonathan

An editor at Coincrop

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Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.