Ripple CEO Urges SEC To Halt Enforcement Action Against the Crypto Industry
In a recent post, the CEO of Ripple highlighted fresh comments from SEC commissioner Mark Uyeda, criticizing the agency’s approach to the crypto industry as a disaster.
SEC Commissioner Mark Uyeda, in an interview on FOX Business, expressed concerns about the SEC’s enforcement-based approach to crypto policies and the lack of clear guidance for the industry. He emphasized the frustrations within the industry regarding the absence of regulatory clarity on securities offerings, broker-dealer registration, and exchange operations.
Ripple CEO Response to Uyeda’s Comments
Ripple CEO Brad Garlinghouse responded to Uyeda’s comments, drawing attention to the internal criticism of the SEC’s regulatory approach. He expressed his dismay at the timing of Uyeda’s remarks coinciding with the SEC’s charges against Cumberland for violating federal securities law, calling for an end to the ongoing issues.
SEC Lawsuit Against Cumberland
Following the SEC’s lawsuit against Cumberland, the company criticized the SEC for its enforcement-first approach, stating that it hinders innovation and legitimate businesses from engaging in digital assets. Cumberland highlighted its efforts to comply with the SEC’s requirements, including acquiring a registered broker-dealer in 2019, and asserted its commitment to maintaining its business operations despite the SEC’s actions.
Brad Garlinghouse Response
The SEC’s recent action against Cumberland prompted reactions from prominent figures in the crypto industry. Justin Slaughter of Paradigm suggested that SEC Chair Gary Gensler privately aims to undermine the crypto industry to protect traditional financial markets. Ripple’s CEO responded to Slaughter’s comment with two loudspeaker emojis, signalling his agreement with the perspective.
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