Brad Garlinghouse
I’ve Personally Been Debanked Because of My Crypto Ties
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5 hours agoon
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admin“They said, ‘You have five days to move your money,” he said. “They were actually super honest. They’re like, ‘Look, you are a notable person in crypto, and having notable people in crypto, and banking the crypto industry means more scrutiny from federal regulators.”
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Ripple CEO Slams US SEC For XRP Security Claim In Bitnomial Case
Published
2 weeks agoon
October 12, 2024By
adminRipple CEO Brad Garlinghouse has accused the U.S. Securities and Exchange Commission (SEC) of ignoring a court decision that determined XRP is not a security as the regulator still claims. He made the remarks following the agency’s stand in the Bitnomial case which saw the crypto derivatives exchange go to court against the SEC over the classification of XRP futures.
Ripple CEO Slams US SEC For XRP Security Claim
Brad Garlinghouse voiced his anger regarding the US SEC’s actions in a post on X (formerly Twitter), noting that the agency does not seem to care that, according to a court’s decision, XRP is not a security. He pointed out that the agency’s behavior proves that it thinks it can act beyond the law, questioning the regulator’s responsibility.
Ripple’s Chief Legal Officer Stuart Alderoty also commented on the agency’s position in the Bitnomial case saying that one has to wonder about the legitimacy of a regulatory agency that simply ignores a court decision. According to Alderoty, the US SEC has embarked on unconstitutional aggressive measures in the case and this further erodes the credibility of the agency.
He cited a rather worrying situation where a regulatory body after being defeated in court orders compliance through threats of enforcement in clear disregard of court orders.
Bitnomial Lawsuit Challenges US SEC’s XRP Futures Stance
The case in Bitnomial involves the US SEC’s assertion that XRP futures are ‘security futures,’ which subjects them to more rules than those set by the Commodity Futures Trading Commission (CFTC).
Bitnomial, a crypto derivatives exchange, declared that the XRP futures should fall under the jurisdiction of CFTC only, as XRP has not been registered as a security. In its complaint filed with the U.S. District Court for the Northern District of Illinois, Bitnomial claimed that the SEC’s requirement of the company to register as a national securities exchange is an undue regulatory burden.
Aligning with the Ripple CEO, the exchange also noted that the SEC’s position is in direct conflict with the court’s decision in the case where the court held that XRP itself was not a security. Bitnomial’s challenge is the latest in a long-standing feud between the agency and the crypto industry over the agency’s approach to regulating digital assets.
Concerns Over Regulatory Overreach
The Bitnomial case is the latest development in the U.S. Securities and Exchange Commission ongoing efforts to regulate cryptocurrencies. Despite losing the court battle with Ripple, the agency’s continued insistence that XRP is a security has drawn widespread criticism from the crypto community.
Aligning with the Ripple CEO, Pro-XRP lawyer Bill Morgan and other legal experts have accused the SEC of overreaching its authority and disregarding legal precedents.
I fought @GaryGensler’s @SECGov on behalf of 75K XRP token holders, including 627 here in MA. I did it all pro bono and spent $75,000 of my own money prosecuting the case. Every time I believed the SEC couldn’t degrade itself any further, the lawyers at the SEC proved me wrong. A… https://t.co/NThDe7whb1 pic.twitter.com/TwbNlLM4ow
— John E Deaton (@JohnEDeaton1) October 11, 2024
Concurrent with Ripple CEO, John Deaton, who represented XRP holders in the Ripple case, also criticized the U.S. Securities and Exchange Commission’s conduct. He pointed out that the agency has been found to act “arbitrary and capricious” in its enforcement, a severe legal standard to meet. Deaton also referenced a recent case involving the crypto firm Digital Licensing (Debt Box), where the SEC was sanctioned for misconduct, further adding to concerns about the agency’s regulatory practices.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Ripple CEO Brad Garlinghouse Defends Kamala Harris Amid Crypto Backlash
Published
3 months agoon
July 25, 2024By
adminRipple CEO Brad Garlinghouse has called for a clear stance on crypto regulation from Vice President Kamala Harris. His comments come amid a growing debate about the current administration’s approach to digital currencies and the VP’s reported exit from the upcoming Bitcoin Conference 2024. With the crypto industry keenly watching political developments, Garlinghouse’s remarks highlight the sector’s need for supportive and clear policies.
Ripple CEO Brad Garlinghouse Keeps Open-Minded Approach
In a recent X post, Brad Garlinghouse emphasized the importance of evaluating candidates based on their policies rather than political affiliations. He urged the crypto community to keep an open mind about Vice President Harris.
Meanwhile, the Ripple CEO pointed out that Harris, with her Silicon Valley background, has a unique opportunity to reset critical issues like crypto regulation. However, he warned that if Harris adopts a stance similar to Senate Elizabeth Warren, she could miscalculate the political liability posed by SEC Chairman Gary Gensler.
Notably, his comments come against the backdrop of the Biden administration’s anti-crypto stance. This move has contrasted with Donald Trump’s recent pro-crypto position as a presidential candidate.
Besides, Kamala Harris has recently faced criticism for her reported absence from the upcoming Bitcoin Conference 2024. This move has dampened hopes that she might be softening her stance on crypto regulation.
Also Read: Sen Cynthia Lummis Likely To Introduce New Bitcoin Bill For US Strategic Reserve
Crypto Community Reacts
The recent comments from Brad Garlinghouse seem to have bolstered market sentiment. However, the crypto community has expressed frustration with the current U.S. administration’s approach towards the digital assets space. Bitcoin Magazine CEO David Bailey recently confirmed that Harris would not be speaking at the Bitcoin Conference 2024.
Additionally, he cited her actions against the cryptocurrency industry, including policies that have imprisoned developers and driven the industry overseas. Bailey remarked that Harris’ presence at the conference would have been disastrous. Simultaneously, crypto influencer Tony Edward also criticized Harris’ decision, calling it an “epic mistake.”
Meanwhile, many crypto market enthusiasts were initially optimistic about Harris’ possible participation in the conference. They saw it as a sign of her softening stance towards digital currencies. However, Bailey’s confirmation of her absence has reignited criticism and disappointment among the community.
However, Brad Garlinghouse’s call for clarity and open-mindedness contrasts sharply with the broader sentiment in the crypto industry. While many see the current administration’s approach as a hindrance, the Ripple CEO believes that a clear and supportive stance on crypto regulation could enhance U.S. competitiveness. His comments underscore the industry’s need for policies that promote innovation and stability.
Having said that, it appears that Brad Garlinghouse’s open-minded approach has lifted the spirits of some investors. He believes that jumping to conclusions without clear policy proposals is holding the crypto industry back, much like “tribalism” has done for years.
Also Read: XRP Lawyer Deaton Reveals Unexpected BTC, ETH and XRP Holdings
Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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