Ripple’s CEO, Brad Garlinghouse, is confident that the Securities and Exchange Commission (SEC) will not succeed in its battle against the cryptocurrency industry. Ripple has been embroiled in a legal dispute with the SEC for the past three years over allegations of conducting an unregistered securities offering.
In a recent interview with the ‘World Class’ YouTube channel, Garlinghouse discussed Ripple’s legal journey and celebrated a significant victory last July when the company won a lawsuit filed by the SEC. He expressed relief and vindication after years of legal battles.
Garlinghouse criticized the SEC for its regulatory tactics, calling it a “bully” that targets weaker players in the crypto space through malicious and manipulative methods. Despite the challenges, he remained optimistic about the future of the crypto industry under regulatory scrutiny.
He confidently stated, “The SEC is going to lose in the long run. This is just a speed bump.” Garlinghouse believes that the crypto industry will thrive and revolutionize transactions in the future, despite current obstacles.
Garlinghouse also emphasized the importance of technological advancement in the crypto space, stating that history shows the best technology will prevail. He expressed concern about the U.S. falling behind in this technological revolution, contrasting it with the country’s early dominance in the internet era.
These remarks from Garlinghouse came amidst criticism from Cardano co-founder Charles Hoskinson, who accused President Joe Biden of hindering the crypto industry in the U.S. Hoskinson highlighted challenges faced by startups, such as restrictions on bank account access and regulatory policies from the SEC.
Hoskinson’s comments followed reports that President Biden would veto a bill aimed at reversing SEC guidelines preventing banks from offering digital asset custody services. Overall, the future of the crypto industry in the U.S. remains uncertain, with key figures like Garlinghouse and Hoskinson voicing concerns about regulatory hurdles and the country’s competitiveness in the global crypto market.