Brad Garlinghouse seems to have enough of the legal battle between the U.S. SEC and XRP, its native cryptocurrency. The CEO claims that the U.S. is the only country alleging that XRP is a security and not a currency. The inability of the U.S. authorities to implement precise regulations on cryptocurrencies is frustrating, advocated Ripple’s CEO. Garlinghouse also blasted the country’s watchdog for being the only world regulator insisting that the XRP token is a security.
Meanwhile, with the growth of the crypto space in the past year, world regulators started discussing the type of legislative framework to be established. Nevertheless, some nations have been leading with a more open-minded approach. While others, like the U.S., are lagging, as per Brad Garlinghouse. In a current CNBC interview, he explained the U.S.’s endeavours as “frustrating.”
The world’s largest economy has offered a few inherent rules. However, the cryptocurrency industry criticized them for being prohibitive. Eventually, the Biden administration halted their progress. The most advanced initiative came yesterday as the House of Representatives approved a bill to develop a joint crypto task force with the SEC and CFTC. Nonetheless, Garlinghouse considers this approach a little too late, particularly associated with more forward countries.
Ripple Plans to Go Public After the Lawsuit Completes
While criticizing the U.S. for its decisive actions for crypto regulations, Garlinghouse took the chance to blast the country’s financial regulator for its claim that XRP is a security. He elucidates that, ironically, in the U.S., they have not provided clarity. He further says that it is the only country to claim that XRP is anything other than a currency. As stated before, the SEC accused the payment processor of carrying unregistered security offering for the XRP token.
Further, the CEO of SBI Group, Yoshitaka Kitao, says that an IPO may be in Ripple’s plans. The CEO elaborates that Ripple is waiting for the legal conflict with the U.S. SEC to conclude before moving forward with its initial public offering plans. Additionally, Kitao’s claim that Ripple will go public has been supported by earlier statements from Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen. Before all the lawsuit issues that emerged, Garlinghouse talked regarding a potential IPO for Ripple. In the past, Garlinghouse said that he considered that blockchain and cryptocurrency IPOs were going to become more popular and even suggested that Ripple will be amongst the crypto firms.