Ripple CEO Brad Garlinghouse became even more disillusioned with the regulation of cryptocurrencies in the United States after the launch of the Bitcoin ETF.
According to Brad Garlinghouse, he is again
convinced in that there is no clarity and certainty in the regulation of the cryptocurrency market in the United States. And the US Securities and Exchange Commission (SEC) deliberately chooses winners and losers. But the logic of this choice is incomprehensible to him.
He believes that mining Bitcoin consumes a huge amount of electricity from non-renewable sources, which contributes to increased carbon emissions. Ripple is “more than 100,000 times more energy efficient” and does not need mining to keep the network running. This means Ripple has a zero carbon footprint. Given the global warming situation, it would be “logical” for the SEC to give preference to zero-carbon cryptocurrencies.
Garlinghouse noted that the SEC has yet to disclose information about Ethereum’s regulatory status. It is noteworthy that the Commission has several ETF applications for ether, which have not yet been approved, in the queue for consideration.
According to the head of Ripple, it is “quite ironic” how the US SEC strives for clarity and openness in relation to Ripple’s activities, but cannot do the same when it comes to its own affairs. The launch of an ETF on XRP can only be possible after a litigation has been settled. But the company will never do that if the price is for XRP to be recognized as a security. If the SEC ultimately recognizes XRP as a security, the only option left for the company is to leave the US.
“We do not have a scenario that would allow us to agree, because there is no certainty about what status XRP will receive.”
The lawsuit between the SEC and Ripple has been dragging on for a long time. It all started with the fact that the US Securities and Exchange Commission (SEC) accused Ripple of violating securities laws. In response, Ripple accused the US Commission of being biased because the SEC did not acknowledge or deny the facts presented by the company. Earlier, the Court of the Southern District of New York rejected Ripple’s petition to provide information on transactions with Ripple, which were carried out by SEC employees.
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