Ripple’s CEO, Brad Garlinghouse, is confident that the Securities and Exchange Commission (SEC) will ultimately fall short in its battle against the cryptocurrency industry. This assertion is pivotal as Ripple navigates a 3-year legal tussle with the SEC over accusations of conducting an unregistered securities offering.
During a May 10 interview with Chris Vasquez of the ‘World Class’ YouTube channel, Garlinghouse reflected on Ripple’s journey through legal challenges. He highlighted the pivotal moment when Ripple emerged victorious in a lawsuit filed by the SEC last July, marking a significant triumph for Ripple and the entire industry. Garlinghouse further shared his emotional reaction to the court decision, underscoring the immense relief and vindication it brought after years of legal battles.
Addressing the SEC’s role as a regulatory authority, Garlinghouse criticized the agency’s tactics, characterizing it as a “bully” that targets weaker players in the crypto space through “malicious and manipulative” tactics. Nevertheless, despite facing legal challenges, Garlinghouse remained resolute in believing that the crypto industry would prevail under regulatory scrutiny.
“The SEC is going to lose in the long run,” Garlinghouse confidently stated. “This is just a speed bump. I’m so optimistic about what the future of crypto looks like. We’ll look back in 20 years and be like, ‘God, that sucked.’ But, you know what? Little bump. Whatever. The market will be measured in many, many, many, many trillions, and it will change the way many, many transactions work.”
Moreover, despite regulatory hurdles, Garlinghouse remained steadfast in his conviction about the enduring success of cryptocurrency. He argued that history favors the best technology, and in his view, crypto epitomizes this principle. He lamented the potential consequences of the U.S. lagging in this technological revolution, contrasting it with the country’s dominance during the early stages of the internet.
“The best technology usually wins in the long run,” Garlinghouse asserted. And I think crypto represents that. So, I think it’s sad and unfortunate as a U.S. citizen to see the U.S. fall behind,” he noted.
Garlinghouse’s remarks came amid concerns voiced by Cardano co-founder Charles Hoskinson, who accused U.S. President Joe Biden of actively undermining the crypto industry in the country. Hoskinson criticized the government’s treatment of startups in recent years, citing impediments such as restrictions on bank account access and regulatory policies from the SEC, which he described as hurdles to progress.
“A vote for Biden is a vote against the American cryptocurrency industry,” Hoskinson remarked on May 8. His comments surfaced following the White House administration’s indication that the president would veto a bill to reverse SEC guidelines barring banks from offering digital asset custody services.
