Ripple CEO Brad Garlinghouse has emphasized the need for clear regulatory rules in the cryptocurrency industry. He stated that enforcement-based regulation is unhealthy and called for unambiguous legislation that outlines principles for all cryptocurrency businesses. Garlinghouse believes that the SEC’s legal actions have hindered innovation in the US and stressed the importance of pushing for legislative processes. He admitted that there is a regulatory gap in overseeing crypto tokens but noted that most industry participants aim to enhance the financial system. Garlinghouse highlighted the UK’s proposed rules and the European Union’s efforts to create a unified framework as positive developments overseas. He urged Congress to take action and criticized the lack of direction and leadership in the US. Garlinghouse concluded by hoping that the recent court decision on Ripple’s XRP would serve as a wake-up call for Congress to provide regulatory clarity. The pressure on Congress to act has increased as other countries make progress in creating regulatory systems.
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