Ripple CEO Brad Garlinghouse has criticized the US Securities and Exchange Commission (SEC) for its regulation by enforcement approach and questioned the agency’s jurisdiction over cryptocurrencies. Meanwhile, SEC Chair Gary Gensler has asked Congress for more funding to increase oversight of the unregulated cryptocurrency market. Garlinghouse believes that the lack of clear guidance from the SEC has caused uncertainty and confusion in the industry. He also accuses the SEC of favoring certain players and disadvantaging others. Gensler emphasizes the need for additional resources to protect investors and ensure fairness within the crypto asset space. The outcome of Gensler’s funding appeal could impact the SEC’s effectiveness in addressing regulatory concerns in the cryptocurrency industry. Ripple plans to expand its offerings beyond liquidity and acquire companies in crypto-friendly jurisdictions. Recent partnerships allow Ripple to facilitate cross-border payments in France and Sweden. The SEC’s enforcement-focused approach could prolong the Ripple case and contribute to ongoing industry uncertainty. Establishing clear legislation may offer a more stable regulatory framework for cryptocurrencies.
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