- Brad Garlinghouse has called out SEC Chair Gary Gensler for saying that crypto legislation is unnecessary.
- The Ripple CEO likened Gensler to an autocrat running a billion-dollar boated agency.
- Garlinghouse emphasized the need for clear jurisdiction, regulation, and legislation.
Ripple CEO Brad Garlinghouse has voiced his disappointment with the recent comments made by Gary Gensler, the Chairman of the United States Securities and Exchange Commission (SEC). Garlinghouse took to Twitter earlier today and called on lawmakers in the United States to take notice and address legislation for the crypto industry.
For the Chair of the SEC to assert that he dictates what is a security – and not the legislation from which his agency derives its power – is beyond comprehension. It's time for elected officials in the US to take notice. https://t.co/kvat6ixUdS— Brad Garlinghouse (@bgarlinghouse) March 30, 2023
Brad Garlinghouse’s tweet was in response to the comments made by Gensler after a House Appropriations Committee hearing earlier this week. The SEC chair told reporters that there was no need for additional laws for crypto and that existing securities laws were sufficient for crypto’s regulation.
According to Chair Gensler, any further legislation for crypto would undermine the existing securities laws in terms of crypto regulation. Gensler believes that the American courts should decide what constitutes a security and not crypto exchanges.
Gensler reiterated that as far as crypto is concerned, the existing securities regulations address all matters that concern the governance of crypto. He gave a similar testimony to lawmakers during the hearing.
“For the Chair of the SEC to assert that he dictates what is a security – and not the legislation from which his agency derives its power – is beyond comprehension. It’s time for elected officials in the US to take notice,” Garlinghouse tweeted in response.
The Ripple CEO likened Gary Gensler’s conduct to that of an autocrat at the helm of a $2.2 billion bloated agency who has no regard for clarity regarding the controversial security status of several cryptocurrencies. “Without clear jurisdiction, ambiguity masquerades as power,” he added.
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