Ripple CEO Calls on US Lawmakers to Look into SEC Chair Gensler’s Crypto Assertions
The Ripple boss believes crypto should be regulated by legislation and not from the SEC’s perspective. Brad Garlinghouse, the chief executive officer of Ripple Labs, has called on lawmakers in the United States to look into assertive statements made by Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), about the American crypto industry. Garlinghouse’s comments come as Gensler told a House Appropriations Committee.
In a tweet, the Ripple CEO insisted that the SEC chair’s assertions are beyond comprehension. Urging elected officials to notice Gensler’s actions, Garlinghouse pointed out that the SEC is subject to the legislation as the agency derives its power from there. At the hearing, the SEC chair noted that although Congress could act to provide clearer legislation for the crypto sector, the agency did not need additional authorities to determine which assets were securities or not. He insisted that the SEC is in charge of defining securities and not legislation. Gensler’s belief that the SEC can determine which digital assets are securities is seen in his behavior.
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