FTX and Terra The crypto industry, which has lost confidence with its disasters, is trying to stand up. Brad Garlinghouse, CEO of Rippleshared his thoughts on the state of the crypto industry in the United States on Twitter.
He stated that the industry needs to rebuild trust through both utility and transparency.
Ripple CEO Says Crypto Industry Needs to Rebuild Trust
Garlinghouse, in his tweet, said that the industry should move forward together and added that this can only happen through transparency and benefit.
Some thoughts from last week’s DC visit – I’m stating the obvious but the crypto industry at large in the US needs to rebuild trust through both utility and transparency (due to FTX, Terra and more). It’s the only way we collectively move forward. pic.twitter.com/jZnEBgW2g0
— Brad Garlinghouse (@bgarlinghouse) March 7, 2023
However, Garlinghouse also pointed out that the industry is facing significant hurdles as the Securities and Exchange Commission (SEC) declared war on crypto.
Criticizing SEC Chairman Gary Gensler’s call for firms to register, Garlinghouse said there is no infrastructure for a “registered token” to be able to trade, and there is no clarity on what those tokens are.
The Ripple boss also urged regulators to regulate the industry properly, saying that many other G20 countries have already established frameworks and set guidance.
He cited the EU’s policies on cryptoassets (MiCA) regulations as an example of what the US can do.
Garlinghouse said in an interview with Bloomberg recently that he expects a decision to be made with the SEC on the XRP case later this year.
The Ripple CEO highlighted the importance of the lawsuit, which could have far-reaching implications for the entire cryptocurrency industry, and criticized the SEC’s approach to crypto regulation.
He also stated that the case is not really about XRP, but how the SEC attacked the entire industry. The outcome of the lawsuit will lay the groundwork for how crypto will be regulated in the US and will be crucial for the entire industry.
*Not investment advice.
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