Crypto Czar Criticizes SEC’s Harsh Approach Amid Ongoing Ripple Lawsuit, Calls for Clearer Rules
The post Crypto Czar Criticizes SEC’s Harsh Approach Amid Ongoing Ripple Lawsuit, Calls for Clearer Rules appeared first on Coinpedia Fintech News
The ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has now spanned over four years, drawing sharp criticism from Ripple’s CEO, Brad Garlinghouse, and other crypto industry leaders. As the case continues, Garlinghouse and key figures like attorney John Deaton have repeatedly called for clearer, more consistent regulations from U.S. lawmakers and regulators, particularly the SEC.
Garlinghouse has been vocal in criticizing SEC Chair Gary Gensler, claiming the agency’s lack of clear rules has created an unpredictable environment for crypto companies. He, along with other industry figures, has expressed frustration over what they see as unfair enforcement and the failure of the SEC to provide clear guidance on crypto operations.
However, major shifts seem to be underway following the change in political leadership in the U.S. Following the election of President Donald Trump, many in the crypto space have expressed optimism that the regulatory landscape might start to become more favorable. In a recent development, David Sacks, the newly appointed Crypto Czar, commented on the issue, revealing that many founders had confided in him about the need for clear rules from Washington.
During his remarks, Sacks explained that many in the crypto space were desperate for regulatory clarity. “Over the past few years, founders have told me repeatedly that the number one thing they need is clarity,” he said. “They just want to know what the rules of the road are so they can comply by them. ” But instead, he said that the industry has faced four years of arbitrary prosecution, where the SEC wouldn’t tell founders the rules, yet they still faced legal action.
As the Ripple case continues to unfold, many hope that the government will take the necessary steps to provide the clear guidelines the industry has been asking for.
