Brad Garlinghouse Criticizes Gary Gensler's Statement On Crypto Rules
Ripple CEO Brad Garlinghouse. (Photo; Doc. Techcrunch)

JAKARTA - Along with the rapid growth of the cryptocurrency market, an increasingly heated debate emerged over digital asset regulation. Recently, SEC Chairman Gary Gensler caught the attention of Ripple CEO Brad Garlinghouse, after he stated that the existing securities laws were sufficient to regulate the cryptocurrency market.

Garlinghouse questioned Gensler's belief that the SEC could determine which digital assets qualify as securities, and that additional legislation was not needed.

In response, Garlinghouse called on US lawmakers to address Gensler's belief that the SEC can determine which digital assets qualify as securities, and that additional legislation is not needed.

At a meeting of the House Budget Allocation Committee, Gensler stated that the current securities law already includes most of the activities that occur in the crypto market. He also stated that Congress could provide further clarification if needed.

However, he does not believe additional authority is needed. Garlinghouse, on the other hand, argues that such a decision should be based on legislation rather than the SEC Chief's personal views.

Garlinghouse's concern was expressed in a tweet, in which he stated that it would be very difficult to understand if the SEC boss claimed that he was determining what to do with securities, rather than relying on laws that power his agency.

He accused Gensler of behaving like an autocratic, implying that a lack of clear jurisdiction allows ambiguity to be a source of power for the SEC.

The debate over the appropriate regulatory framework for cryptocurrencies remains unresolved, especially as the SEC's lawsuit against Ripple continues. Industry leaders are now seeking clarity from elected officials as they navigate the growing landscape of digital assets.


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