This morning, before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Ripple CEO Brad Garlinghouse stated that XRP is not a security.
Garlinghouse’s Statement: Legal Clarity and Industry Growth
Garlinghouse emphasized the need for a clear legislative framework for the crypto industry. He discussed Ripple's operations, highlighting its 900 employees and the focus on cross-border payments and digital assets.
Experience With SEC and Call for Legislative Action
Garlinghouse recalled the lengthy legal battle with the SEC, criticizing the 'regulation by enforcement' approach. He stressed the necessity for clear regulations that protect investors while promoting industry growth in the U.S.
Economic Importance of the Crypto Industry for the US
In conclusion, Garlinghouse noted the economic significance of the crypto sector, impacting over 55 million Americans and holding a market cap of over $3.3 trillion, urging lawmakers to enact supportive legislation.
Garlinghouse's testimony highlights the crucial need for legislative clarity in the crypto industry and the importance of fostering innovation while ensuring consumer protection.
