Brad Garlinghouse, the CEO of cross-border payments company Ripple, spoke during a panel discussion Monday at the World Economic Forum in Davos, Switzerland that he personally went to the SEC office several times before filing a lawsuit case.
Ripple is a blockchain-based electronic payments platform and protocol that operates with its own cryptocurrency, XRP. Rather than using blockchain mining, Ripple employs a consensus process to confirm transactions via a number of bank-owned servers. It debuted in 2012.
The World Economic Forum (WEF) is a non-governmental organisation situated in Cologny, canton of Geneva, Switzerland. It will take place from May 22nd to May 26th. Every year, it pulls together its members of political and financial leaders to debate significant issues affecting the world economy.
Ripple CEO spoke on the present state of regulation in the U.S. vs G20 nations
Ripple CEO Garlinghouse, who is also a member of the company’s board of directors, spoke on a variety of issues, including the present state of regulation in the United States vs G20 nations.
Garlinghouse voiced his opinion, stressing the sensible demand for regulatory frameworks that support core values of “clarity and assurance” that:
“The overwhelming majority of people operating inside the crypto business are decent actors who want to do just by regulators. However, when the rules are unclear, it is extremely difficult to navigate.”
Ripple CEO visited SEC office before suit case
Garlinghouse also stated that he personally visited the Securities and Exchange Commission (SEC) office “4 or 5 times over the years immediately prior to their decision to pursue legal action,” declaring that there is no reason why the Ripple-related asset XRP should be legally classified as a security.
Garlinghouse stated,
“It shows how far out of step the US is with the G20, naming Switzerland, Singapore, the United Kingdom, and Japan as countries with more favourable regulatory regimes for developing technical innovation.”
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