cryptonews.net
Brad Garlinghouse, CEO of Ripple, has called on US politicians to address Gary Gensler's comments as SEC chairman. He seemed to be implying that the existing securities rules are all that are needed to regulate the bitcoin sector.
Garlinghouse's comments are a response to Gensler's point of view, which is that the SEC can figure out if digital assets are securities, so there is no need for new laws. Garlinghouse made these assertions.
The CEO of Ripple says that decisions of this kind shouldn't be made based only on the Chair of the Securities and Exchange Commission's personal thoughts. In a tweet, Garlinghouse expressed his concern by saying that it is "beyond comprehension" for the head of the SEC to say that he gets to decide what security is instead of relying on the laws that give his agency its power.
Garlinghouse's tweet read as follows: "It is beyond comprehension that the head of the SEC would claim that he gets to dictate what constitutes security. It is beyond understanding, that the head of the SEC would make such a claim.”
Garlinghouse said that the SEC was able to get power from ambiguity because there was no clear authority in place. He also said that Gensler was acting like a dictator.
Gensler was of the opinion that legislation is an unneeded form of government. After a hearing that was held by the House Appropriations Committee, the director of the SEC, who is also pressing charges against Do Kwon, argued that the existing securities rules cover the majority of the activity that is taking place within the cryptocurrency markets. This was in response to the fact that the SEC director is also pressing charges against Do Kwon. He said that, notwithstanding the possibility that Congress would take steps to offer greater clarification, he believes that new powers are not required.
Even though the SEC's lawsuit against Ripple is still going on, there are still questions that need to be answered about how cryptocurrencies should be regulated. Because of this, the leaders of the industry have begun to investigate the political authorities in search of explanations.