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Ripple CEO Brad Garlinghouse Applauds President Biden’s Cryptocurrency Executive Order.
The release of the long-awaited Biden administration executive order on cryptocurrencies has become a major topic of discussion in the industry.
Several industry players have given their views about the recently-published executive order on the nascent asset class, especially the impact the order will have on digital currencies.
One industry expert who has joined others to weigh in on the Biden’s cryptocurrency order is Brad Garlinghouse, the CEO and founder of Ripple.
Like many of you, I thought the Biden Admin’s EO would acknowledge crypto, but not detail specifics on next steps for regulation. However, I was pleasantly surprised & inspired by the EO acknowledging the *need* for evolution and alignment of the govt’s approach to crypto.
— Brad Garlinghouse (@bgarlinghouse) March 9, 2022
Commenting on the development today on microblogging platform Twitter, Garlinghouse noted that he was inspired that the executive order acknowledged the need for an evolving government approach toward the nascent industry.
Garlinghouse said the executive order goes to confirm that cryptocurrency is here to stay, a statement that is in contrast to what many digital currency critics like Peter Schiff have been saying for years.
The Ripple CEO added that the Biden’s administration’s recently published executive order further backs the unending calls made by cryptocurrency enthusiasts for the need to provide regulatory clarity for the industry.
“If the US wants to maintain its status as a responsible tech leader, it needs to provide a clear regulatory framework for an industry that’s exploding in growth (40M Americans and counting),” Garlinghouse added.
Ripple’s Lawsuit
Recall that Garlinghouse, his colleagues, and the blockchain company have been victims of a lack of regulatory clarity for the United States’ cryptocurrency sector.
In December 2020, the trio were charged by the Securities and Exchange Commission (SEC) for conducting an unregistered securities offering that saw the company raise $1.3 billion.
While many thought the case could be over in months, the lawsuit has dragged on for over a year with both the defendant and plaintiff saying they were not in the wrong.
It is expected to use the lack of regulatory clarity by the SEC in its defense in its next court sitting, described as the Fair Notice Defense.
Reacting to the actions of the SEC since the lawsuit started, Garlinghouse said the damage done by the Securities and Exchange Commission’s “siloed” regulation can be resolved through the partnership of relevant federal agencies in establishing cryptocurrency laws, adding that:
“If we are to catch up with the rest of the world, we need prompt and decisive action ASAP.”