- Prompt thoughts of Garlingson and Pomp on making XRP as a security
- U.S. regulations have unclear definitions for the cryptocurrencies
- Garlinghouse filed a proposal in September to have new regulations for the crypto market.
“The Pomp Podcast” hosted by Anthony Pumpriano (Pomp), co-founder of Morgan Creek Digital, a crypto asset investment company, welcomed Brad Garlinghouse, CEO of Ripple, in the 439th episode of his podcast to throw some light on his views on regulatory issues.
The CEO of XRP thinks his company would still blossom even if Ripple is declared as security
Pomp seemingly focused on the point and wondered what impact it would create if the regulator Security Exchange Commission aka SEC, declares XRP as a security. Seeing XRP as the security is hard, Garlinghouse first stated, but the other G20 markets don’t see it that way as 90% of the RippleNet consumers are from outside the U.S. so that it wouldn’t hamper much of the company’s underlying business, stated Garlinghouse.
U.S. regulators are biased for XRP
Brad arguably stated that imprecise U.S. regulations create unfair competition for the XRP market. He also added that the recent US Justice Ministry announcement has eight different regulators stating different definitions for cryptocurrencies, making it difficult for the business to operate smoothly.
He continues by denouncing the SEC for not endorsing Bitcoin and Ethereum as securities while information about XRP is still unclear, concluding in missing business opportunities in the U.S.
The CEO of Ripple objects to U.S. regulation, stating that it favors China.
China, which already controls 50% of Bitcoin’s mining process and where the top four Bitcoin mining hash rates are based, gives this country an edge if the regulation is passed.
Pomp argued that the Communist Party would have excess power over miners, such as closing the mining pool, but it cannot control the Bitcoin network.
Expectations for new U.S. regulatory
Garlinghouse, who seems upset with the current U.S. regulatory environment, is looking forward to new cryptocurrency regulation after submitting his proposal to the U.S. Congress in September.
He hopes on the Digital Commodity Exchange Act, which bridges the gap between the Commodity Futures Trading Commission and the SEC in the crypto market.
Can Ripple CEO’s proposal to U.S. regulation will bring up the revolution in the crypto market?