Ripple CEO "Fair Shake Formed Due to SEC Regulations… No Possibility of Ripple Being a Security"
Summary
- CEO Brad Garlinghouse denied the securities nature of Ripple and stated that Fair Shake was formed due to SEC regulations.
- Ripple has donated $144 million to Fair Shake, which supports pro-cryptocurrency candidates.
- Garlinghouse argued that a new framework is needed to define new technologies.
Brad Garlinghouse, CEO of Ripple (XRP), stated that the reason for forming the cryptocurrency industry's super PAC, Fair Shake, was due to the regulations of the U.S. Securities and Exchange Commission (SEC).
On the 8th (local time), Garlinghouse appeared on CBS's current affairs program 60 Minutes and said, "The main reason the cryptocurrency industry formed the super PAC Fair Shake is due to the SEC's reckless regulations," adding, "If someone other than Chairman Gary Gensler were the head of the SEC, Fair Shake might not have existed."
Fair Shake is a political action committee that supports pro-cryptocurrency candidates, and Ripple previously donated $144 million to it.
Additionally, Garlinghouse argued about the SEC's lawsuit against Ripple for unregistered securities sales, saying, "I attended Harvard Business School and believe I have a good understanding of what securities are. I have never thought there was a possibility of Ripple being a security. Current laws are insufficient to define new technologies, and a new framework needs to be established."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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