The United States Securities and Exchange Commission has been a notable regulator of the crypto industry. In reply to its query regarding whether certain cryptocurrencies constitute a security or not, the Ripple CEO has asserted that XRP is not a security.
“I understand the SEC has a hard job. I also think, you know, when you’re a hammer, everything’s like a nail. And I think when you’re in the SEC; sometimes everything might look like a security.”
Brad Garlinghouse, in a recent podcast, also stated that misinformation and FUD are very much prevalent in the crypto industry, which makes it difficult for the regulators. Moreover, according to him, the members of the industry themselves damage it by depreciating other projects.
Talking about XRP, Garlinghouse mentions that the network channels on answering the users’ enigmas while introducing new developments. He also claimed that misconceptions regarding the cryptocurrencies could be evacuated by interacting with the regulators. As per the CEO, he spends a significant amount of his time employing in discussions with the global regulators.
“I spend that time explaining to them that this isn’t about Silk Road, and every transaction that goes through Ripple’s technology is KYC. Know your customer is checked for as well as AML.”