Ripple CEO claims the SEC is a bully ‘trying to regulate through enforcement’

09/26 10:50

According to Finbold, as the legal battle between Ripple and the United States Securities and Exchange Commission (SEC) drags on, the blockchain company’s chief executive officer has more scathing criticism for the regulator. Ripple’s CEO Brad Garlinghouse believes that the SEC can be characterized as being a “bully” that is trying to “regulate through enforcement” in his interview with the CNBC. In the interview, the Ripple CEO highlighted that 95% of his company’s growth was from customers outside the U.S. “partly because the rules of the road are clear in those countries,” as well as because of the SEC’s regulation practices. He said: “The SEC is trying to regulate through enforcement. That’s a super inefficient way to do this, as opposed to ‘let’s do the work, let’s provide the clarity’.” Furthermore, Garlinghouse referred to the SEC as being a bully, forcing cryptocurrency companies to simply give up as they can’t afford to waste money on lawsuits that require a lot of time. He said: “I would characterize the SEC has built a reputation I think it deserves as being a bully. Many players that the SEC has gone after simply have to fold their cards.”

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