Today at the Aspen Security Forum, Ripple’s CEO Brad Garlinghouse didn’t pull any punches when talking about the Security and Exchange Commission’s (SEC) perceived lack of clarity on cryptocurrencies. The SEC has sued Ripple claiming that XRP is a security.
“In my judgment, if you’re dealing with an alcoholic that doesn’t want to admit they have an alcohol problem, to say that we have certainty, we have clarity, is like the alcoholic saying ‘I don’t have a problem’. This is the elephant in the room,” said Garlinghouse.
Yesterday, in another Aspen Security Forum chat, SEC Chair Gary Gensler stated that he sees the SEC’s position as quite clear, reiterating the Howey and other tests for classifying a security. And he believes that clarity has existed for several years since former SEC Chair Jay Clayton outlined the same position.
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