In a recent interview, Ripple CEO Brad Garlinghouse admitted that the payments technology company should have handled relations with regulators in the United States better in the early days of XRP. This remark was made in connection with the enforcement actions that Ripple has faced over the past few years.
In particular, Garlinghouse noted that the lack of cooperation with regulators at a very early stage has left Ripple and the crypto industry in general “now trying to make up for lost time to some extent.”
Ripple lawsuits could have been avoided
The Ripple-SEC case, which concerns whether XRP is considered a security, has dragged on for years and has created uncertainty not only for XRP but for the entire cryptocurrency industry. Earlier this year, the lawsuit appeared to be close to settlement when Ripple was ordered to pay a fine for selling XRP to institutional buyers, in a partial victory for the company.
However, this sense of closure was short-lived as the SEC responded quickly filed an appeal. Ripple, undeterred by the appeal, said it was ready to fight the appeal and continue defending his position in court.
Speaking at the DC Fintech Week conference, Ripple CEO Brad Garlinghouse reflected legal problems of the company and more broadly challenges facing the cryptocurrency industry. He stressed that many of the problems Ripple has faced over the past few years could have been avoided if the company had taken a more proactive approach to engaging with regulators at an early stage.
Judging from his statement, the crypto industry with Ripple has already done this trying to fix these mistakeswhich have hampered the development of the cryptocurrency industry over the past few years.
“I look back and regret it. I think we made a mistake not getting involved sooner and we’re trying to make up for lost time to some extent.” – Garlinghouse he said.
What’s next for the cryptocurrency industry?
Garlinghouse’s comments highlight a broader issue affecting not only Ripple but the entire cryptocurrency sector, namely the need to engage constructively with regulators. When it comes to regulators, Garlinghouse noted that the United States lags behind other countries in “cryptocurrency regulation.”
Ripple’s CEO made comparisons with regulators in other countries such as the UK, Japan and the United Arab Emirates, which have made real progress in the cryptocurrency industry in recent years. Garlinghouse did not hesitate to attribute much of this regulatory stagnation to SEC Chairman Gary Gensler’s leadership.
Looking ahead, a clear path for cryptocurrencies in the United States would support the industry’s growth, given the country’s position in the global economy.
On the other hand, Brad Garlinghouse also recently stated that the launch of the Spot XRP ETF in the United States is inevitable.
Featured image created with Dall.E, chart from Tradingview.com
