Ripple Labs boss weighs in on staking clampdown

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Updated February 13, 2023 | Published February 13, 2023

2 mins read

Brad Garlinghouse has criticized the US Securities and Exchange Commission’s regulatory approach to staking.

Ripple Labs chief executive Brad Garlinghouse criticized the US Securities and Exchange Commission (SEC) decision to take action against crypto staking, an essential part of blockchains such as Ethereum.

According to Garlinghouse, the US is already falling behind in providing clear and meaningful regulatory rules, which puts many companies at a disadvantage.

Countries such as the UK, Brazil, South Korea, and the entire European Union already intend to either streamline or implement rules in the coming years.

Other places that have taken regulation seriously include the United Arab Emirates and Australia.

Yet, Garlinghouse fears that the US is falling behind and focusing on enforcement without regulatory clarity.

He hailed the efforts of those markets, and said that companies such as Ripple Labs, which has had its fair share of trouble with SEC, is thriving in jurisdictions that are open about how they intend to regulate their crypto industry.

“These regulators are providing leadership and doing the work that we are desperately missing in the US – unsurprisingly, this is where companies like Ripple are growing”, Garlinghouse said.

SEC recently settled with crypto exchange Kraken, forcing the exchange to shutter its staking product and pay a $33m settlement.

Yet, the regulator may not be as successful against Ripple Labs. SEC has been suing Ripple Labs since December 2020, and the company is now expected to win the case after two years of to-and-fro.

Meanwhile, SEC is facing opposition from within as well. SEC commissioner Hester Peirce condemned her organization’s choice to go after Kraken’s offer, calling it unproductive and unfocused.

Coinbase CEO Brian Armstrong was similarly skeptical of SEC’s actions, arguing that the regulator is stifling innovation instead of regulating the crypto space.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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