Ripple CEO Brad Garlinghouse has taken to Twitter to share his thoughts on the state of the crypto industry in the United States, stating that the industry needs to rebuild trust through both utility and transparency.
In a tweet on March 7, Garlinghouse said that the industry needs to move forward together, adding that this can only happen through transparency and utility.
He cited companies like FTX and Terra as examples of firms that shattered trust in crypto.
However, Garlinghouse also pointed out that the industry is facing significant headwinds, with the Securities and Exchange Commission (SEC) declaring war on crypto. He criticized SEC Chair Gary Gensler's call for firms to register, saying that there is no infrastructure in place for a "registered token" to trade and no clarity on what these tokens are.The Ripple boss also called on regulators to regulate the industry properly, saying that many other G20 countries are already building frameworks and setting guidance. He cited the EU's markets in crypto-assets (MiCA) regulations as an example of what the US could do.
As reported by U.Today, Garlinghouse recently stated in an interview with Bloomberg that he expects a decision on the XRP lawsuit with the SEC to be made this year. The Ripple CEO emphasized the importance of the lawsuit, which could have far-reaching impacts on the entire cryptocurrency industry, and criticized the SEC's approach to crypto regulation.
He also stated that the case was not really about Ripple or XRP but rather how the SEC was attacking the entire industry. The outcome of the lawsuit will set the stage for how crypto will be regulated in the U.S. and will be pivotal for the entire industry.