Ripple CEO questions SEC’s crypto jurisdiction as Gensler requests more funding
Ripple CEO Brad Garlinghouse has criticized the United States Securities and Exchange Commission’s (SEC) regulation by enforcement approach, questioning the agency’s crypto jurisdiction. Meanwhile, Gary Gensler, the chair of the SEC, has asked Congress for more funding to increase the agency’s oversight of the unregulated cryptocurrency market. Funding, the commission said, is for them to execute their mandate of protecting investors and ensuring markets are fair and efficient. Garlinghouse blasts SEC’s “political power play” Garlinghouse called out Gensler for what he perceives as inconsistent crypto regulation. He also said that the SEC had not provided clear guidance to the industry, which has led to uncertainty and confusion. In a tweet on July 23, Garlinghouse argued that relying on enforcement actions rather than legislative clarity only adds to the confusion plaguing web3 market participants and fails to protect retail investors....