Top executives at Ripple Labs are calling upon Congress to create transparent crypto regulations as Ripple’s legal battle over XRP with the U.S. Securities and Exchange Commission (SEC) continues.
In response to a report that federal agencies asked Congress for more power to regulate stablecoins, Ripple Labs CEO Brad Garlinghouse took to Twitter to say that the legislative branch should consider creating clear guidelines for the crypto industry as a whole.
“There is a lot at stake here, which is why we need Congress to play a leading role in providing guidance and clarity for not just stablecoins as is recommended by the PWG [President’s Working Group on Financial Markets] report, but crypto broadly ASAP.”
Ripple general counsel Stuart Alderoty says that while some members of Congress are ready to act, the government’s hesitation is causing the US to fall behind other economic powers.
“This shouldn’t be a partisan issue, and some in Congress are seeking to take on the mantle. Unfortunately, while the US (as a whole) flounders, other respected economic centers are seizing the advantage – to name just one, the EU with MiCA [Regulation of Markets in Crypto-assets], taking input from all stakeholders.”
As Ripple’s legal battles rage on, a federal judge recently denied a motion by XRP holders to intervene on the company’s behalf in the lawsuit against the SEC over the categorization of XRP as a security. However, the judge did grant them the ability to file amicus briefs.
According to Alderoty, this appears to be a slight against XRP holders.
“XRP holders have always said that the SEC’s lawsuit is a direct attack on them. Now it’s official.”
XRP is exchanging hands at $1.16 at time of writing, according to CoinGecko.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Maciej Bledowski