The Ripple vs. SEC debate has now become the Gary vs. Brad debate, in which Ripple CEO Brad Garlinghouse has expressed concerns that heavy-handed regulation of cryptocurrencies by the U.S. Securities and Exchange Commission (SEC) may harm the industry's growth. Garlinghouse said that many crypto players have already moved outside the U.S. to avoid the SEC's strict regulations, a view previously shared by the CEO of Coinbase, one of the largest crypto exchanges in the U.S.
Ripple is currently embroiled in a legal case that will determine whether many cryptocurrencies will be categorized as securities or commodities. Garlinghouse warned that if the SEC successfully sues Ripple, the industry could face a raft of lawsuits, which would not be a healthy way to regulate the industry. He also expressed concerns that the U.S. is at risk of losing out to foreign countries that have clearer rules for the crypto industry.
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