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Ripple CEO Calls In Congress To Take Notice Of US SEC Enforcement

by Index Investing News
March 31, 2023
in Cryptocurrency
Reading Time: 4 mins read
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XRP News: Brad Garlinghouse, CEO of Ripple launched a fresh attack on U.S. Securities and Exchange Commission (SEC) amid the long running legal battle around the nature of the XRP token. This comes in after Gary Gensler, SEC chair presented the budget for the Financial year before the House Appropriations Committee.

Ripple CEO’s Take On US SEC Budget

Ripple CEO in a tweet stated that SEC Chair’s assertion about the crypto assets is beyond comprehension. He added that Gensler dictates what is a security, while the agency is unable to make clear legislation.

He stated that the authority will never want to provide clarity around the crypto assets that what is “in or out” when the SEC chair behaves like an autocrat running a $2.2 billion bloated agency. Garlinghouse highlighted that without clear jurisdiction, ambiguity masquerades as power. Read More XRP News Here…

Also Read: US SEC Focus On Enforcement Over Clarity: Ripple Execs Ahead Of Lawsuit Verdict

Eleanor Terrett, Journalist at Fox Business noted that a big chunk of the proposed $2.4 billion budget by the US SEC is just going towards paying employee salaries and benefits. $1.6 billion is just allocated for 5,473 people in US SEC staff.

bitget-images

She mentioned that the average employee salary for the US SEC in 2022 stood around $156,458. However, this is 125% more than the national average income for government employees. While it is 115% higher than any other federal agency.

Also Read: Ripple Lawsuit Pending Verdict Fueling XRP Price?

Gary Gensler was inquired by the House Appropriations Committee about whether the US SEC holds enough resources to investigate emerging issues. He stated that the agency is stretched thin. The crypto space has a significant amount of non-compliance. However, the commission has increased resources there but it could always use more.

Also Read: Justin Sun’s Huobi Exchange Partners Gala Games For L1 and Web3 Development

bitget-images

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]m

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.



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