In His Tweet, Ripple's CEO Calls For Rebuilding Trust In The Crypto Industry

In a recent tweet, Ripple CEO Brad Garlinghouse explained that he feels that both transparency and utility are the key to rebuilding trust within the crypto industry in the United States, expressing that there is no better place to start than with blockchain utility. 

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A tweet published by Garlinghouse on March 7 linked to him saying that transparency and utility will be the keys to moving forward together as an industry. Garlinghouse added that transparency and utility must go hand in hand. 

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In his speech, he gave examples of firms such as FTX and Terra as examples of firms that discredited crypto by shattered trust in it.  

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The Securities and Exchange Commission (SEC) has declared war on crypto over the last several months, which is a significant blow to the industry. Garlinghouse also pointed out that the industry faces significant headwinds. As a result, he was critical of Gary Gensler, the chair of the Securities and Exchange Commission, for calling for firms to register, stating that there is no infrastructure in place for a "registered token" to trade, nor is there any clarity as to what these are defined as.

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As part of his call to regulators to regulate the industry correctly, the Ripple boss also highlighted the fact that many other G-20 countries are already creating frameworks and setting guidelines for the industry. Defining what the US could do, he gave an example of the EU's markets in crypto assets regulations (MiCAs) as an example of what could be achieved. 

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A recent interview with Trade Algo reported that Garlinghouse recently indicated that he expected a decision on the XRP lawsuit with the SEC to be made by the end of this year, as reported by U.Today. The chief executive of Ripple has highlighted the importance of the lawsuit, which could have far-reaching ramifications for the entire cryptocurrency industry, and criticized the SECs approach to crypto regulation, criticizing its approach to this issue. 

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Additionally, he stated that the SEC was attacking the entire industry, not just Ripple or XRP, but rather the entire crypto industry as a whole. This lawsuit will be a defining moment in the history of crypto regulation in the U.S., and the outcome of this lawsuit will have a great impact on the entire industry.