Ripple CEO Brad Garlinghouse has recently called on US lawmakers to address recent statements made by SEC Chair Gary Gensler, who believes that existing securities laws are sufficient for tackling the current issues surrounding the cryptocurrency market. Speaking after a US House Appropriations Committee hearing, the SEC head suggested that Congress could act to provide greater clarity, but does not consider additional powers are necessary. The Ripple executive has voiced his strong opinion in response to these assertions, challenging the idea that the SEC Chair has the legal authority to make decisions such as deciding which digital assets qualify as securities.

Garlinghouse expressed his concern in a tweet, citing his belief that the SEC boss should not take on the role of dictator and should instead follow the legislative framework that grants the agency its power. Furthermore, he believes Gensler's appeal to ambiguity serves as a source of his authority. Consequently, the matter of appropriate cryptocurrency regulation remains unresolved, and calls from industry leaders to elected representatives are escalating.

Despite the uncertainty that currently surrounds the cryptocurrency market, The SEC's legal battle against Ripple persists. The lack of clarity that continues to exist mean that there is a call for clear-cut guidance, in addition to solutions that properly address the issues faced by both sides of the issue. Realistically, such problems cannot be handled by one party alone, but rather require a combined effort from crypto firms, government regulators, and elected officials. Therefore, measures need to be taken in order to reach a satisfactory consensus, while the SEC's lawsuit continues.



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