Ripple CEO Brad Garlinghouse expresses frustration with the SEC's strict regulatory approach to cryptocurrencies after the agency sued Cumberland for operating as an unregistered securities dealer. SEC commissioner Mark Uyeda criticizes the agency's enforcement actions and lack of guidance for the crypto industry. Cumberland responds to the SEC's lawsuit, stating that the regulator's enforcement-first approach hampers innovation. The House Financial Service Committee also criticizes the SEC for failing to collaborate with Congress. Cumberland reveals it has made efforts to comply with SEC requirements but has been limited to trading only Bitcoin and Ethereum. The SEC's actions against Cumberland spark reactions from industry stakeholders, with Paradigm's Justin Slaughter suggesting that SEC Chair Gary Gensler aims to destroy the crypto industry. Ripple's CEO supports Slaughter's perspective.



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