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<p class="is-style-lead">Ripple CEO Brad Garlinghouse has criticized the United States Securities and Exchange Commission’s (SEC) regulation by enforcement approach, questioning the agency’s crypto jurisdiction. </p> 
<p>Meanwhile, Gary Gensler, the chair of the SEC, has asked Congress for more funding to increase the agency’s oversight of the unregulated cryptocurrency market. </p> 
<p>Funding, the commission said, is for them to execute their mandate of protecting investors and ensuring markets are fair and efficient.</p> 
<h2 class="wp-block-heading" id="garlinghouse-blasts-sec-s-political-power-play">Garlinghouse blasts SEC’s “political power play”&nbsp;</h2> 
<p>Garlinghouse called out Gensler for what he perceives as inconsistent crypto regulation.&nbsp;</p> 
<p>He also said that the SEC had not provided clear guidance to the industry, which has led to uncertainty and confusion.</p> 
<p>In a tweet on July 23, Garlinghouse argued that relying on enforcement actions rather than legislative clarity only adds to the confusion plaguing web3 market participants and fails to protect retail investors.</p> 
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   <p lang="en" dir="ltr">It’s absurd to blame a Judge for faithfully applying the law. We all know legislation – not more regulation by enforcement – is the only way forward to provide clear rules and protect retail. Glad to see more members of Congress like <a href="https://twitter.com/RepRitchie?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@RepRitchie</a>, <a href="https://twitter.com/PatrickMcHenry?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@PatrickMcHenry</a> champion this.</p>— Brad Garlinghouse (@bgarlinghouse) <a href="https://twitter.com/bgarlinghouse/status/1682869088635486208?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 22, 2023</a> 
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<p>Garlinghouse’s criticism of the SEC’s regulatory approach is not new. He has consistently voiced his frustrations regarding the Ripple case’s handling and its broader implications for the cryptocurrency landscape.</p> 
<p> You might also like: <a href="https://crypto.news/u-s-congressman-calls-for-an-end-to-secs-crypto-onslaught/" rel="noopener noreferrer nofollow"> US congressman calls for an end to SEC’s crypto onslaught&nbsp; </a> </p> 
<p>He also alleges that the inconsistent approach has created uncertainty within the cryptocurrency industry and accuses the SEC of favoring certain players while disadvantaging others.</p> 
<p>Meanwhile, SEC chair Gary Gensler has requested more&nbsp;<a href="https://www.sec.gov/news/testimony/gensler-testimony-subcommittee-financial-services-and-general-government-032923" target="_blank" rel="noopener noreferrer nofollow">funding</a>&nbsp;from Congress to enhance the regulation of the cryptocurrency market.&nbsp;</p> 
<p>In a recent hearing, Gensler emphasized the need for additional resources to protect investors and ensure fairness and efficiency within the crypto asset space.&nbsp;</p> 
<p>He outlined that the SEC requires more positions to combat fraud and market manipulation, update guidelines for the crypto industry, and supervise the registration process of crypto exchanges and platforms.</p> 
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<p>Gensler’s funding request reflects the&nbsp;<a href="https://crypto.news/senator-kennedy-jr-confronts-secs-gary-gensler-on-crypto-regulation/" rel="noopener noreferrer nofollow">growing criticism</a>&nbsp;the SEC faces concerning its approach to crypto regulation.&nbsp;</p> 
<p>While the SEC has taken several&nbsp;<a href="https://crypto.news/secs-gensler-expresses-concern-over-binance-and-coinbase/" rel="noopener noreferrer nofollow">enforcement actions</a>&nbsp;against crypto companies in recent months, critics argue that more should be done to safeguard investors in the crypto market.&nbsp;</p> 
<p>The outcome of Gensler’s funding appeal has the potential to shape the SEC’s effectiveness in addressing regulatory concerns within the cryptocurrency industry.</p> 
<h2 class="wp-block-heading" id="crypto-businesses-eye-global-expansion-moves">Crypto businesses eye global expansion moves</h2> 
<p>Meanwhile, Ripple, the fintech firm using XRP in one of its solutions, is&nbsp;<a href="https://crypto.news/ripple-invests-in-53m-funding-round-by-ai-firm-futureverse/" rel="noopener noreferrer nofollow">expanding</a>&nbsp;beyond crypto.&nbsp;</p> 
<p>The blockchain company plans to acquire companies in crypto-friendly jurisdictions as part of its strategic growth outside the United States. Ripple is allocating $1 billion to expand its offerings beyond just liquidity.</p> 
<p>Recent partnerships with Lemonway and Xbaht enable Ripple to facilitate crypto-enabled cross-border payments in France and Sweden, allowing faster transactions between consumers and businesses.&nbsp;</p> 
<p>Furthermore, Ripple has received provisional regulatory&nbsp;<a href="https://crypto.news/ripple-secures-in-principle-payments-license-in-singapore/" rel="noopener noreferrer nofollow">approval</a>&nbsp;in Singapore, where a significant portion of its global On-Demand Liquidity (ODL) operations takes place, permitting the company to operate and expand its digital asset services in the country. These expansions demonstrate Ripple’s commitment to global growth and innovation in the cryptocurrency space.</p> 
<p>Ripple is not alone in this global expansion adventure, as many US-based crypto businesses are actively securing regulatory&nbsp;<a href="https://crypto.news/coinbase-secures-regulatory-license-in-bermuda-seeks-approval-in-abu-dhabi/" rel="noopener noreferrer nofollow">licenses abroad</a>&nbsp;and could potentially dump the US sooner than later.</p> 
<h2 class="wp-block-heading" id="sec-plans-to-appeal-on-ripples-legal-case">SEC plans to appeal on Ripples’ legal case</h2> 
<p>In other news, the SEC has reportedly&nbsp;<a href="https://crypto.news/us-sec-faults-judge-hints-at-appealing-ripple-ruling/" rel="noopener noreferrer nofollow">signaled plans</a>&nbsp;to appeal Judge Analisa Torres’ ruling that dismissed some of the securities claims made by the agency against Ripple.&nbsp;</p> 
<p>The SEC had previously filed a lawsuit in 2020, accusing Ripple and its executives of conducting an unregistered securities offering by selling&nbsp;<a href="https://crypto.news/xrp-ruling-triggers-crypto-rally-sec-accepts-bitcoin-etfs-binances-woes-mount-weekly-recap/" rel="noopener noreferrer nofollow">XRP</a>.&nbsp;</p> 
<p>The SEC’s current enforcement-focused approach could prolong the case and contribute to continued uncertainty within the industry.&nbsp;</p> 
<p>Establishing clear and comprehensive legislation might offer a more stable regulatory framework for cryptocurrencies.</p> 
<p>As the Ripple case progresses and the appeal is considered, its consequences will be closely observed, given its potential to shape future crypto regulations and provide greater clarity for industry actors.</p> 
<p> Read more: <a href="https://crypto.news/u-s-congressman-calls-for-an-end-to-secs-crypto-onslaught/" rel="noopener noreferrer nofollow"> US congressman calls for an end to SEC’s crypto onslaught </a> </p>

Ripple CEO questions SEC’s crypto jurisdiction as Gensler requests more funding

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