Ripple CEO Brad Garlinghouse criticized US Securities and Exchange Commission (SEC) regulation for the enforcement approach, questioning the agency's crypto jurisdiction.
Meanwhile, SEC Chairman Gary Gensler has asked Congress for more funds to increase the agency's oversight of the unregulated cryptocurrency market.
The funding, the commission said, is for them to carry out their mandate to protect investors and ensure markets are fair and efficient.
Garlinghouse slams SEC 'political power play'
Garlinghouse called out Gensler for what he perceives to be inconsistent crypto regulation.
He also said the SEC had not provided clear guidance to the industry, which has led to uncertainty and confusion.
In a July 23 tweet, Garlinghouse argued that relying on enforcement actions instead of legislative clarity only adds to the confusion affecting web3 market participants and fails to protect retail investors.
Garlinghouse's criticism of the SEC's regulatory approach is not new. He has constantly expressed his frustrations regarding the handling of the Ripple case and its broader implications for the cryptocurrency landscape.
He also alleges that the inconsistent approach has created uncertainty within the cryptocurrency industry and accuses the SEC of favoring certain players while hurting others.
Meanwhile, SEC Chairman Gary Gensler has called for more money of Congress to improve the regulation of the cryptocurrency market.
In a recent hearing, Gensler stressed the need for additional resources to protect investors and ensure fairness and efficiency within the crypto asset space.
He highlighted that the SEC requires more positions to combat fraud and market manipulation, update guidelines for the cryptocurrency industry, and oversee the registration process of cryptocurrency exchanges and platforms.
Gensler's funding request reflects the growing criticism faces the SEC regarding its approach to crypto regulation.
Although the SEC has taken several enforcement actions against crypto companies in recent months, critics argue that more must be done to safeguard investors in the crypto market.
The outcome of Gensler's funding request has the potential to shape the SEC's effectiveness in addressing regulatory concerns within the cryptocurrency industry.
Crypto Firms Eye Global Expansion Moves
Meanwhile, Ripple, the fintech firm that uses XRP in one of its solutions, is in expansion beyond cryptography.
The blockchain firm plans to acquire companies in cryptocurrency-friendly jurisdictions as part of its strategic growth outside of the United States. Ripple is allocating $1 billion to expand its offerings beyond liquidity.
Recent partnerships with Lemonway and Xbaht allow Ripple to facilitate cross-border crypto payments in France and Sweden, enabling faster transactions between consumers and businesses.
In addition, Ripple has received provisional regulatory regulations. approval in Singapore, where a significant part of its global On-Demand Liquidity (ODL) operations is conducted, allowing 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.
Ripple is not alone in this adventure of global expansion, as many US-based crypto companies are actively securing regulations. licenses abroad and could potentially get rid of the US sooner rather than later.
SEC plans to appeal Ripples legal case
In other news, the SEC has reportedly outlined plans to appeal Judge Analisa Torres' ruling that dismissed some of the stock market claims made by the agency against Ripple.
The SEC had previously filed a lawsuit in 2020, accusing Ripple and its executives of conducting an unregistered securities offering by selling XRP.
The SEC's current enforcement-focused approach could prolong the case and contribute to continued uncertainty within the industry.
Establishing clear and comprehensive legislation could offer a more stable regulatory framework for cryptocurrencies.
As the Ripple case progresses and the appeal is considered, its consequences will be closely watched, given its potential to shape future crypto regulations and provide greater clarity to industry players.
