Ripple CEO: "Fair Shake Formed Due to SEC Regulations... No Possibility of Ripple Being a Security"

Bloomingbit Newsroom

Summary

Ripple announced that it formed the super PAC Fair Shake to counter SEC regulations and protect the cryptocurrency industry.
Ripple donated $144 million to Fair Shake, stating that the organization wouldn't have been necessary without SEC regulations.
CEO Brad Garlinghouse emphasized that there is no possibility of Ripple being a security and argued for a legal framework suitable for new technologies.

Brad Garlinghouse, CEO of Ripple (XRP), stated that the reason for forming the cryptocurrency industry's super PAC, Fair Shake, was due to regulations by the U.S. Securities and Exchange Commission (SEC).

Appearing on CBS's current affairs program 60 Minutes on the 8th (local time), Garlinghouse said, "The main reason the cryptocurrency industry formed the super PAC Fair Shake is because of the SEC's relentless regulations," adding, "If someone other than Chairman Gary Gensler were the head of the SEC, Fair Shake might not have existed."

Fair Shake is a political action committee supporting pro-cryptocurrency candidates, and Ripple has previously donated $144 million to it.

Additionally, Garlinghouse commented on the SEC's lawsuit against Ripple for unregistered securities sales, saying, "I attended Harvard Business School and believe I have a good understanding of what a security is. I have never thought there was a possibility of Ripple being a security. Current laws are inadequate to define new technologies, and a new framework needs to be established," he argued.

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