Bloomberg: Ripple’s Garlinghouse Says SEC to Seek $2 Billion in Crypto Case
Ripple Labs Inc.Chief Executive Officer Brad Garlinghouse said on X that the US Securities and Exchange Commission will seek $2 billion in fines and penalties in its legal fight over the XRP crypto token.
The regulator is slated to release a public brief on Tuesday, Stuart Alderoty, Ripple’s chief legal officer, said in a separate post on X on Monday. The company will file a reply next month, he said.
Crypto enthusiasts have always argued that regulation is the enemy of innovation.
And perhaps, in some cases, that might be true.
But can we honestly say that the lack of regulation in crypto has led to any tangible, groundbreaking innovation?
Sure, we've seen plenty of new cryptocurrencies, each claiming to be the next big thing. But scratch the surface, and you'll often find a familiar story: pump-and-dump schemes, outright fraud, and a litany of scams that have left everyday investors holding the bag.
The truth is, the crypto industry has had ample opportunity to prove that it can innovate responsibly, that it can police itself and protect consumers. Crypto had its chance.
But time and again, it’s fallen short.
The SEC's moves over the past 24 months should be a damn wake-up call. Innovation without accountability is not progress, it’s outright chaos. The days of the crypto Wild West are coming to an end, and frankly - that’s not a bad thing.
For the “bullish” ones - regulation doesn’t have to be the death knell of crypto. But if crypto can’t build with oversight, if it can only succeed when the laws don’t apply, it doesn’t deserve to survive.
