Brad Garlinghouse has maintained that XRP is not a security, and that it is used by his firm to address issues related to cross-border settlements. Garlinghouse believes that the wall street regulator’s intensified regulatory crackdown and the recent enforcement actions, is keeping the U.S from establishing a productive regulatory framework for crypto.

He said:

“This is not a healthy way to regulate an industry.”

Garlinghouse’s calls for regulatory clarity in the U.S resonated with the stance of Ripple’s General Counsel Stuart Alderoty. In a recent interview with Blockworks, Alderoty expressed his disappointment with the lack of regulatory clarity for crypto in the U.S.