Officials need to provide guidance and clarity regarding the overall crypto scene, especially for Ripple

Ever since SEC Chairman Gary Gensler used the phrase “wild west” to describe the cryptocurrency sector to mean they are unregulated, mixed opinions have been expressed. But will other regulators agree with this view? Especially given the current state of Ripple and XRP as well as Coinbase and others.

What do others say about this view and the SEC battle with Ripple?

During the November Ripple Swell event, a former Commodity Futures Trading Commission (CFTC) official, Brian Quintenz, shared his take on the “wild west” comparison.

Former CFTC Commissioner discussed with Ripple’s Head of Public Policy, Susan Friedman, about Gensler’s comments.

“You know, the language that was used in this case is not the language of public policy. It’s the language of politics, and it’s a language of persuasion and manipulation”, Quintenz certainly had some thoughts to share.

In early November, as AZCoin News reported, Ripple unveiled its Liquidity Hub, which would help businesses access digital assets in the crypto industry, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Ethereum Classic (ETC), Bitcoin Cash (BCH) and Ripple’s own XRP. This is despite the SEC’s lawsuit against Ripple Labs over sales of its XRP, which the SEC maintains is security.

Referring to the phrase “wild west,” Ripple General Counsel Stuart Alderoty shared his take on such rhetoric.

For his part, Quintenz also reminded listeners that the SEC is not the nation’s only regulator for cryptocurrency scams and scams. “Blanketly throwing out terms like that to an entire ecosystem, you know, in my view does not inform policy debate, and then to blanketly categorize that ecosystem as rife with fraud, abuse, and manipulation, I think, does several things,” he said.

Some industry participants have decided that the answer needs to come from scratch. In early November, Ripple CEO Brad Garlinghouse called Congress to provide “guidance and clarity” regarding the broader crypto scene.

Another individual who shares this view is crypto attorney John Deaton, representing 60,000 XRP holders in the SEC and Ripple Labs lawsuit.

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