Ripple CEO Brad Garlinghouse claimed that the industry must work together to move forward and bridge the aforementioned trust deficit

The CEO of Ripple, Brad Garlinghouse, is in the news today after his tweet about the state of the crypto industry in the US. As per the executive, the industry needs to rebuild trust through utility and transparency.

Garlinghouse claimed that the industry must work together to move ahead and bridge the trust deficit. To put his point across, the executive cited FTX and Terra as instances of firms that shattered trust in crypto currencies.

That being said, he did claim that the crypto industry is facing considerable headwinds, like the Securities and Exchange Commission (SEC) carrying on war on crypto currencies. In fact, Garlinghouse condemned Securities and Exchange Commission Chair Gary Gensler’s call for crypto companies to register, claiming that no infrastructure is in place for a ‘registered token’ to trade and that there is no clarity on what these tokens are.

The executive also urged U.S authorities to appropriately regulate the industry, noting that several other G20 countries are already developing frameworks and providing guidance. As an example, Garlinghouse cited the European Union (EU’s) markets in crypto-assets (MiCA) regulations.

Garlinghouse also took the opportunity to take a dig at the Securities and Exchange Commission. Referring to Judge Analisa Torres’ latest ruling in the Securities and Exchange Commission’s case against Ripple, the company’s CEO wrote: It is only Tuesday, but shaping up to be a not-so-great week for the Securities and Exchange Commission (this ruling, Voyager, Grayscale).

Moreover, as per Ripple General Counsel Stuart Alderoty, the blockchain payments firm’s confidence is growing with each ruling in its legal battle against the Securities and Exchange Commission. For now, it seems that the Securities and Exchange Commission’s arguments that XRP is a security have suffered considerable setbacks.