Ripple CEO: Crypto Companies are Leaving the US
- Ripple CEO Brad Garlinghouse believes the U.S. has not provided a healthy environment for crypto companies.
- The US Securities and Exchange Commission recently intensified its hunt against crypto companies it believes are offering illegal services.
- Garlinghouse believes crypto firms are already leaving the US for countries with more friendly policies.
Ripple’s CEO, Brad Garlinghouse, fears that the United States Securities and Exchange Commission (SEC) is determined to disrupt the activities of the crypto industry in the United States. Garlinghouse claims the SEC has adopted an “offensive” and “attacking” role in their fight against the industry. The Ripple boss sees the SEC’s case against Ripple as an attack against the entire crypto industry.
Garlinghouse, in a recent chat with Bloomberg, warned that the United States would lose out on becoming a hub for crypto activities if the SEC should succeed in its recent raid against the industry. The Ripple CEO claims several companies are already leaving the US for countries with more friendly policies.
According to Garlinghouse, countries like Singapore, Switzerland, the United Kingdom Australia, and Japan stand a chance to attract these companies seeking protection and better policies. Interestingly, the UK recently began rolling out plans to regulate the crypto industry. It, however, believes blockchain is an important part of its economy.
Garlinghouse believes the US government should stand by the crypto industry like it did the internet in the 90s. The Ripple boss recalled several proposals and motions to ban the internet due to mischievous activities in the late 90s. However, the government chose to prepare a framework for the use of the internet, which had a great impact on the country’s economy. Garlinghouse believes such a model should be adopted again to create regulations that will protect customers and users.
The SEC seems to be leading a hunt against crypto companies it believes are operating illegally in the United States. Several pro-crypto lawmakers and industry experts have criticized SEC chairman Gary Gensler for his alleged “witchhunt” of the industry.
The SEC recently claimed that Binance.US is operating an unregistered exchange. Only time will tell if the US can remain a leading player in the race to become a crypto hub.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
