Ripple CEO Once Again Slams US’ Crypto Policies
- Ripple CEO Brad Garlinghouse has stated that the United States is currently the worst place for crypto firms.
- “The only country I would not encourage you to start a company right now is in the US,” he said.
- Garlinghouse blamed the SEC for picking a fight with the cryptocurrency industry through its lawsuits.
- He added that his firm is looking to expand operations to countries with a better understanding of crypto.
Brad Garlinghouse, the CEO of Ripple, believes that the United States is currently among the least favorable nations for launching a cryptocurrency startup.
During a panel discussion at Token 2049 in Singapore on September 12, Garlinghouse expressed his reluctance to recommend starting a company in the U.S. at this time. “The only country I would not encourage you to start a company right now is in the U.S.,” he states.
Ripple CEO, whose company is in an ongoing battle with the US Securities and Exchange Commission (SEC), urges the US authorities to learn from countries like Singapore, the United Kingdom, the United Arab Emirates, and Switzerland, which have implemented “smart” policies that promote cryptocurrency adoption while safeguarding consumers’ interests.
Garlinghouse blamed the SEC for picking a fight with the cryptocurrency industry through its lawsuits. He believes that this approach by the regulator for the crypto industry isn’t working in its favor. The Ripple boss went on to mention that recent court wins by Ripple and Grayscale against the SEC could be a sign that the courts are starting to support the cryptocurrency industry more.
“I think you’re seeing the momentum shift. I think that it used to be that a lot of judges were like: ‘Well the SEC is always right,’ and they weren’t fighting that [but] I think you’re starting to see the pattern change.”
Although the United States is an important market for Ripple, Garlinghouse mentioned that they are expanding their services to countries he believes understand blockchain technology and its political advantages.
In the same conversation, Hong Fang, the president of OKX, also pointed out the political factors and emphasized that crypto companies should concentrate on things they can control. She stated, “We can only control what we can control, which is to build the right product, to focus on the technology, and to support responsible regulation.”
During the panel discussion, Fang expressed concerns about investors not being prepared for custody solutions linked to a potential spot Bitcoin exchange-traded fund (ETF), as much of the new blockchain-based infrastructure hasn’t been thoroughly tested by a wide audience.
The OKX President also questioned the readiness of developing more applications on top of the Bitcoin network. She stated, “We are actually creating something that is new, that we can build on top of, a new monetary system that hasn’t come to fruition yet. So I don’t know whether we’re ready for that yet from an industry infrastructure perspective.”
As reported earlier by BitcoinWisdom, the Chairman of Ripple Labs, Chris Larsen, called out the SEC for “screwing” the crypto industry in the US.