Ripple CEO says the US is not an immaculate place for crypto firms
The CEO of Ripple Brad Garlinghouse believes that the US SEC lawsuit against Ripple is actually an offense towards the entire crypto industry. This ignorance can put the US at risk of losing the entire crypto market as he thinks it is not an immaculate place for crypto firms.
The lawsuit against Ripple is nothing but an unhealthy way of regulating the crypto authorities. This act of the United States Security and Exchange Commission can in turn harmful to the country. Leaving it a less ideal location for crypto firms.
Brad Garlinghouse is the CEO of the blockchain-based digital payment network, Ripple (XRP). In an interview with Bloomberg on 2nd March, Garlinghouse shared his concern about the petty approach of the US SEC on the lawsuit against ripple. he stated the lawsuit was not only an attack on Ripple but also on the entire cryptocurrency industry out there. This can set a precedent for similar cases against other cryptocurrencies.
CEO Ripple explicitly referred to these actions as an ‘offense’ and an ‘ attack’ on the whole industry. He further suggested that this case against Ripple can have far-reaching consequences in the longer run.
According to him, most of the crypto firms have already started moving out of the US as it is way behind in crypto regulation than other countries. They are shifting their businesses to countries like Japan, the United Kingdom, Australia, Singapore, and Switzerland.
He further praised these countries for their witty thoughtfulness in creating accommodating rules and regulations for crypto regulation. On the contrary, he called out the US regulatory authority for the display of such ignorant regulatory measures.
Garlinghouse further suggested that this approach could prove Detrimental to the US. As it shows their lack of interest in crypto adoption. Whereas in hindsight when the internet was just launched back in the ’90s the US was the first to pave way for its early adoption. Even though there were petitions filed to ban it for its illicit activity. Despite that, the US government did not take any decisions against it. Because of that, there are two tech Giants based in the US, Amazon, and Google today.
The Ripple CEO believes that the right framework would be to work on making regulations to secure the use of crypto. The users are already suffering from the lack of security which they must be provided with.
Even John Deaton the crypto lawyer recently called all crypto firms to come in collaboration against SEC. He made the tweet on March 25 and referred to all the companies with active litigation.
Before that Bloomberg interviewed, The CEO of the blockchain Association, Kristin Smith. He suggested in the interview the US decision on the crypto regulation process by keeping the industry involved. Not behind closed doors making unilateral conclusions.