United States: An inhospitable terrain for cryptocurrencies according to Ripple CEO

Brad Garlinghouse stated that the US is one of the least favorable places to create a cryptocurrency company

In a forceful statement, Brad Garlinghouse, CEO of Ripple, pointed out the United States as one of the least favorable places to establish a cryptocurrency company today. This statement occurred during his participation in the 2049 Token in Singapore on September 12.

Garlinghouse emphasized that, from his perspective, the United States is at the bottom of the list of favorable destinations for business creation in the crypto world. This verdict relates directly to the ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC).

The Ripple leader advocated for the United States to take an example from nations such as Singapore, the United Kingdom, the United Arab Emirates and Switzerland, urging the implementation of policies that stimulate innovation in the field of cryptocurrencies while at the same time protecting the interests of consumers.

Garlinghouse placed responsibility on the SEC, arguing that this entity is immersed in a political contest with the sector, carrying out a series of lawsuits seeking its stricter regulation.

The Ripple CEO highlighted that this strategy has not had the desired effect, suggesting that Ripple and Grayscale’s legal victories over the SEC indicate a change of attitude in the courts in favor of the crypto industry.

“I think we’re seeing a change in trend. Before, a lot of judges used to think, ‘The SEC is always right,’ but I think we’re starting to see a change in pattern,” Garlinghouse said.

Although the Ripple and Grayscale resolutions are not binding from a legal perspective, Garlinghouse stressed that they provide greater clarity to cryptocurrency exchange platforms and custody providers operating in the United States, at least in the short term.

On the other hand, Hong Fang, president of OKX, recognized the relevance of politics in this context, but insisted that cryptocurrency-related companies must focus on what they can control.

“We can only influence what is within our power: building a quality product, focusing on technology and supporting responsible regulation,” Fang noted.

Although the United States represents a significant market for Ripple, Garlinghouse announced plans to expand its services into nations that, in his view, show a more progressive approach and understanding towards the potential benefits of blockchain technology.

K. Tovar

Source: Cointelegraph

(Referential image source: Kanchanara, Unsplash)

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