U. S. become less attractive to crypto industry-CEO of Ripple
2023.03.05 02:45
U. S. become less attractive to crypto industry-CEO of Ripple
By Ray Johnson
Budrigannews.com – According to Ripple’s CEO, regulation by “enforcement” rather than “doing the work” by the Securities and Exchange Commission (SEC) is not a “healthy way” to regulate an industry and may make the United States less appealing for crypto innovation.
Ripple CEO Brad Garlinghouse said in an interview with Bloomberg on March 3 that the SEC’s approach to regulation is putting the United States at “severe risk” of not being a hub for the next evolution of blockchain and crypto innovation.
Garlinghouse said that the regulator’s case against Ripple is just them playing “offense” and “attacking” the industry as a whole. He also said that if the SEC “wins,” “a lot of other cases” will be filed.
Given that the United States’ crypto regulation process is “behind” other nations like “Australia, UK, Japan, Singapore, and Switzerland,” he suggested that the cryptocurrency industry has “already started moving outside” of the United States.
He said that these nations had taken “the time and thoughtfulness” to establish “clear rules of the road,” but he also said that the United States’ strategy was not a “healthy way to regulate an industry.”
According to Garlinghouse, when he “first got into the tech industry in the late 90s,” there were calls for the internet to be banned due to “illicit activity,” but the government responded, “no, we’re going to create a framework,” as he put it.
He advised Americans to “look at the benefits” of having “Amazon’s and Google’s” based in the United States on a “geopolitical basis.” According to Garlinghouse, crypto frameworks ought to begin with “clear protections for consumers.”
He went on to say that consumers are experiencing the “lag,” and that they do not have the “same protection” that the regulatory frameworks in the United States can provide.
Regarding the SEC’s case against Ripple, Garlinghouse believes that a decision ought to be made this year.
On March 5, Crypto Law Lawyer founder John Deaton issued a call to action to his 245,000 Twitter followers, stating that all businesses engaged in “active litigation” with the SEC should collaborate on the development of “coordinated strategies” and that this is “war.”
We must organize and think outside the box. For instance, all businesses that are or are about to be in litigation with the SEC ought to meet, exchange ideas, and develop coordinated strategies. There is war.
I’d be glad to assist. Perhaps I can succeed @elonmusk as the most despised member of the SEC.
This comes after Blockchain Association CEO Kristin Smith told Bloomberg in an interview on February 22 that the process of regulating cryptocurrencies in the United States is taking place “behind closed doors” and that more industry participation in an “open process” involving Congress is essential.
