Ripple CEO on U.S. Government’s Crypto Stance
During the DC Fintech Week conference, Ripple CEO Brad Garlinghouse discussed the U.S. government’s stance on cryptocurrency. Despite winning legal battles against the SEC, he highlighted that certain U.S. banks remain cautious about embracing cryptocurrencies.
Garlinghouse emphasized that these banks are hesitant because the U.S. government and the Office of the Comptroller of the Currency (OCC) still maintain a hostile attitude towards crypto. He believes this is a significant barrier to meaningful engagement by U.S. banks.
According to Garlinghouse, the SEC’s approach to cryptocurrencies, particularly Chair Gary Gensler’s characterization of crypto as the “Wild West,” is more influenced by a political agenda than clear regulatory policies. He argues that this approach is impeding the progress of the crypto industry in the United States.
Gensler has taken a litigation-heavy approach to regulate the crypto industry due to widespread fraud, abuse, and misconduct. He has cautioned that anyone involved in crypto must comply with existing laws.
Global Crypto Industry
Garlinghouse pointed out that while the U.S. maintains a hostile stance towards cryptocurrencies, other countries are actively welcoming companies and investments in the crypto sector with clearer regulations. For example, the U.K. recently reaffirmed its commitment to becoming a global cryptocurrency hub.
Despite these challenges, Garlinghouse believes that it is not too late for the U.S. to become a leader in the crypto space. However, he warned that every passing day sees other markets attracting entrepreneurs and seeking growth opportunities.
Hot Take: Ripple CEO’s Warning About US Crypto Hostility
Ripple’s CEO Brad Garlinghouse warns that despite its legal victory against the SEC, the U.S. government’s hostile stance towards crypto continues to hinder meaningful engagement by banks in America. He believes that without a change in this attitude, other markets will continue to attract entrepreneurs and growth opportunities at America’s expense.
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