Pro-XRP Attorneys and CEOs Opt for International Hiring
According to attorney John Deaton, several CEOs, including Ripple’s CEO Brad Garlinghouse, are choosing to hire employees overseas and exclude U.S. investors. Garlinghouse recently announced that Ripple will focus its recruitment efforts on Dubai, London, and Singapore due to their favorable regulatory environments. Deaton has spoken with two other CEOs who are considering similar strategies to avoid competition from U.S. investors. The restrictive posture of the U.S. Securities and Exchange Commission (SEC) and its chairman Gary Gensler have been blamed for this trend.
SEC’s Stance Sparks Controversy in the Crypto Industry
Gensler’s belief that all cryptocurrencies except Bitcoin are securities has ignited debate. The SEC has taken action based on this view, filing lawsuits against major exchanges like Coinbase and Binance.US for operating unregulated securities markets. Cryptocurrency YouTuber Wendy O has criticized the SEC for stifling the growth of the crypto industry in the United States. Calls have been made for clear and supportive regulations as enforcement actions against crypto businesses continue and regulators lack transparency.
Ripple-SEC Dispute Intensifies Concerns
The ongoing legal battle between Ripple and the SEC regarding the classification of XRP as a security has further amplified concerns. Pro-XRP lawyer Bill Morgan expressed surprise at the conflicting weight given to court rulings and the SEC’s statements regarding the XRP ruling. The uncertainty surrounding regulatory decisions and their impact on cryptocurrencies adds to the challenges faced by companies operating in the crypto industry.
Hot Take: Regulatory Uncertainty Drives Crypto Businesses Away from the U.S.
The regulatory uncertainty surrounding cryptocurrencies in the United States is driving CEOs to seek friendlier jurisdictions overseas. Ripple’s CEO Brad Garlinghouse and other industry leaders are opting to hire internationally to avoid competition from U.S. investors and navigate the restrictive stance of the SEC. The SEC’s belief that most cryptocurrencies are securities, coupled with their enforcement actions against crypto businesses, has stifled innovation and development in the U.S. crypto industry. Clear and supportive regulations are needed to foster growth and attract businesses back to the United States.
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