Ripple CEO Claims the US is Unfriendly to Crypto Startups
Ripple CEO Brad Garlinghouse expressed his belief that the United States is one of the worst regions for crypto companies due to its ongoing struggle with the country’s Securities and Exchange Commission (SEC). Speaking at a Token 2049 panel in Singapore, Garlinghouse discouraged both crypto startups and investors from launching in the US. He suggested that the US should learn from countries like Singapore, the UK, the UAE, and Switzerland, which have implemented more crypto-friendly policies.
Countries Ranked as Most Crypto-Friendly
A report by Henley and Partners, an investment migration company, identifies Singapore, the UAE, Hong Kong, and Switzerland as the most crypto-friendly regions. These countries are praised for their tax policies, adoption rate, and technology infrastructure.
SEC Lawsuits Against Ripple and Grayscale
Garlinghouse highlighted the SEC’s lawsuits against Ripple and Grayscale, noting that the regulator seems to be losing ground. He believes that the tide is changing, and more judges are no longer automatically siding with the SEC. The US SEC has dismissed Ripple as a mere computer code with no intrinsic value, but Ripple argues that its native cryptocurrency, XRP, is a bridge currency for cross-border transactions. Despite a favorable court ruling, the SEC plans to appeal, citing complex legal issues that need further examination.
Ripple’s Focus on Responsible Regulation and Technological Innovation
Garlinghouse concluded that Ripple will continue building the right product while supporting responsible regulation. The company aims to prioritize technology development and navigate the regulatory landscape to foster innovation.
Hot Take: US Must Adopt More Crypto-Friendly Policies
Ripple CEO Brad Garlinghouse warns that the United States is lagging behind in supporting the growth of crypto startups. He advises the US to learn from countries like Singapore, the UK, the UAE, and Switzerland, which have established more favorable environments for the crypto industry. With ongoing lawsuits against Ripple and questions surrounding regulatory clarity, Garlinghouse believes that the US must adapt its policies to attract and retain crypto companies. Otherwise, it risks losing its status as a global leader in technology and innovation. It remains to be seen how the US government will respond to these concerns and whether it will take steps towards becoming a more crypto-friendly hub.
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