Ripple CEO Addresses Regulatory Challenges at Fintech Week Conference
In a recent speech at the DC Fintech Week conference, Ripple CEO Brad Garlinghouse talked about the company’s regulatory obstacles and his perspective on the cryptocurrency industry in the United States.
Ripple CEO Warns Of US Risking Market Share Loss
Garlinghouse acknowledged that despite Ripple’s court victory against the SEC, some US banks are hesitant to engage meaningfully with cryptocurrencies. He believes this reluctance stems from the perception of US government and OCC hostility towards the crypto industry.
He emphasized that the SEC’s approach, along with Chairman Gary Gensler’s portrayal of crypto as the “Wild West,” is hindering industry growth in the US. Garlinghouse pointed out that other countries actively welcome crypto companies and investments by providing clear regulatory policies, putting the US at risk of losing market share in the crypto space.
CEO Vows To Escalate Legal Battle With SEC To Supreme Court
Garlinghouse announced that Ripple would expand its operations in other countries due to challenges faced in the US. He stated that 80% of Ripple’s hiring in the current year will be conducted outside of the US. Garlinghouse also expressed his willingness to escalate Ripple’s legal battle with the SEC to the Supreme Court, highlighting Ripple’s commitment to addressing regulatory uncertainties surrounding XRP.
Hot Take: The Future of Ripple and Cryptocurrency Regulation in the US
Brad Garlinghouse’s remarks at the DC Fintech Week conference shed light on Ripple’s ongoing regulatory challenges and the wider cryptocurrency industry in the United States. Despite recent court victories, Ripple faces obstacles due to perceived hostility and a lack of clear policy guidance. As Ripple expands its operations globally, there is hope for more welcoming and supportive regulations in the US to foster innovation and maintain its competitive edge in the evolving cryptocurrency landscape.
XRP is trading at $0.6902, indicating sideways price movement over the past 24 hours. However, in the fourteen-day timeframe, the token has experienced a notable gain of 13%. Featured image from Shutterstock, chart from TradingView.com
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