Crypto Policies in the US vs. Overseas
Ripple has recently won multiple court victories against the SEC regarding the alleged illegal securities sales of XRP. However, Ripple’s CEO, Brad Garlinghouse, believes that winning in court was not enough to persuade some US-based banks about the cryptocurrency industry. He emphasized this at the DC Fintech Week conference on November 8, stating that despite their legal wins, US government hostility towards crypto is still a major deterrent for banks to engage meaningfully.
Garlinghouse also pointed out the openly antagonistic attitude of the SEC and its chief Gary Gensler towards cryptocurrencies, suggesting it is part of a political agenda to stifle the sector’s expansion in the US. He highlighted that other countries are ahead in crypto due to their clear policies and expressed his intention to focus 80% of Ripple’s hiring outside the US.
Additionally, he mentioned that Ripple had spent over $100 million fighting a government agency with unlimited resources during the lawsuit, indicating a heavy toll on the company.
Hot Take: Ripple’s CEO Criticizes US Crypto Hostility
Ripple’s CEO’s criticism of the US government’s hostility towards crypto reflects ongoing challenges in the industry despite legal victories. The need for clear policies and a supportive environment for crypto businesses is crucial for sustained growth and innovation.
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