The United States’ confusing cryptocurrency regulations have forced corporations like Ripple to consider investing outside the country, and Europe has been a “ whole lot of beneficiary” of this confusion, Brad Garlinghouse has stated. The Ripple CEO suggested that the United States has to emulate countries like the United Kingdom and Singapore which have clarified how they want to regulate crypto.
Cryptocurrency Corporations Seek to be Limited Exposure to United States Clients and Companies
Reports by Brad Garlinghouse, the CEO of the blockchain tech company Ripple, Europe has been “a whole lot of beneficiary” of the confusion in the United States’ cryptocurrency industry sparked by the Securities and Exchange Commission (SEC). The confusion has as a result forced cryptocurrency corporations to invest outside the U.S.
In an interview with CNBC, Garlinghouse, whose company acquired Swiss cryptocurrency startup Metaco on May 17, warned that the SEC’s crackdown means his company will effort to delimit its dealings with United States corporations and citizens.
“[The SEC crackdown] has unfortunately encouraged corporations like Ripple to invest more outside of the United States. About 95 percent of our customers are non- United States and this year most of our hiring will be non- United States for those exact same reasons,” Garlinghouse said.
Metaco to Boost Ripple’s Presence Abroad
The CEO likewise stated Ripple’s acquisition of the Swiss startup Metaco as a “perfect fit” both as for the type of customers likewise as their location. In addition to helping to bolster Ripple’s presence abroad, Metaco, which was acquired for $250 Million, is expected to give the blockchain tech company access to its A-list clients that include financial institutions like BNP Paribas, Citi, and Societe Generale.
In the meantime, when requested about the ideal cryptocurrency regulatory framework post- FTX Trading Ltd collapse, Garlinghouse suggested that the United States regulatory authorities should look at countries like the United Kingdom, the United Arab Emirates, and Singapore, which have clarified how they will regulate digital assets. Reports by Garlinghouse, such clarification makes it possible “for entrepreneurs [and] investors to participate constructively with regulators.”