The United Statesโ confusing cryptocurrency regulations have forced corporations like Ripple to consider investing outside the country, and Europe has been a โ wholeย lotย of beneficiaryโ of this confusion, Brad Garlinghouse has stated. The Ripple CEO suggested that theย Unitedย States hasย toย emulate countries like the Unitedย Kingdom and Singapore which have clarified how they want to regulate crypto.
Cryptocurrency Corporations Seek to be Limited Exposure to Unitedย States Clients and Companies
Reportsย by Brad Garlinghouse, the CEO of the blockchainย tech company Ripple, Europe has been โa wholeย lotย of beneficiaryโ of the confusion in the United Statesโ cryptocurrency industry sparked by the Securities and Exchange Commission (SEC). The confusion has asย aย 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 SECโs crackdown means his company will effortย toย delimit its dealings with Unitedย States corporations and citizens.
โ[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- Unitedย States and this year most of our hiring will be non- Unitedย States for those exact same reasons,โ Garlinghouse said.
Metaco to Boost Rippleโs Presence Abroad
The CEO likewise stated Rippleโs acquisition of the Swiss startup Metaco as a โperfect fitโ both asย forย the type of customers likewise as their location. In addition to helping to bolster Rippleโs presence abroad, Metaco, which was acquired for $250 Million, is expected to give the blockchainย tech company access to its A-list clients that include financial institutions like BNP Paribas, Citi, and Societe Generale.
Inย theย meantime, when requested about the ideal cryptocurrency regulatory framework post- FTXย Tradingย Ltd collapse, Garlinghouse suggested that the Unitedย States regulatoryย authorities should look at countries like the Unitedย Kingdom, the United Arab Emirates, and Singapore, which have clarified how they will regulate digital assets. Reportsย by Garlinghouse, such clarification makes it possible โfor entrepreneurs [and] investors toย participate constructively with regulators.โ
