Ripple CEO Brad Garlinghouse considers the US one of the “worst places” to launch cryptocurrency projects. He stated this during the Token 2049 conference in Singapore, reports Cointelegraph.
“The only country in which I would not recommend starting a company right now is the United States,” Garlinghouse emphasized.
In his opinion, Singapore, the UK, the UAE and Switzerland are jurisdictions with “smart” policies for regulating digital assets. He recommended that the United States adopt this trend, which both encourages innovation and protects consumers.
The head of Ripple blamed the current situation on the US Securities and Exchange Commission (SEC). With its countless lawsuits, the department is waging a “political war” with the industry, Garlinghouse explained.
“You see the dynamics. In the past, many judges said the SEC was always right and did not fight it. But now the picture is changing,” said the head of a fintech company.
The commission and Ripple have been involved in a legal battle since 2020. The department accused the company of unregistered sale of securities in the form of XRP in the amount of $1.3 billion. Brad Garlinghouse and the company’s co-founder Chris Larsen were also defendants in the lawsuit.
In July 2023, the Southern District of New York has concludedthat program sales and other token distributions do not constitute the offer and implementation of investment contracts. The SEC subsequently filed an appeal.
The Ripple chief added that his company’s partial victory and Grayscale’s Bitcoin ETF decision provide more regulatory clarity for crypto exchanges and custodial providers in the United States.
During the discussion, OKX President Hong Fan acknowledged the failure of local regulatory policies, but urged crypto firms to focus on more pressing issues.
“We can only control what we can control, which is creating the right products, focusing on technology and supporting responsible regulation,” Fan elaborated.
He also sees the spot Bitcoin ETF as a boost to institutional inflows, but isn’t sure investors can stomach the volatility of the first cryptocurrency.
Let us recall that in September the SEC appealed the blocking of Ripple’s appeal to the judge’s decision to partially not recognize XRP as a security.
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2023-09-13 12:54:23
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