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Ripple CEO says America is lagging behind other countries in crypto adoption
Brad Garlinghouse – Chief Executive Officer of Ripple – believes the US is already lagging behind other nations in crypto due to regulatory uncertainty. He compared the technology's potential to the Internet, highlighting America's decision to use it in the 1990s, even though its benefits were relatively unknown at the time. The US is now catching up In a recent interview for Bloomberg, Garlinghouse argued that countries like Australia, Japan, Singapore, the UK and Switzerland have already imposed comprehensive rules on the cryptocurrency sector, encouraging investors and entrepreneurs to operate on their soil: “There are a lot of countries that are taking their time...
Ripple CEO says America is lagging behind other countries in crypto adoption
Brad Garlinghouse – Chief Executive Officer of Ripple – believes the US is already lagging behind other nations in crypto due to regulatory uncertainty.
He compared the technology's potential to the Internet, highlighting America's decision to use it in the 1990s, even though its benefits were relatively unknown at the time.
The USA is now catching up
In a recent interviewFor Bloomberg, Garlinghouse argued that countries such as Australia, Japan, Singapore, the United Kingdom and Switzerland have already imposed comprehensive rules on the cryptocurrency sector, encouraging investors and entrepreneurs to operate on their soil:
“There are many countries that have taken time and thought to create these clear traffic rules.”
Brad Garlinghouse, CNBC
He advised the American government, especially the SEC, to do the same and stop the brain drain abroad.
Citing the early days of the Internet as an example, Garlinghouse praised the US for enacting appropriate regulation in the late 1990s that allowed it to develop into the technology hub it is today:
“Look at the geopolitical advantages for the United States: Amazons and Googles are based and headquartered in the United States.”
He believes that the best regulatory framework for crypto should focus primarily on consumer protection. At the same time, the SEC should stop acting like a “hammer” and view everything as “nails,” but recognize that not all assets are securities.
“These won’t always be securities, some of them will be used as currencies.”
SEC Chairman Gary Gensler recently reiterated his opinion that “everything but Bitcoin” is a security. As such, he insisted that all crypto transactions, except those involving BTC, should be monitored and supervised by the agency.
SEK-Ripple The case will reverberate throughout the industry
The US securities regulator filed a lawsuit against Ripple in 2020, alleging that the latter's executives illegally sold XRP tokens to investors without first registering them as securities. Although the legal dispute has not yet been resolved, Garlinghouse believes its outcome will be “decisive” for the entire sector.
“The SEC bringing the case against Ripple isn’t really just the Ripple case or about XRP, it’s really about the industry and how the SEC is going to go on the offensive and attack the entire industry.”
The CEO said the regulator's way of setting rules through enforcement was not the right one. Instead, it aims to grow the technology while ensuring maximum security for investors.
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