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Ripple CEO says that America remains behind other countries when introducing crypto
Brad Garlinghouse - Chief Executive Officer from Ripple - believes that the United States will remain behind other nations in crypto due to regulatory uncertainty. He compared the potential of technology to the Internet and emphasized America's decision to use it in the 1990s, although his advantages were relatively unknown at the time. In a recent interview for Bloomberg, Garlinghouse argued that countries such as Australia, Japan, Singapore, Great Britain and Switzerland have already imposed comprehensive rules for the cryptocurrency sector and thus encouraged investors and entrepreneurs to operate on their ground: “There are many countries that ...
Ripple CEO says that America remains behind other countries when introducing crypto
Brad Garlinghouse-Chief Executive Officer from Ripple-believes that the United States is already behind other nations in crypto due to regulatory uncertainty.
He compared the potential of technology to the Internet and emphasized America's decision to use it in the 1990s, although his advantages were relatively unknown at the time.
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"There are many countries that have taken time and thoughtful to create these clear traffic rules."
He advised the American government, in particular the SEC, to do the same and to stop talents abroad. Garlinghouse named the early days of the Internet as an example and praised the USA for the fact that they have enacted adequate regulation at the end of the 1990s that made it possible for them to develop into the technology center that is today: "Take a look at the geopolitical advantages for the United States: Amazons and Googles are based and headquarters in the USA." He believes that the best regulatory framework for cryptography should mainly focus on consumer protection. At the same time, the SEC should stop acting like a "hammer" and considering everything as "nails", but realizing that not all assets are securities. "This will not always be securities, some of them are used as currencies."
The Chairman of the SEC-Gary Gensler-recently confirmed his opinion that "everything except Bitcoin" is a security. As such, he insisted that all crypto transactions, with the exception of the transactions with BTC, should be monitored and supervised by the agency. The US security supervision, on the other hand, filed a lawsuit in 2020, in which the latter executives had illegally sold to investors without previously registering them as securities. Although the legal dispute has not yet been enclosed, Garlinghouse believes that its outcome will be "decisive" for the entire sector. "The SEC collects the case against Ripple is not really the case of Ripple or via XRP, it is really about the industry and how the Sec will go on the offensive and attack the entire industry."
The CEO said that the way the regulatory authority is not to determine the rules by enforcing was not the right one. Instead, it should grow the technology and at the same time ensure maximum security for investors. . Brad Garlinghouse, CNBC
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