Ripple CEO Brad Garlinghouse suggests that the U.S. should adopt the smart cryptocurrency policies already in place in Singapore, the U.K., the UAE, and Switzerland.
Ripple CEO Brad Garlinghouse believes that the United States is one of the worst places to start a cryptocurrency company right now. He expressed this view during a panel discussion in Singapore on September 12. Garlinghouse is currently dealing with a legal battle involving the U.S. securities regulator.
He urged the United States to learn from countries like Singapore, the United Kingdom, the United Arab Emirates, and Switzerland. These nations have implemented policies that support cryptocurrency innovation while ensuring consumer protection. Garlinghouse wants the U.S. to adopt similar policies.
Ripple CEO Criticizes SEC’s Legal Battle with Crypto Industry
Brad Garlinghouse, CEO of Ripple, has accused the U.S. Securities and Exchange Commission (SEC) of waging a political war against the cryptocurrency industry through its lawsuits. He argued that the SEC’s lawsuit strategy is ineffective, citing recent wins by Ripple and Grayscale against the SEC as signs that the courts may be shifting their stance in favor of the industry.
While these court outcomes aren’t legally binding, Garlinghouse believes they offer more clarity to crypto exchanges and custody providers operating in the U.S., at least for the time being.
OKX President Hong Fang acknowledged the political aspects but emphasized the importance for crypto firms to focus on what they can control, such as developing the right products and supporting responsible regulation.
Despite the challenges in the U.S., Garlinghouse mentioned that Ripple is expanding its services to countries that have a more progressive understanding of blockchain technology and its potential benefits.
Concerns Raised About Readiness for a Spot Bitcoin ETF
Hong Fang, the president of OKX, expressed doubts about whether investors are prepared for custody solutions tied to a potential spot Bitcoin exchange-traded fund (ETF). He mentioned that much of the new blockchain-based infrastructure hasn’t undergone widespread testing.
Fang believes that while a spot Bitcoin ETF could attract more institutional investments, investors may not be comfortable with Bitcoin’s volatility. He also questioned whether the industry is ready to continue building new applications on top of Bitcoin, considering the evolving nature of this emerging monetary system.
In his words, “We are actually creating something that is new, that we can build on top of, a new monetary system that hasn’t come to fruition yet. So I don’t know whether we’re ready for that yet from an industry infrastructure perspective.”
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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