Ripple CEO, Brad Garlinghouse, expressed concern that unclear regulations in the United States are causing cryptocurrency companies to leave the country.
Ripple CEO, Brad Garlinghouse, stated that the unclear regulations in the US will lead to more cryptocurrency companies relocating away from the country. This is because firms like Ripple are actively seeking opportunities for recruitment and investment outside of the US.
“According to Ripple CEO Brad Garlinghouse, Europe, the UAE, the UK, and Singapore are leading the way in providing clear regulations for digital assets. This clarity allows entrepreneurs and investors to engage positively with regulators, fostering a productive environment. Garlinghouse noted that as a result of the regulatory confusion in the United States, there has been a flow of entrepreneurship and investment to other regions, with Europe being a significant beneficiary”.
During a period when U.S. regulators are intensifying their scrutiny of companies like Coinbase, Ripple CEO Brad Garlinghouse’s remarks are particularly relevant. This follows Coinbase’s recent acquisition of Swiss crypto custody services firm, Metaco.
The crypto industry in the US is currently facing a lot of confusion due to the unclear regulations set by the SEC. This has led to a situation where it becomes difficult to understand the specific rules and requirements for crypto companies.
Crypto companies are considering leaving the US as a way to communicate to regulators that the country might lose out on significant technological advancements.
In April, Coinbase filed a lawsuit against the SEC following a period of no response to the crypto exchange’s request to clarify if the existing rules for securities could be applied to the crypto industry by July 2022.
This information is for general knowledge only and should not be considered as advice for investing or making financial decisions.
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