Because there is no clear regulation of the cryptocurrency industry in the US, businesses may decide to relocate abroad, which would be bad for customer safety. In an interview with Bloomberg, Ripple CEO Brad Garlinghouse shared this viewpoint.
Brad Garlinghouse stressed the significance of clearly regulated cryptocurrency adoption and regulation in the US. According to him, this will aid in the industry’s expansion. He referenced Ripple’s legal dispute with the US Securities and Exchange Commission (SEC) as an illustration of the law’s flaws.
“SEC’s Efforts to Control the Sector Demonstrate How Far the US is Behind”
He asserted that the SEC’s efforts to control the sector through enforcement demonstrate how far the US is behind other nations in establishing a clear regulatory framework. “All cryptocurrency firms will relocate abroad unless politicians and authorities in the USget together and take quick action.” This is how it’s already playing out,according to Brad Garlinghouse.
He claims that the migration of people involved in the bitcoin sector puts cryptocurrency consumers at risk because they “remain powerless against crooks.” Since they lack the protection that the US regulatory structure can offer, consumers suffer as a result; he also claimed.
Brad Garlinghouse Advocates for a Quick Catchup of the US Regulative System
Brad Garlinghouse stressed the need for the US catching up to other nations in terms of cryptocurrency regulation in order to avoid losing innovation and the economic advantages of a budding sector. Previously, Garlinghouse evaluated the trial’s progress favorably with the SEC, enabling it to be finished by the end of 2022.
Joseph Hall, a partner at Davis Polk and a former SEC officer, characterized the Commission’s odds of losing the lawsuit on the merits as strong. He voiced skepticism, nevertheless, over the process’s impending end.
Remember that Brian Armstrong, CEO of Coinbase, stated in March 2023 that the rest of the world is already utilizing digital assets while the United States is lagging behind in developing regulations for cryptocurrencies.
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