Ripple CEO: Crypto Industry Starts To Move outside US

Ripple CEO Brad Garlinghouse said the crypto industry is beginning to move outside the United States to other countries, like Australia, the United Kingdom, Japan, Singapore, and Switzerland.

Garlinghouse lauded these countries’ regulation of crypto by taking the time and thoughtfulness to roll out clear regulations, pointing out that the US is not on the healthy way to do so.

In an interview with Bloomberg, Garlinghouse described the United States Securities and Exchange Commission’s (SEC) crackdown on crypto recently as not healthy for the industry in the US, elaborating that this crackdown could make the country less attractive for the crypto firms.

The chief of the blockchain-based digital payment network noted that
SEC’s regulation approach puts the US at “severe risk” of missing out on being an attractive hub for the next evolution of blockchain and crypto innovation.

He asserted the importance of the early adoption of a framework for crypto regulation, like the internet in the 90s, for its benefits on geological bases, saying the framework should start by outlining clear protections for consumers as they are suffering from the lag, as they lack the same protection that regulatory frameworks can provide.

He also added that the SEC’s suit against his crypto company would be pivotal for the whole industry, expecting a decision to be taken this year.

Earlier in February, CEO of the Blockchain Association Kristin Smith said the crypto regulation process in the US is occurring behind closed doors and it should be an open process to see more involvement.