Brad Garlinghouse, CEO of Ripple, is the newest figure to criticize the US government’s campaign against cryptocurrencies. The CEO of Ripple said that cryptocurrency and fintech were already leaving US soil in an interview with Bloomberg on March 2. “I’ve said it before, and I’ll say it again: American innovation is not benefited by the offshore movement of cryptocurrency. “Plain and simple”
He said that XRP was not truly at issue in the Securities and Exchange Commission’s action against Ripple. The topic is the sector and how the SEC is “playing offense” and criticizing the whole sector. Garlinghouse stated that when the lawsuit first started more over two years ago, not everyone recognized this. But, it is now obvious that the agency is opposed to the whole sector given its current battle on cryptocurrency.
He also mentioned five SEC enforcement proceedings that had just occurred and said, “This is not a healthy way to govern an industry.” According to the Ripple executive, the United States already lags behind nations like Australia, the United Kingdom, Japan, Singapore, and Switzerland. He said, “There are several nations that have taken the time and care to formulate precise traffic regulations.
“XRPcryptowolf,” a Ripple enthusiast, said on Reddit: “Honestly don’t get how regulators don’t comprehend that the cryptocurrency growth would be equal to the internet boom, which in turn might benefit our economy during these difficult economic times.”
Garlinghouse likened the situation with cryptocurrency to the early days of the internet, which US policymakers also thought about outlawing. The nation became the leader in the world for digital titans thanks to the establishment of a regulatory framework.
“We run a serious danger of missing out on it at this next stage of blockchain and cryptocurrency technologies. It has already begun to spread outside of America.
SEC head Gary Gensler sought to justify the crypto crackdown in an interview with Bloomberg on March 2. Gensler reiterated that there is nothing incompatible between cryptocurrency and our securities rules in terms of ensuring investor protection. He continued by saying that they were implemented to safeguard the investing public against fraud, scams, and manipulation.
He only said, “The law is the law,” in response to the question of why many of the top crypto companies hadn’t signed up with the organization. Companies would have to pass through the same hoops as banks and others issuing publicly listed stocks and shares if cryptocurrency assets were formally categorized as securities.
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