Blockchain News

Ripple CEO Weighs in on Global Crypto Adoption After SEC Clampdown

The executive, who has his own issues with the US Securities and Exchange Commission, recommended people to take a step back for a minute.

Brad Garlinghouse, the CEO of the blockchain payment startup that is battling the US Securities and Exchange Commission over the status of XRP in court, feels there is a lot of good news in terms of crypto acceptance worldwide.

He made these remarks in response to the Securities and Exchange Commission’s recent crackdown on Kraken and its crypto staking services.

As the world’s largest economy, the acts of the United States, its government, and local regulatory authorities have a considerable impact on the bitcoin business. Following anticipation that the SEC could go against crypto staking, the watchdog acted and suspended Kraken’s services.

Furthermore, there have been several stories in the last year or two, including executive orders from President Biden, indicating impending tough measures. Nonetheless, Garlinghouse feels that individuals should look into other jurisdictions that are far more supportive to the sector.

Among them is Dubai, which has implemented a number of rules that allow crypto businesses to establish offices while being supervised by the local authority. The Australian government is also apparently considering updating its existing regulatory frameworks to accommodate crypto asset licensing and custody.

Garlinghouse’s other examples included the South Korean Financial Services Commission’s recent instructions, the UK HMT’s new consultation on “the government’s objective to develop a proportional, unambiguous framework,” and Brazil’s new statutory code.

However, Ripple’s CEO could not pass up the opportunity to criticize the US for its contentious stance.

Just a day before the SEC’s crackdown became public, Coinbase CEO Brian Armstrong reacted on the reports, claiming that it “would be a bad road for the US if it was allowed to happen.”

According to him, staking has several advantages for consumers and the business as a whole, including scalability, improved security, and lower carbon footprints.

Interestingly, Coinbase suffered as well, despite the fact that the SEC went after Kraken. The publicly listed company’s shares plunged by more than 14% in a single day, as staking accounts for a substantial percentage of its income.


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