The crypto industry has ‘already started’ moving outside US, says Ripple CEO

U.S. Securities and Exchange Commission (SEC) regulation by “enforcement” rather than “doing the job” is not the “sound way” to regulate the industry, making the U.S. an unattractive place for cryptocurrencies There is a possibility. innovation, suggests Ripple’s CEO.

on Bloomberg March 3 interviewBrad Garlinghouse, CEO of Ripple, a blockchain-based digital payments network, said the SEC’s approach to regulation would not make the United States the next evolutionary hub for blockchain and cryptocurrency innovation. It puts them at serious risk,” he said.

Garlinghouse said the regulator’s allegations against Ripple are simply “attacking” and “attacking” the industry as a whole, and if the SEC “can win,” there are “many other cases.” He added that there would be.

Given that other countries such as “Australia, the UK, Japan, Singapore and Switzerland” are “lagging behind” the regulatory process for cryptocurrencies, the crypto industry has “already started expanding abroad.” he suggested.

He praised these countries for taking “time and thoughtfulness” to create a “clear path”, adding that the approach taken by the US is not a “sound way of regulating the industry”. .

When Garlinghouse “first entered the tech industry in the late 90s,” there were calls to ban the Internet for “illegal activity,” but the government said, “No, we’re going to create a framework.”

He said “see the advantage” brought to the United States “geopolitically”, having “Amazon and Google” based in the United States.

Garlinghouse believes a cryptocurrency framework should start with “clear protections for consumers.”

He added that consumers were suffering from “delays” and said they were not receiving “the same protections” that the U.S. regulatory framework could provide.

Garlinghouse believes a decision on the SEC lawsuit against Ripple should be made later this year.

Related: Ripple Survey: 97% of Payments Companies Believe in the Power of Cryptocurrencies

John Deaton, founder of legal news outlet Crypto Law Lawyer, wrote to his 245,000 Twitter followers on March 5 that all companies in “pending litigation” with the SEC are working together to “coordinate He called for action on the need to develop a ‘strategic strategy’. That it is “war”.

It has to be thought out and organized. For example, all companies in litigation with the SEC, or seeking to sue, should meet to share ideas and develop a collaborative strategy. It’s war.

I will be happy to help you.maybe i can replace @elonmusk Like the SEC’s most hated.

— John E Deaton (@JohnEDeaton1) March 5, 2023

This was confirmed by Blockchain Association CEO Christine Smith in an interview with Bloomberg on Feb. 22 that the U.S. crypto regulatory process is being conducted “behind the scenes” and that Congress is “open to the public.” This comes after he said industry involvement in the “process that was designed” was essential.