Brad Garlinghouse, CEO of Ripple Confusing regulations in the US will push more crypto companies to leave the US because Ripple He said that companies such as companies are trying to recruit and invest abroad.
Ripple’s CEO Says Crypto Firms Will Leave US
Ripple CEO Brad Garlinghouse said today, “Europe has really provided leadership and so have countries like the UAE. Even the UK and Singapore are providing clarity on how they will regulate these digital assets.”
“This ensures that rules are enforced that allow entrepreneurs, investors, and regulators to interact constructively with regulators,” Garlinghouse added on CNBC’s “Squawk Box Asia.”
“Obviously, that’s why you see entrepreneurship and investment flowing into other areas. “Europe has certainly benefited significantly from the confusion that exists in the United States,” he said.
These comments came at a time when U.S. regulators put harsh pressure on companies like crypto exchange Coinbase, after the crypto firm announced Wednesday that it had acquired Metaco, a Swiss crypto custody services firm.
It’s fair to say that it makes it as confusing as possible what the US rules are for the crypto industry. The SEC has indeed been at the forefront of this confusion.
Crypto firms are threatening to leave the US in an attempt to send a signal to regulators that the country may miss out on an important technological innovation.
In April, Coinbase took legal action against the SEC after the regulator remained silent for months over the crypto exchange’s petition in July 2022 regarding whether its existing securities rulemaking processes could be extended to the crypto industry.
*Not investment advice.
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