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The CEO of Ripple, Brad Garlinghouse, has issued a stern warning on the state of cryptocurrency businesses in the US. Garlinghouse addressed his worries at a speech at Token 2049 in Singapore, saying, “The only country I would not encourage you to start a company right now is in the U.S.” The ongoing legal dispute between Ripple and the Securities and Exchange Commission (SEC) of the United States is reflected in this statement.
Garlinghouse urged the United States to adopt rules that promote cryptocurrency innovation while preserving consumer safety, citing the examples of nations like Singapore, the United Kingdom, the United Arab Emirates, and Switzerland. He pointed the finger directly at the SEC, saying it was using legal action to wage a political war on the sector.
Garlinghouse asserts that the SEC’s legal action approach is failing and cites recent successes by Ripple and Grayscale over the regulatory agency. “I think you’re starting to see the pattern change,” he said, pointing to a tendency among judges, although emphasizing that the verdicts in these instances are not legally enforceable.
While acknowledging the political dimensions at play, Hong Fang, president of OKX, emphasized the importance of focusing on what crypto firms can control. “We can only control what we can control, which is to build the right product and to focus on the technology and to support responsible regulation,” Fang stated.
Garlinghouse disclosed intentions to extend services to nations that he feels are more forward-thinking and have a greater knowledge of the potential advantages of blockchain technology, despite the importance of the U.S. market for Ripple.
Hong Fang expressed skepticism during the panel discussion on investors’ readiness for a spot Bitcoin exchange-traded fund (ETF). He expressed worry about the large portion of the blockchain-based infrastructure that has not been tested, stating, “I think there’s a huge implication on custody… whether our industry is actually ready for it.” Fang thinks that even while a spot Bitcoin ETF may draw in more institutional money, Bitcoin’s volatility still stands as a major roadblock, and the infrastructure may not be ready for it.