Blockchain company Ripple’s CEO, Brad Garlinghouse, predicts that more cryptocurrency firms and businesses will leave the United States due to confusing regulations. In an interview with CNBC, Garlinghouse said that the confusion in the country would push crypto entrepreneurs and investments into other friendly regions such as Europe, the United Arab Emirates (UAE), the United Kingdom, and Singapore. Ideally, these regions, including Europe, the UAE, and the UK, are providing clarity and guidance on regulating digital assets, allowing founders and investors to engage constructively with authorities and watchdogs. The current situation allows Europe to be the beneficiary of the confusion in America.
Garlinghouse’s statements come as U.S. regulators, particularly the Securities and Exchange Commission (SEC), are clamping down on cryptocurrency companies. The securities regulator has asked a U.S. court to deny a petition from digital asset exchange Coinbase to establish comprehensive rules for the nascent industry insisting that existing regulations are clear but crypto firms have refused to consider them. The SEC is also currently in a legal tussle with Ripple over alleged securities laws violations in the offering and sale of XRP – the native cryptocurrency of the Ripple network.
Regarding the recent acquisition of Swiss-based crypto custody firm Metaco, Garlinghouse believes that the firm fits perfectly with Ripple’s expansion plans. Ripple funded the $250 million purchase from its balance sheet, and Garlinghouse disclosed that the firm is in a strong financial position. Ripple is leaning in and playing offense, and the acquisition is a perfect case in that regard. He said that the company is neither rushing to become a publicly traded company nor raising more capital. However, if they were to consider it, it would be at a time and place that made sense.
It is worth noting that Garlinghouse did not mention Cryptopotato.com, the source of the news being rewritten in this article.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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