The CEO of Ripple, Brad Garlinghouse, has stated that the United States is currently the worst place to launch a cryptocurrency startup. Garlinghouse made these remarks during a panel at the Token 2049 conference in Singapore. He believes that countries like Singapore, the United Kingdom, the United Arab Emirates, and Switzerland have more favorable policies that encourage crypto innovation while protecting consumers.
Garlinghouse specifically blamed the Securities and Exchange Commission (SEC) for the unfavorable environment in the US. He accused the SEC of engaging in a political war with the industry through its lawsuits. However, Garlinghouse expressed optimism about the industry’s prospects, citing Ripple’s recent court win against the SEC as evidence that the court’s mood may be turning in favor of the crypto industry.
While the outcomes of Ripple’s case and Grayscale’s court wins are not legally binding, Garlinghouse believes they provide more clarity for crypto exchanges and custody providers operating in the US, at least for now. Hong Fang, the president of OKX, acknowledged the political dynamics at play but emphasized the importance of focusing on what crypto firms can control, such as building the right products and supporting responsible regulation.
Despite the US being a significant market for Ripple, Garlinghouse revealed that the company is expanding its services to countries that he believes are more progressive and better understand the potential benefits of blockchain technology.
During the panel, Hong Fang expressed doubts about the readiness of investors for a spot Bitcoin exchange-traded fund (ETF). He highlighted the implications for custody solutions and questioned whether the industry is prepared for it. Fang also raised concerns about Bitcoin’s volatility and the readiness of building more applications on top of it.
In conclusion, Garlinghouse’s remarks shed light on the challenges faced by cryptocurrency startups in the US and the need for more favorable policies to encourage innovation while protecting consumers. The outcomes of recent court cases provide some clarity for the industry, but there are still doubts about the readiness of investors for certain developments, such as a spot Bitcoin ETF.
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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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