Brad Garlinghouse once again slammed the US securities regulatory body over its poor crypto regulatory approach.
Brad Garlinghouse is the CEO of Ripple. Ripple is a San Francisco headquartered fintech company providing global payment services to small and large companies with the use of XRP Ledger and XRP Coin under a decentralized medium. Ripple Labs is the engineering team behind the XRP Ledger, a Proof-of-Stake (PoS) consensus-based blockchain network.
On March 2, 2023, Brad Garlinghouse appeared in an interview with Bloomberg TV. In the interview, he shared several things about crypto innovations versus the US crypto regulation approach.
Firstly, Brad said that crypto services going offshore in the US crypto market is not a good thing for the crypto future in the country as it would result in a complete stop.
“I’ve said it before, and I’ll say it again – moving crypto offshore is not good for American innovation. Period, full stop,” said the Ripple CEO.
Furthermore, he added that the Ripple vs SEC case was not just about the business model of Ripple and the nature of the XRP token, instead, it was about the entire crypto sector and was showing that the SEC was “playing crime”. And the industry is attacking crypto.
,@KaileyLeinz asked “If America doesn’t act together… it’s all [crypto] Going Offshore?
Me: “It already is.”
I’ve said it before, and I’ll say it again – moving crypto offshore is not good for American innovation. period, full stop. https://t.co/OWz8uoRHrI
— Brad Garlinghouse (@bgarlinghouse) March 2, 2023
According to the Ripple CEO, when in December 2020, the United States Securities and Exchange Commission (SEC) launched a lawsuit against Ripple executives and the nature of the XRP token, most people were not aware of the reality of the matter. But recent regulatory actions by the SEC agency are showing that the SEC is against the entire industry.
Brad said that US was already behind many other countries in terms of crypto regulation, because before US many countries like Australia, UK, Japan, Singapore and Switzerland etc. have already introduced proper and clear crypto regulation system .
One crypto Twitter user said that US regulators have failed to understand that the crypto boom is very similar to the internet boom.
Honestly don’t understand how regulators don’t see that the crypto boom will equal the internet boom which in turn could help our economy during these tough economic times 🤦♂️
— XRPcryptowolf (@XRPcryptowolf) March 2, 2023
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