Ripple CEO Brad Garlinghouse recently spoke out about the United States’ lag in cryptocurrency adoption compared to other countries. In his opinion, countries like Australia, Japan, and Singapore have established clear crypto rules, which have encouraged entrepreneurs and investors to operate within their borders. Garlinghouse believes the US should follow suit and stop the talent exodus offshore.
In an interview with Bloomberg, Garlinghouse compared the potential of cryptocurrency to that of the internet. He applauded the US for embracing the internet in the late 1990s, which ultimately led to the country becoming a technology hub. He believes that the same could happen with cryptocurrency if the US establishes a comprehensive regulatory framework, with a focus on consumer protection.
Garlinghouse suggested that the SEC should stop viewing everything as a “nail” and realize that not all assets are securities. He argued that the best crypto regulatory framework would balance security for investors while allowing the technology to grow. The CEO also noted that the SEC’s case against Ripple will have a significant impact on the entire industry.
Garlinghouse believes that the SEC’s approach to setting rules through enforcement is not the right one. Instead, he thinks the regulator should allow the technology to flourish while ensuring maximum security for investors. He argued that the SEC’s view that “everything other than bitcoin” is a security is too narrow and does not account for the diversity of crypto assets.
In conclusion, Garlinghouse thinks that the US is falling behind other nations in crypto adoption due to regulatory uncertainty. He believes that the US should establish comprehensive crypto rules, with a focus on consumer protection, to encourage entrepreneurs and investors to operate within its borders. The CEO also believes that the SEC’s case against Ripple will have a significant impact on the entire industry and that the regulator should allow the technology to grow while ensuring maximum security for investors.