The lack of clear regulation of the crypto industry in the United States threatens to leave companies abroad, which will negatively affect the protection of users. This opinion was expressed in an interview with Bloomberg by Ripple CEO Brad Garlinghouse.
.@kaileyleinz asked “If the US doesn’t get its act together…is all of this [crypto] going offshore?”
Me: “It already is.”
I’ve said it before, and I’ll say it again – crypto moving offshore is not good for American innovation. Period, full stop. https://t.co/OWz8uoRHrI
— Brad Garlinghouse (@bgarlinghouse) March 2, 2023
Garlinghouse emphasized the importance of adopting and regulating cryptocurrencies in the US with a clear structure. In his opinion, this will contribute to the growth of the industry.
As an example of the imperfection of the law, he cited Ripple’s legal battle with the US Securities and Exchange Commission (SEC).
The SEC’s efforts to regulate the industry through enforcement, he said, show how far the US is lagging behind other countries in creating a clear regulatory framework.
“If [политики и регуляторы] The US will not come together and act faster, everyone [криптокомпании] go offshore. […] It’s already [происходит] Yes,” Garlinghouse said.
According to him, the exodus of crypto industry participants from the country endangers cryptocurrency users, who “remain defenseless against scammers.”
“[…] consumers suffer because of this, because they do not have the protection that the US regulatory framework can provide, ”he said.
Garlinghouse emphasized the need for the US to catch up with other countries in regulating cryptocurrencies, otherwise they risk losing innovation and economic benefits from a promising industry.
Earlier, Garlinghouse positively assessed the course of the trial with the SEC, allowing it to be completed by the end of 2022.
Davis Polk law firm partner and ex-SEC official Joseph Hall called the Commission’s chances of losing the case on the merits high. However, he expressed doubts about the imminent completion of the process.
Recall that in March 2023, Coinbase CEO Brian Armstrong said that the United States is lagging behind in preparing legislation for cryptocurrencies while the rest of the world is already using digital assets.
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