Many crypto firms may leave the US for more progressive jurisdictions if local regulators continue with unreasonable prosecution. This was stated by the head of Ripple Brad Garlinghouse in an interview. CNBC.
In his opinion, Europe, the UAE, the UK and Singapore offer more clarity in terms of legislation for digital assets.
“Frankly, this is why you see an outflow of entrepreneurs and investments in other jurisdictions. And, of course, Europe has benefited greatly from the confusion in the US,” he added.
Garlinghouse noted that the US Securities and Exchange Commission (SEC) is at the head of “this mess”.
When asked about the bankruptcy of FTX, the CEO of Ripple stated that “what happened to the company is called fraud and does not apply to cryptocurrencies.” He believes that this situation has become a catalyst for the escape of companies from the States.
According to Garlinghouse, Ripple is in a good financial position. Previously, the company bought Metaco’s crypto custodian for $250 million.
“Ripple has a very strong balance sheet and we play offensively. […] Be greedy when others are afraid and be afraid when others are greedy,” the CEO said, quoting billionaire Warren Buffett.
Regarding plans to list on the stock market, Garlinghouse noted that the firm is “not in a hurry” yet, but “does not need to raise additional capital.”
In December 2020, the SEC filed a lawsuit against Ripple accusing the company of selling unregistered securities. Garlinghouse estimated the firm’s legal costs for the ongoing regulatory litigation at $200 million.
At the end of March 2023, there were reports that Ripple had a good chance of successfully ending the lawsuit.
Recall that in April, lawyer Jeremy Hogan said that XRP is not a security and only “possibly fits the definition of an investment contract.”
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Many crypto firms may leave the US for more progressive jurisdictions if local regulators continue with unreasonable prosecution. This was stated by the head of Ripple Brad Garlinghouse in an interview. CNBC.
In his opinion, Europe, the UAE, the UK and Singapore offer more clarity in terms of legislation for digital assets.
“Frankly, this is why you see an outflow of entrepreneurs and investments in other jurisdictions. And, of course, Europe has benefited greatly from the confusion in the US,” he added.
Garlinghouse noted that the US Securities and Exchange Commission (SEC) is at the head of “this mess”.
When asked about the bankruptcy of FTX, the CEO of Ripple stated that “what happened to the company is called fraud and does not apply to cryptocurrencies.” He believes that this situation has become a catalyst for the escape of companies from the States.
According to Garlinghouse, Ripple is in a good financial position. Previously, the company bought Metaco’s crypto custodian for $250 million.
“Ripple has a very strong balance sheet and we play offensively. […] Be greedy when others are afraid and be afraid when others are greedy,” the CEO said, quoting billionaire Warren Buffett.
Regarding plans to list on the stock market, Garlinghouse noted that the firm is “not in a hurry” yet, but “does not need to raise additional capital.”
In December 2020, the SEC filed a lawsuit against Ripple accusing the company of selling unregistered securities. Garlinghouse estimated the firm’s legal costs for the ongoing regulatory litigation at $200 million.
At the end of March 2023, there were reports that Ripple had a good chance of successfully ending the lawsuit.
Recall that in April, lawyer Jeremy Hogan said that XRP is not a security and only “possibly fits the definition of an investment contract.”
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
