Ripple CEO: US the Worst Place for Cryptocurrency Startups, Urges Policy Change
Summary:
Ripple CEO Brad Garlinghouse claims that the United States is currently the worst place to launch a cryptocurrency startup due to regulatory issues, urging the country to take note from more crypto-friendly jurisdictions like Singapore and Switzerland. Garlinghouse criticizes the SEC for engaging in a political battle with the industry and suggests that recent court victories indicate a changing tide. OKX president Hong Fang questions the readiness of investors for a spot Bitcoin ETF, citing concerns about custody and industry infrastructure.
The CEO of Ripple, Brad Garlinghouse, believes that the United States is currently one of the worst places to launch a cryptocurrency startup. Speaking at a panel in Singapore, Garlinghouse stated that he would not recommend starting a company in the US, and encouraged the country to follow the lead of Singapore, the UK, UAE, and Switzerland in terms of policies that promote crypto innovation while protecting consumers. Garlinghouse blamed the US Securities and Exchange Commission (SEC) for engaging in a political war with the industry and claimed that recent court wins for Ripple and Grayscale against the SEC indicate a shift in the court's attitude towards the industry. Despite its significance as a market for Ripple, Garlinghouse revealed that the company is expanding its services to countries that have a more progressive approach to blockchain technology. Additionally, during the panel, the president of OKX, Hong Fang, expressed doubts about the readiness of investors for a spot Bitcoin ETF given the lack of testing and the volatility of the cryptocurrency.
Published At
9/13/2023 5:42:39 AM
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