Ripple CEO names reasons for lagging development of crypto industry in the US

According to Brad Garlinghouse, an important problem in regulation is a lack of consistency

28.09.2022 - 12:45

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2 min

What’s new? Brad Garlinghouse, CEO of blockchain company Ripple, said that most cryptocurrency companies are willing to comply with regulations. He added that there is a need for clearer oversight to help the nascent industry grow. According to Garlinghouse, the US lags behind other G20 countries when it comes to crypto regulation. He added that several G20 countries have already found ways to reduce fraudulent activity in their jurisdictions, as well as ensure that markets are orderly. However, in his view, the same cannot be said for the States.

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What else does Garlinghouse say? Ripple CEO added that another regulatory issue that needs to be addressed is the lack of consistency when agencies take different approaches for different companies. He cited Ripple's litigation with the Securities and Exchange Commission (SEC) as an example.

“It’s a little confusing why the SEC would spend a lot of time and energy on that when we do actually have some things happening in the market that maybe do deserve more scrutiny.”

Earlier, Garlinghouse said that the SEC's lawsuit against the company would ultimately be decided by a judge. The head of Ripple predicts that the case will not go to a jury trial because, in his opinion, the judge has enough evidence to reach a single verdict. In the 2020 lawsuit, the SEC accused Ripple and its top executives of selling unregistered securities.

Ripple is a payment protocol for exchanging currencies and making transactions. It is used by government financial institutions in Australia, Canada and Israel. The platform's native XRP token ranks sixth in cryptocurrency market capitalization at $21,36 billion. The asset is trading at $0,4296, down 8,58% in a day, according to Binance.

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