Brad Garlinghouse once again slammed the US Securities regulatory body over their bad crypto regulatory approach.
Brad Garlinghouse is the CEO of Ripple. Ripple is a San Francisco headquartered Fintech company, which provides global payment services to small & big companies with the use of XRP Ledger & XRP coin under a decentralised medium. Ripple Labs is the engineering team behind XRP Ledger, a Proof-of-stake (PoS) consensus-based blockchain network.
On 2 March 2023, Brad Garlinghouse appeared in an interview with Bloomberg TV. In the interview, he shared many things about the US crypto regulation approach vs Crypto innovations.
First of all, Brad said that Crypto services going offshore in the US crypto market is not a good thing for the Crypto future in the country because it will result in a full stop.
“I’ve said it before, and I’ll say it again – crypto moving offshore is not good for American innovation. Period, full stop,” Ripple CEO said.
Further, he said that the Ripple vs SEC case was not all about the business model of Ripple & XRP token’s nature, instead, it was all about the whole crypto sector and this is showing that the SEC is “playing offense” and attacking the crypto industry.
According to Ripple CEO, when in Dec 2020, the United States Securities and Exchange Commission (SEC) initiated the lawsuit against Ripple executives & XRP token nature then at that time the majority of the people were not aware of the actuality of this case. But recent regulatory actions by the SEC agency is showing that the SEC is against the whole industry.
Brad noted that America was already behind many other countries, in terms of crypto regulation, because before the US many countries e.g Australia, the U.K., Japan, Singapore, and Switzerland, etc have already introduced proper & clear crypto regulation systems.
A Crypto Twitter user said that US regulators are failing to understand that the crypto boom is more similar to the internet boom.
Read also: SEC boss says Crypto exchanges are not qualified custodians