The crypto industry has 'already started' moving outside of the US, says Ripple CEO
The United States Securities and Exchange Commission (SEC) regulation through “enforcement,” as opposed to “doing the work,” is not a “healthy way” to regulate an industry, and may result in the U.S being a less attractive place for crypto innovation, suggests Ripple’s CEO.
In a Mar. 3 Bloomberg interview, blockchain-based digital payment network Ripple’s CEO Brad Garlinghouse, suggested that the SEC's approach to regulation is putting the U.S. at “severe risk” of not being a hub for the next evolution of blockchain and crypto innovation.
Garlinghouse noted that the regulator’s case against Ripple, is them simply playing “offense” and “attacking” the industry as a whole, adding that if the SEC is “able to prevail,” there will be “a lot of other cases.”
He suggested that the crypto industry has “already started moving outside” of the U.S., given its crypto regulation process is "behind" other countries such as “Australia, UK, Japan, Singapore and Switzerland.”
He added that these countries have “taken the time and thoughtfulness” to create “clear rules of the road,” adding that the approach taken by the U.S. is not a “healthy way to regulate an industry.”
Garlinghouse said when he “first got into the tech industry in the late 90s,” there were calls for the internet to be banned, due to “illicit activity,” but the government said “no, we’re going to create a framework.”
He said to “look at the benefits” that brought to the U.S. on a “geopolitical basis,” to have the "Amazon's and Google’s," based in the U.S.
Garlinghouse believes that crypto frameworks should start with “clear protections for consumers.”
He added that consumers are suffering from the “lag,” saying that they don’t have the “same protection” that the U.S. regulatory
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