In a recent speech at the DC Fintech Week conference, Ripple CEO Brad Garlinghouse addressed the issue Regulatory obstacles to the company. He expressed his views on the cryptocurrency scene in the United States.
Ripple CEO warns of risk of losing market share in US
According to Fortune magazine a reportGarlinghouse acknowledged during his speech that despite Ripple’s success in court against the SEC, some US banks should be more cautious about meaningfully dealing with cryptocurrencies.
Garlinghouse attributed this reluctance to the perception that the US government and the Office of the Comptroller of the Currency (OCC) are “hostile to the cryptocurrency industry.”
While rippling Court victory In July, it was seen as a positive development, and Garlinghouse believes the SEC’s blanket approach, coupled with Chairman Gary Gensler’s description of cryptocurrencies as the “Wild West,” is hindering the industry’s growth in the United States.
Garlinghouse emphasized that although the United States has hostility toward cryptocurrencies, other countries are actively welcoming cryptocurrency companies and their investments by providing clear regulatory policies.
As a result, the United States risks losing market share and failing to capitalize on its early advantage in the cryptocurrency space. Garlinghouse expressed his belief that the United States can still become a leader in this industry, but highlighted the urgent need to create clear and constructive regulatory frameworks.
The CEO vows to take his legal battle with the Securities and Exchange Commission to the Supreme Court
Given the challenges facing the United States, Garlinghouse It announced that Ripple will continue to expand its operations in other countries. He revealed that 80% of Ripple’s hiring operations this year will be conducted outside the United States, which reflects the company’s need to operate in more favorable regulatory environments.
Garlinghouse stressed the importance of creating a hospitable environment for innovation and growth, suggesting that the current hostility in the United States is hindering Ripple’s ability to operate effectively within the country.
During the Garlinghouse conference I expressed His willingness to escalate Ripple’s legal battle with the SEC to the Supreme Court.
Garlinghouse stated that Ripple is willing to pursue legal avenues until a resolution is found. This firm stance underscores Ripple’s commitment to addressing the regulatory uncertainties surrounding XRP.
Brad Garlinghouse’s remarks at the DC Fintech Week conference shed light on what’s going on Regulatory challenges faced by Ripple and the broader cryptocurrency industry in the United States.
Despite recent court victories, Ripple faces hurdles due to perceived hostility and a lack of clear policy guidance. Garlinghouse’s willingness to escalate the legal battle to the Supreme Court shows Ripple’s determination to seek a solution and create a constructive regulatory framework.
As Ripple expands its operations globally, hope remains that the United States will adopt more welcoming and supportive regulations to foster innovation and remain competitive in the evolving cryptocurrency landscape.
As of current market update, XRP It is trading at $0.6902, indicating sideways price movement over the past 24 hours. However, in the fourteen-day time frame, the token saw notable gains of 13%.
Featured image from Shutterstock, chart from TradingView.com