Today, at the DC Fintech Week conference, Ripple CEO Brad Garlinghouse expressed his concerns over the regulatory hurdles plaguing the US cryptocurrency industry. Despite Ripple's recent legal victory against the Securities and Exchange Commission (SEC), Garlinghouse emphasized that US banks remain hesitant to engage with cryptocurrencies due to ongoing regulatory uncertainties surrounding digital assets like XRP.
Garlinghouse criticized SEC Chairman Gary Gensler's portrayal of the crypto market as a “Wild West”. He warned that without clear regulations akin to those in crypto-friendly countries, the US risks losing its market share in the burgeoning crypto industry. Garlinghouse contrasted the US situation with other nations that have clear policies and are welcoming crypto-related investments.
He further accused Gensler of promoting a political agenda that stifles growth in the crypto industry. This sentiment was not alleviated by the court ruling that Ripple's token isn't always classified as a security.
To counter these challenges, Ripple is focusing on global expansion, with 80% of its new hires this year coming from outside the US. This strategic move is a response to what Garlinghouse perceives as a hostile regulatory climate in the country.
Despite court victories, Ripple continues to face obstacles due to perceived hostility and unclear policies. Garlinghouse expressed willingness to escalate Ripple's legal battle with the SEC to the Supreme Court if necessary, underlining their commitment to resolving these uncertainties.
Garlinghouse is hopeful of a shift towards a more supportive regulatory environment for cryptocurrencies within the US in the next decade. Until such changes occur, Ripple is committed to creating a conducive environment for innovation and growth globally.
In line with its global expansion strategy, Ripple plans to increase international hiring. Today, XRP traded at $0.6902, marking a 13% gain over a 14-day period.
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