At the Token 2049 panel held in Singapore, Ripple CEO Brad Garlinghouse expressed his dissatisfaction with the United States as a region for cryptocurrency companies. Garlinghouse highlighted the challenges his company has faced in dealing with the US Securities and Exchange Commission (SEC), discouraging crypto startups and investors from launching in the country.
Garlinghouse emphasized the need for the US to learn from other countries such as Singapore, the United Arab Emirates, the UK, and Switzerland, which are considered more crypto-friendly and have embraced the technology with favorable tax policies, high adoption rates, and advanced technology infrastructure. According to a recent report by investment migration company Henley and Partners, these regions are ranked as the most crypto-friendly.
During his speech, Garlinghouse drew attention to the ongoing lawsuits between Ripple and the SEC, as well as Grayscale and the SEC. He noted a shift in momentum, stating that judges are no longer automatically siding with the SEC and are becoming more receptive to arguments against the regulator.
In response to the SEC’s claim that Ripple is merely a computer code with no intrinsic value, Garlinghouse defended his company’s position. Ripple argues the native cryptocurrency of XRP serves as a bridge currency for facilitating cross-border transactions.
While Ripple recently secured a favorable ruling in court regarding XRP, the SEC intends to appeal the decision, emphasizing the need for a thorough review of the complex legal issues involved.
Garlinghouse reaffirmed his company Ripple’s commitment to developing the right product and supporting responsible regulation. With the dissatisfaction expressed towards the US regulatory environment, it remains to be seen whether more crypto companies will follow Garlinghouse’s advice and seek more crypto-friendly jurisdictions to establish their operations.
