Ripple CEO Discusses Global Crypto Adoption After SEC Clampdown
The executive, who fights the US securities regulator, recommended staff to take a break.
The CEO of the blockchain payment startup that is suing the US SEC over XRP, Brad Garlinghouse, thinks crypto adoption is going well internationally.
After the SEC’s crackdown on Kraken’s crypto staking services, he said this.
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The world’s largest economy, the US, its government, and local regulators often hurt the bitcoin business. The SEC shut down Kraken following rumors of a crypto staking crackdown.
Recent reports, including President Biden’s executive orders, predict draconian measures. Garlinghouse suggests looking at other jurisdictions that are more industry-friendly.
Dubai has many rules permitting crypto businesses to open offices under local watchdog oversight. The Australian government may add crypto asset licensing and custody to its regulatory frameworks.
Garlinghouse also cited South Korean Financial Services Commission recommendations, UK HMT’s consultation on “the government’s objective to provide a proportional, unambiguous framework,” and Brazil’s new statutory code.
However, Ripple’s CEO criticized the US’s problematic stance.
The list goes on (Brazil’s new legislative framework etc) Note the commonalities – these regulators are providing leadership and doing the work that we are desperately missing in the US – unsurprisingly, this is where companies like Ripple are growing!
Coinbase CEO Brian Armstrong reacted on the reports a day before the SEC’s clampdown, saying it “would be a bad road for the U.S. if it was allowed to happen.”
He says staking improves scalability, security, and carbon footprints for users and the business.
Even if the SEC sued Kraken, Coinbase suffered. Since most of its revenue comes from staking, the publicly listed company’s shares plunged roughly 14% in a day.
