Ripple CEO Calls for Regulatory Clarity in U.S. Cryptocurrency Industry

Ripple’s CEO, Brad Garlinghouse, is speaking out about the lack of regulatory clarity in the cryptocurrency industry, particularly in the United States. In an interview with Bloomberg News, Garlinghouse expressed frustration that the U.S. is lagging behind other countries in adopting crypto regulations.

Garlinghouse pointed out that countries like the UK, Japan, Singapore, and the European Union have already established frameworks for crypto regulation, while the U.S. is still grappling with ongoing litigation from the Securities and Exchange Commission (SEC). Ripple itself has been the target of SEC lawsuits, including accusations of conducting an unregistered securities offering tied to its XRP token.

Despite a favorable ruling last year that only Ripple’s institutional sales of XRP violated the law, Garlinghouse emphasized that the company cannot afford to engage in costly court battles for every token. He also highlighted the bipartisan support for crypto, noting that both Republicans and Democrats have shown interest in the industry.

President Joe Biden’s veto of a measure that would have ended the SEC’s special rules for custodians of crypto assets further underscores the regulatory challenges facing the industry. Ripple has taken steps to support the crypto sector, including donating $25 million to the industry super PAC Fairshake.

As the debate over crypto regulation continues, Garlinghouse’s comments shed light on the complexities and uncertainties facing the industry in the U.S. and the need for clear and consistent regulatory frameworks to support its growth.