Ripple CEO calls US one of the worst regions for crypto startups

Ripple CEO Brad Garlinghouse says that the United States is one of the worst regions for crypto companies as his company has been struggling with the countryโ€™s SEC.

Garlinghouse discouraged crypto startups and investors from launching in the US at a Token 2049 panel in Singapore.ย 

Moreover, he added that the US should learn from Singapore, the U.K., the UAE and Switzerland to become a crypto-friendly hub.ย 

According to a report on Sept. 6, the investment migration company Henley and Partners ranks Singapore, the UAE, Hong Kong, and Switzerland as the most crypto-friendly regions for their tax policies, adoption rate and technology infrastructure.ย 

In his speech, Garlinghouse pointed out the SECโ€™s lawsuits against Ripple and Grayscale that the regulator seems to be losing.

โ€œI think youโ€™re seeing the momentum shift. I think that it used to be that a lot of judges were like: โ€˜Well, the SEC is always right,โ€™ and they werenโ€™t fighting that [but] I think youโ€™re starting to see the pattern change.โ€

Brad Garlinghouse said at Token 2049 in Singapore

Furthermore, the U.S. SEC called Ripple nothing but a computer code with no โ€œintrinsicโ€ value which faced the companyโ€™s counter. The U.S.-based firm claimed that XRP is a bridge cryptocurrency and could be used for cross-border transactions.

After the court ruled in favor of Ripple and its native cryptocurrency, XRP, the SEC urged an appeal, saying these โ€œknotty legal problemsโ€ must be reviewed.ย 

Ultimately, Garlinghouse concluded that his firm would โ€œbuild the right productโ€ and โ€œfocus on the technology and to support responsible regulation.โ€


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