Ripple CEO Brad Garlinghouse is revealing what he thinks needs to happen to attract more entrepreneurs and investors to the crypto industry.
In a new CNBC interview, Garlinghouse says that regulatory clarity and certainty are necessary to attract more participants into the crypto space.
[adinserter block="1"]“The industry lacks clarity and lacks certainty. The overwhelming majority of people working in the crypto industry I think are good actors that want to do right by regulators.
But when the rules of the road aren’t clear, it’s very difficult to manage within that.
And so for entrepreneurs and investors to participate in these markets, to invest in companies in this space, you want that clarity and certainty.”
According to Garlinghouse, the US is lagging behind other major developed and emerging economies under the G-20 umbrella with regard to crypto regulations.
“Other countries that demonstrate how out of step the United States is really the G-20. I mean we talk about Switzerland here, we talk about Singapore, we talk about the UK, Japan.
Even the U.A.E [United Arab Emirates] is way ahead in providing that clarity and certainty that I think allows investors and entrepreneurs to build on these technologies.”
Looking at non-fungible tokens (NFTs) which have caused gas fees on the Ethereum (ETH) blockchain to surge, the Ripple CEO says that “better technologies” are required.
“As you go from first-generation technology to second-generation, you get more specific use cases for specific types of solutions.
I think we’ve even seen what’s going on in the NFT market. The gas fees associated with NFTs are in some cases astronomical. Are the underlying layer-one technologies able to support NFTs in the kind of first-generation [technology]? I think we’re finding, probably not.
We need to find better technologies that can support NFTs because I don’t think NFTs are going away by any stretch.”
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