The chief executive of payments firm Ripple Labs says that the US badly needs leadership in crypto regulation.
According to Brad Garlinghouse, the US is falling behind other nations when it comes to providing clear crypto guidelines for the industry.
Pointing to the governments of Australia, the United Kingdom, the United Arab Emirates, South Korea and Brazil, Garlinghouse notes how the countries are providing the nascent industry with legislative guidance, something which the US currently lacks.
According to Garlinghouse, Ripple has been able to grow in these countries due to regulatory clarity.
“Stepping back for a moment from what’s happening in the US – just in the last few weeks, the number of positive (or at least headed in the direction of CLARITY) global regulatory developments is energizing…
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!”
Ripple Labs is currently in a legal battle with the SEC. The regulatory body first sued Ripple in December 2020, alleging the firm was selling the digital asset XRP as an unregistered security.
The lawsuit is nearing its conclusion and the judge could issue a decision in the coming months.
Recently, the SEC has been met with criticism for its handling of enforcement against crypto firms.
Pro-crypto SEC commissioner Hester Peirce came out and blasted the regulatory body’s latest attack on crypto exchange Kraken’s staking program, saying that its use of regulation through enforcement is counterproductive.
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