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The Reality of America's Crypto Adoption Stance as Ripple CEO Fumes

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By Augustine Mbam - - 5 Mins Read
The CEO of Ripple Brad Garlinghouse speaking

The Chief Executive Officer of Ripple has taken his stance on the regulatory issue lingering in the United States for a long time now. It has been a hell of a run for many crypto firms in the United States as the US crypto asset regulation commission has constantly battled with them. Ripple is one of the major crypto firms with a long-term legal battle with the Securities and Exchange Commission, which claims that the crypto firm does not have the legal backing to operate in the US. 

While Ripple's CEO says the US is behind because of the largely unnecessary regulatory laws, many others argue that those regulatory laws are needed for used protection. While each party has a valid point in their argument, it seems the point made by the CEO of Ripple is more important than the other argument. 

It is now apparent that the US crypto adoption has been considerably stalled because of regularity uncertainty in the country. Because of this, the CEO of Ripple thinks that the US is falling behind other nations in crypto adoption. Many crypto firms plan to move their headquarters to other locations where their rules are more relaxed than in the US. 

Comparison Between the US and Other Countries 

Bitcoins on a pile of dollar bills
Credit: David McBee via Pexels

When the US and other countries that previously had crypto restrictions seem they are doing much better than the US now. In a recent interview with Bloomberg, the CEO of Ripple Brad Garlinghouse thinks that other countries such as Japan, Switzerland, the UK, Singapore, and others have more relaxed rules than the US. As argued by the CEO of Ripple, these countries other than the US have rules that allow crypto companies to grow and thrive. 

A significant fault that reduces the rate of US crypto adoption is the lack of definitive laws. Many people think that the SEC doesn't have well-defined rules that will help regulate the crypto ecosystem. They impulsively pursue crypto firms and make them pay huge amounts of money in settlements. The CEO of Ripple Garlinghouse said the US government and its representative agency SEC need to relax some of the rules they have made. 

It seems like Garlinghouse might have a point in his statement. One of the factors that helped the US to become one of the major technological hubs in the 1990s was the encouraging and flexible regulatory laws it made at that time. Assuming SEC makes a flexible regulatory law for crypto firms, it would make other firms outside of the US move their headquarters to the country. 

In most cases, how the Securities and Exchange Commission of the United States behaves is very poor and almost disgusting. Think of SEC as a hammer that hits every other thing it doesn’t ascribe to like a nail. Once they see a crypto firm, they just start harassing it without any due process. Many crypto firms have grown to resent the US and have started opening up their headquarters in Asian countries such as Singapore and Japan. A good example of SEC harassment was when they cracked down on Kraken and made the crypto firm pay about $30 million for something unexplainable. 

CEO Ripple has admonished the Securities and Exchange Commission and told them they should create a well-defined and relaxed framework in which crypto firms should operate. This will help improve the growth rate of US crypto adoption.