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Ripple CEO Brad Garlinghouse says the US is desperately missing crypto regulatory leadership amid the SEC clampdown

Ripple CEO Brad Garlinghouse says the US is desperately missing crypto regulatory leadership amid the SEC clampdown

According to the CEO of payments provider Ripple Labs, the United States desperately needs leadership in crypto legislation.

According to Brad Garlinghouse, the United States is lagging behind other countries in terms of creating clear cryptographic guidelines for business.

Garlinghouse cites the governments of Australia, the United Kingdom, the United Arab Emirates, South Korea, and Brazil for providing legislative guidance to the embryonic industry, which the US now lacks.

Ripple has been able to flourish in these nations thanks to regulatory certainty, according to Garlinghouse.

“Taking a step back from what’s going on in the United States, the number of good (or, at the very least, clarity-oriented) global regulatory developments in the last few weeks has been energizing…

“These regulators are offering leadership and undertaking the work that is sorely lacking in the United States—unexpectedly, here is where firms like Ripple are thriving!”

Ripple Labs is now battling the SEC in court. Ripple was first sued by the regulatory authority in December 2020, stating that the company was marketing the digital asset XRP as an unregistered security.

The lawsuit is nearing its end, and the judge could rule in the next few months.

The SEC has recently come under fire for how it has handled enforcement against crypto businesses.

Hester Peirce, a pro-crypto SEC commissioner, lambasted the regulatory body’s new attack on crypto exchange Kraken’s staking programme, claiming that their use of regulation through enforcement is futile.

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