Ripple CEO Brad Garlinghouse Labels SEC as “Luddites,” Hints at Possible U.S. Market Exit

  • In a recent discussion, Ripple CEO Brad Garlinghouse criticized the U.S. Securities and Exchange Commission (SEC).
  • Garlinghouse’s remarks highlighted a potential move of Ripple’s primary operations away from the U.S.
  • He emphasized how U.S. regulatory policies have become a partisan issue, affecting innovation.

Ripple CEO Brad Garlinghouse criticizes the SEC and hints at a possible exit from the U.S. market due to regulatory challenges.

Ripple CEO Brad Garlinghouse Criticizes US SEC Over Anti-Innovation Stance

In a recent conference, Ripple CEO Brad Garlinghouse expressed disapproval of the U.S. Securities and Exchange Commission’s (SEC) regulatory approach. Referring to the SEC as “luddites,” Garlinghouse voiced concerns over what he perceives as their anti-innovation stance. This perspective is causing Ripple to reconsider its American market operations.

Ripple’s Move Away from U.S. Market

According to Garlinghouse, the company’s focus has shifted towards international markets owing to regulatory uncertainties in the U.S. He noted that a significant portion of Ripple’s growth and customer base now originates outside the U.S. During the last couple of years, especially following the SEC lawsuit, Ripple has experienced more than 95% of its transaction volume from non-U.S. clients.

Ripple CEO Discusses Employment and Market Shift

Garlinghouse revealed that about 75% of Ripple’s hires in the past two years have been outside the U.S. He questioned the rationale behind recruiting locally when the primary market is increasingly abroad. This shift highlights the necessity for Ripple to operate closer to its global customer base to better align with its sales and operational strategies.

Regulatory Challenges Lead to Job Migration

Garlinghouse pointed out the irony of high-salaried jobs migrating out of the U.S. due to regulatory hurdles. He mentioned that regions like Japan, the UAE, Singapore, and the European Union provide more regulatory clarity and a welcoming atmosphere for blockchain innovations. In these countries, policies are clearer, allowing businesses like Ripple to thrive and innovate without fears of sudden legal challenges.

Political Dynamics and Crypto Regulation

Delving into the political landscape, Garlinghouse criticized the partisanship affecting U.S. crypto policies. He noted the surprising aspect of technology becoming a partisan issue, with certain members of Congress, such as Senator Elizabeth Warren, adopting adversarial positions towards the crypto sector. Garlinghouse articulated how this divide creates an unstable and unpredictable environment, further deterring innovation and investment.

Future Outlook and Industry Sentiment

Despite these hurdles, Garlinghouse remains hopeful about the future. He believes that ongoing efforts to create clear crypto regulations will eventually gain bipartisan support. He commended certain political leaders who are working towards resolving these issues and urged for a more unified approach.

Conclusion

In summary, Ripple CEO Brad Garlinghouse’s latest remarks underscore significant concerns regarding the U.S. regulatory landscape for cryptocurrencies. The SEC’s stringent policies have not only driven Ripple to expand internationally but also sparked broader discussions about the need for clear and supportive regulations in the U.S. The company’s shift towards foreign markets and the ongoing political debates mark a pivotal moment for the future of the cryptocurrency industry in the U.S.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

SEC Decision on Franklin Templeton’s Bitcoin and Ethereum Crypto Index ETF Delayed: Implications for Bitcoin and Ethereum Markets

SEC Delays Franklin Templeton Bitcoin Ethereum Crypto Index ETF --------------- 💰Coin: Bitcoin...

Coinbase Announces Support for FLOKI Token on Ethereum Network: A Game-Changer in the Crypto Market

Coinbase to Support FLOKI Token on Ethereum Network --------------- 💰Coin: FLOKI (...

MicroStrategy Surpasses $100 Billion Market Cap as Bitcoin Hits New Highs Over $94,000

As reported by COINOTAG on November 21st, **MicroStrategy** has...

FTX Co-Founder Gary Wang Avoids Jail Time in Cryptocurrency Fraud Case

According to a recent report from Bloomberg Terminal on...

Grayscale’s Bitcoin Mini Trust ETF Soars Post-Split: Share Prices Surge Fivefold

On November 20th, COINOTAG reported significant developments in the...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img