CEO of blockchain payment firm Ripple Brad Garlinghouse heaped praise on the regulatory developments happening outside the United States.
Garlinghouse in his series of tweets stated that the positive changes in the last few weeks, from nations across the globe, are “energizing”.
He then cited examples of nations like Dubai, Australia, the UK, South Korea, and Brazil whose governments, as per him, have undertaken steps to bring better licensing and custody for crypto and bolster consumer protection.
Garlinghouse took a shot at US regulators commenting,
….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!
The tweet was in context to the recent developments surrounding Kraken‘s settlement with the US regulator SEC, ending its staking program and agreeing to pay $30 million in disgorgement, prejudgment interest, and civil penalties.
The developments have sparked concerns among crypto-industry participants that a charge brought by the U.S. Securities and Exchange Commission against crypto exchange Kraken may lead to a blanket ban on digital-asset staking.
Several leading crypto exchanges, like Binance and Coinbase, offer staking services, where they provide custody of users’ cryptocurrencies and stake them.
Additionally, decentralized staking service providers, such as Lido Finance, also allow users to safeguard their own cryptocurrencies while participating in staking.
Ripple Lawsuit Against The SEC Will Seal XRP’s Fate
Market participants are awaiting more regulatory moves because it is unknown if the SEC will merely target centralized staking service providers like Kraken or outlaw staking altogether in the United States.
Others that have confronted the SEC head-on, like Ripple, have consistently challenged the SEC’s stance on cryptocurrencies.
Since 2020, the San Francisco-based payment firm and the organization have been embroiled in a contentious legal battle over the alleged sale of XRP coins.
Ripple refutes the charge and maintains that XRP is used in its business to allow international transactions between banks and other financial institutions and should not be viewed as an investment contract.
Last December, Ripple and the SEC submitted their final round of briefs seeking a summary judgment to the case, respectively accusing each other of breaching the law.
The judge is likely to make a ruling in favor of either side, avoiding a trial, or putting the matter before a jury.