In a recent speech at the DC Fintech Week conference, Ripple CEO Brad Garlinghouse tackled the company’s regulatory obstacles and shared insights on the cryptocurrency landscape in the United States.
Garlinghouse Raises Concerns About US Market Share Loss
Acknowledging XRP’s recent courtroom success against the SEC, Garlinghouse, as reported by Fortune Magazine, expressed concerns about certain US banks exercising caution in their involvement with cryptocurrencies.
The CEO attributed this hesitancy to the perception that both the US government and the Office of the Comptroller of the Currency (OCC) maintain a “hostile” stance towards the crypto industry.
While the July victory in court was a positive turn for Ripple, Garlinghouse believes that the overall approach of the SEC, coupled with Chairman Gary Gensler’s characterization of crypto as the “Wild West,” is impeding the industry’s growth in the US.
Garlinghouse highlighted the contrasting approach of other countries that actively embrace crypto companies and investments through clear regulatory policies. He warned that the US faces the risk of losing its market share and failing to capitalize on its early advantage in the crypto space. Garlinghouse asserted that the US still has the potential to lead the industry but stressed the urgency for the establishment of clear and constructive regulatory frameworks.
Ripple CEO Pledges to Escalate Legal Battle to Supreme Court
In response to the challenges faced in the US, Garlinghouse announced Ripple’s intention to expand operations in other countries. He disclosed that 80% of Ripple’s hiring in the current year will take place outside the US, reflecting the company’s need for more favorable regulatory environments.
Garlinghouse emphasized the importance of fostering an environment conducive to innovation and growth, asserting that the current hostility in the US hampers Ripple’s effective operations within the country.
During the conference, Garlinghouse declared his willingness to escalate Ripple’s legal battle with the SEC to the Supreme Court. He stated that Ripple is prepared to pursue legal avenues until a resolution is achieved, underscoring the company’s commitment to addressing regulatory uncertainties surrounding XRP.
Brad Garlinghouse’s remarks at the DC Fintech Week conference shed light on the ongoing regulatory challenges faced by Ripple and the broader cryptocurrency industry in the United States.