Following the latest exciting events emerging from the prolonged legal brawl between the United States Securities and Exchange Commission (SEC) and Ripple Labs, Brad Garlinghouse recently warned the public concerning the status of crypto-related businesses in the region. According to the CEO, the United is one of the worst places to establish crypto operations on earth
In addition, he stated that from his perspective, it is not ideal to attempt setting up any crypto-related business in the US at the moment. He revealed his opinion at a panel during the recently concluded Token 2049 event held in Singapore.
Garlinghouse urged the United States regulators to emulate the smart crypto policies that countries like the United Kingdom, Singapore, Switzerland, and the United Arab Emirates implemented to facilitate cryptocurrency while protecting their citizens.
Garlinghouse Blames The SEC For US’s Hostility Against Crypto
During his speech at the panel, the Ripple CEO highlighted that the US SEC holds the blame for turning the US into a red zone for cryptocurrency, arguing that the commission has allowed political agenda to influence its fight against the crypto industry. He condemned the commission’s lawsuit approach, stating it is not working.
Furthermore, Brad Garlinghouse pointed out that the recent victorious ruling for the two giant crypto firms, Ripple and GrayScale, against the SEC suggests that the court is shifting its stance to favor the crypto industry.
He opined that initially, most judges always rule in favor of the SEC, claiming the commission is always right as no firm is usually fighting back. However, the fierce fightback that some big crypto firms are staging against the commission these days shows the court that the SEC might be wrong after all, thereby changing the longstanding pattern of ruling.
Even though the favorable rulings for GrayScale and Ripple are not legally binding, the CEO believed the results give more regulatory clarity to US-based cryptocurrency exchanges and custody service providers in the meantime.
According to the report, Hong Fang, the president of the OKX crypto exchange, was also present at the event with Garlinghouse. In his opinion, Fang stated that the political perspective that the SEC used in enforcing regulations on the crypto industry is disconcerting, however, he urged crypto companies to target what they can control.
OKX President Says Crypto Industry Is Not Ready For Spot ETF
In addition, the OKX president said that the crypto entities can only control what is within their power, which includes focusing on innovation and facilitating a responsible crypto regulatory framework. Also, Garlinghouse added that even though the US remains one of the biggest markets, he plans to focus Ripple Lab’s operation on offshore jurisdiction with friendlier and clearer policy for the crypto industry.
According to the report, Hong Fang expressed his opinion on the current saga surrounding the SEC’s pending approval of the firm’s applications for exchange-traded funds (ETFs). The president asserted that the custody solution set in place for potential spot Bitcoin ETFs might be overwhelming for investors because most of the new facilities built on blockchain have not been verified by the public.
He added that the new development is quite cumbersome, and he wonders if the cryptocurrency industry is really ready to explore the spot Bitcoin ETF sector. Although President Fang admitted and recognized that there would be a massive influx of institutions into the industry if spot Bitcoin ETFs are finally endorsed by the SEC.
However, he is skeptical if investors can accommodate Bitcoin’s high volatility. He also questioned the possibility of developing more apps on the Bitcoin network at the moment.
In conclusion, Fang pointed out that with the new development, it is like the industry is trying to develop a new thing on top of a new monetary system that has not been tested and verified by the public yet. And in his opinion, he thinks the industry does not have the industrial infrastructure to accommodate the new expedition yet.
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