Ripple CEO Says Crypto Industry Players Will Leave US Due to Confusing Regulations

Liputan6.com, Jakarta The CEO of blockchain services company Ripple, Brad Garlinghouse in an interview revealed the confusing regulations in the US will encourage more crypto companies to leave the US.

Garlinghouse mentions several countries that are starting to be clearer in providing regulations for the crypto industry.

“Europe has really provided leadership and countries like the UAE are showing growth even the UK and Singapore they are providing clarity on how they are going to regulate these digital assets,” said Garlinghouse.

His comments come after the crypto company announced on Wednesday, May 17, 2023 that it had bought Metaco, a Swiss crypto storage services company, at a time when US regulators are cracking down on companies like Ripple and crypto exchange Coinbase.

The Metaco acquisition is expected to broaden Ripple’s product suite and enable it to access attractive clients including Citi and BNP Paribas.

Crypto Companies Threaten to Leave the US

Crypto firms have threatened to leave the US in an effort to send a signal to regulators the country may be missing out on major technological innovations.

Ripple is fighting a lawsuit from the US Securities and Exchange Commission (SEC). The SEC accused Ripple, Garlinghouse, and company co-founder Chris Larsen, of violating securities laws by selling XRP without first registering it with the SEC. XRP is the native cryptocurrency on the Ripple network.

In April, Coinbase took legal action against the SEC after months of silence from regulators regarding the crypto exchange’s July 2022 petition about whether its existing securities rulemaking process could be extended to the crypto industry.

The US also accused Binance, the world’s largest crypto exchange, of violating compliance rules to solicit American customers.

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