JAKARTA The chief executive of payment company Ripple Labs, Brad Garlinghouse, said that the United States desperately needed leadership in digital currency regulation.
Garlinghouse noted that countries such as Australia, Britain, the United Arab Emirates, South Korea and Brazil already provide legislative guidance for the crypto industry, something that the US lacks. He explained that due to regulatory clarity in those countries, Ripple can grow and develop well.
Meanwhile, Ripple Labs is in legal trouble with the SEC (Securities and Exchange Commission). The supervisory agency sued Ripple in December 2020, accusing the company of selling XRP digital assets as unregistered securities. The lawsuit is still in process and the judge can issue a decision in the next few months.
"For a moment from what happened in the US - in just the last few weeks, the number of positive global regulatory developments (or at least towards CLEAR) energizes... These regulators provide leadership and do the work we miss so much in the US - it's no surprise, this is where companies like Ripple grow!" Garlinghouse said.
Recently, the SEC also experienced criticism related to law enforcement applied to crypto companies. Pro-crypto SEC commissioner Hester Peirce has criticized the latest attack by the regulatory agency on Kraken's crypto exchange staking program, saying that the use of regulation through law enforcement is highly counterproductive.
Thus, Garlinghouse insists that the US desperately needs leadership in crypto regulation to pursue other countries and provide a clear and stable environment for the crypto industry to thrive.
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