JAKARTA - According to Ripple CEO Brad Garlinghouse, the United States is lagging behind in terms of cryptocurrency regulation compared to countries such as Australia, Japan, Singapore, Britain, and Switzerland. Garlinghouse says that the clear and comprehensive rules of these countries have encouraged investors and entrepreneurs to operate in their country.
In an interview with Bloomberg, Garlinghouse advised the SEC and the American government to set clear rules and focus on consumer protection.
"There are many countries that have taken their time and attention to make clear rules," said Brad Garlinghouse.
He also praised the United States for setting appropriate regulations in the late 1990s that would allow the Internet to develop into a technology center like it is today.
However, Garlinghouse also criticized the SEC's stance which it considered too harsh and treated all crypto assets as securities. He considers that some crypto assets can be used as currency and are not always securities. Recently, SEC Chair Gary Gensler confirmed that "Everything other than bitcoin" is a security and must be monitored by the agency.
Garlinghouse also expressed concern about the ongoing SEC-Ripple case. According to him, the outcome of the case will be very important for the entire cryptocurrency industry, because the regulator's way of setting rules through law enforcement is not the right way. He argues that regulation should allow technology to develop while ensuring maximum security for investors.
In the current situation, the SEC-Ripple case is an important spotlight for the public and the cryptocurrency industry. This shows how important clear and comprehensive rules are in maintaining security and increasing the growth of the cryptocurrency industry.
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