Ripple CEO Warns “Confusing Laws” Will Push Crypto Firms To Leave US
Ripple News: As Ripple and Coinbase are leading the legal battle to gain regulatory clarity around virtual digital assets, U.S. Securities and Exchange Commission (SEC) claims that it is a long process. Amid the increasing uncertainty. Ripple CEO speculates that the confusing regulations might be pushing more crypto firms out of the nation ahead.
Also Read: As Ripple Rejoices Court Win US SEC Holds Option To Appeal
SEC Forcing Crypto Firms To Leave U.S.?
Brad Garlinghouse, CEO of Ripple Labs in a recent interaction with CNBC warned of more crypto firms to be leaving the U.S. due to unclear laws. He stated that his firm is actively looking to hire and invest outside the country.
He mentioned that Europe has provided leadership in the area of crypto regulations. While countries like UAE, U.K. and Singapore have been able to provide clarity on how they’ll regulate digital assets. Coingape reported that the Council of the European Union gave the final approval for the Markets in Crypto-Assets (MiCA) legislation.
Garlinghouse highlighted that such approvals allow entrepreneurs and investors to start a constructive talk with regulators. However, this is the specific reason why investment is moving into other jurisdictions and Europe has been a major beneficiary of uncertainty growing in the U.S. Read More Crypto News Here…
Also Read: Ripple Joins Hong Kong’s Initial e-HKD Pilot Programme
It is important to note that Garlinghouse’s this comment comes in when he is facing legal complications from the top financial watchdog. However, Ripple and other defendants in the XRP lawsuit were able to secure another win, dragging the crypto industry towards much needed regulatory clarity.
In the recent development, U.S. District Court Judge, Analisa Torres rejected the SEC’s motion to seal the infamous Hinman Documents. Ripple CEO called it another win for transparency as unredacted Hinman emails will be made out public soon.
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