Confused Rules Kick Out Crypto Firms From U.S, Says Ripple CEO

• Brad Garlinghouse, the CEO of Ripple says crypto firms move from the U.S.
• The lawsuit between Ripple and SEC hasn’t been settled so far.

Next to the response of leaving the United States from the top cryptocurrency exchanges such as Binance and Coinbase, Ripple’s CEO Brad Garlinghouse says that many other crypto firms could also move. This has been reported in a CNBC interview on May 18, 2023.

If the U.S. prolongs the change over the regulatory laws and rules, crypto companies might shift to other nations like Europe. Ripple has recently started to look for hiring in other countries like Dubai, says Garlinghouse. 

Europe’s Clarified Rules

However, the CEO of Ripple highlighted about United Kingdom (UK) and Singapore on their clear rules and regulations of digital assets in the industry. Meanwhile, Garlinghourse enriched by saying that these rules help investors to rely on the crypto market. 

Furthermore, he added that the entrepreneurs and investors in Europe are getting benefited by all means. Whereas, the US jurisdiction confuses the crypto community by changing the rules more often.

Confusion With SEC

All such controversial statements followed after Ripple’s Metaco acquisition yesterday. Alongside, he added:

“I think it’s fair to say the U.S. has made it as confusing as possible as to what the rules of the road are for the crypto industry. The SEC has really been at the forefront of that confusion.”

Moreover, the lawsuit between Ripple and SEC is still in process. And, SEC stands opposite to several other crypto firms on the line. As far as the SEC’s conditions and unclarified rulemaking are in progress, the crypto firms could leave the country anytime by settling in other nations. 

Recommended For You:
Ripple (XRP) Price Prediction 2023