Ripple CEO, Brad Garlinghouse, has chimed in on recent actions towards the crypto industry by the US Securities and Exchange Commission.
According to Mr Garlinghouse, the United States is missing regulatory leadership with issues about crypto regulation. He shared his insights in a Twitter thread that pointed out that other global regulators were issuing guidance rather than carrying out strict enforcement action as is the case in the United States.
Stepping back for a moment from what’s happening in the US – just in the last few weeks, the number of positive (or at least headed in the direction of CLARITY) global regulatory developments is energizing!
— Brad Garlinghouse (@bgarlinghouse) February 9, 2023
Dubai, Australia, the UK and South Korea are Providing Regulatory Clarity
Mr Garlinghouse gave the example of the United Arab Emirates, which had recently published guidelines for the crypto industry that ‘set of tech-agnostic rulebooks for crypto market participants, covering compliance standards, advertising, issuance, and much more.’
In addition, Australia’s Treasury was working towards reforming its ‘licensing and custody for crypto and bolster consumer protection.’ He pointed out that the UK was consulting the public on how to go about creating a proper framework for the industry.
Mr Garlinghouse also commented on the progress made by the South Korean Financial Services Commission in publishing clear guidelines on the definitions of security tokens and tokens used for payments.
He concluded his Twitter thread by stating that Ripple was actually growing outside the United States due to the favourable steps taken by other global regulators.
He said:
© Solana Daily Brief, Inc. All Rights Reserved. This article is for informational purposes only. It is not to be used as legal, tax, investment, financial, or other advice.The list goes on (Brazil’s new legislative framework etc) Note the commonalities – these regulators are providing leadership and doing the work that we are desperately missing in the US – unsurprisingly, this is where companies like Ripple are growing!