Ripple CEO slams global crypto adoption after SEC crackdown

Brad Garlinghouse, the CEO of the blockchain payments company that is fighting the US SEC in court over XRP’s status, believes there is a lot of positive news for cryptocurrency adoption worldwide.

He made these comments following the Securities and Exchange Commission’s recent crackdown on Kraken and its cryptocurrency betting services.

Step back and review

Being the largest economy in the world, actions taken by the US, its government and local regulatory bodies tend to cause significant damage to the cryptocurrency industry. After speculation that the SEC might move into crypto betting, the watchdog followed and suspended Kraken’s services.

Additionally, there have been many reports over the past year, including executive orders from President Biden, that hint at tough regulations to come. However, Garlinghouse believes people should look at other jurisdictions, which are much more industry-friendly.

Among them is Dubai, which has introduced several rulebooks that allow crypto companies to set up offices while being controlled by the local watchdog. The Australian government is also reportedly looking to update its existing regulatory framework to include the licensing and custody of crypto assets.

Other Garlinghouse examples included recent guidance from South Korea’s Financial Services Commission, the UK’s new HMT consultation on “the government’s intention to create a proportionate, clear framework” and Brazil’s new statutory handbook.

Ripple’s CEO, however, did not miss the opportunity to criticize the US for its controversial approach.

Take’s CEO of Coinbase

Just a day before the SEC crackdown became official, Brian Armstrong, Coinbase’s CEO, commented on the rumors at the time, arguing that “it would be a terrible road for the US if this was allowed to happen.”

According to him, the staking provides multiple benefits for users and the entire industry, including scalability, increased security and reduced carbon footprint.

Interestingly, Coinbase also suffered even though the SEC went after Kraken. Shares in the listed company fell more than 14% in a day, as much of its revenue comes from betting.

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