The inability of US authorities to implement clear and precise regulations on the cryptocurrency industry is “frustrating,” commented Ripple CEO Brad Garlinghouse. The executive also blasted the country’s regulator for being the only world watchdog insisting that the XRP token is a security. In an interview with CNBC, Ripple CEO praised countries like Singapore and South Korea for taking a thoughtful approach towards crypto.
Ripple CEO criticized the US for its lack of decisive actions in terms of crypto regulations.
As reported earlier, the latest initiative came yesterday as the House of Representatives passed a bill to create a joint crypto task force with the SEC and CFTC. However, Garlinghouse believes this approach could be a bit too late, especially compared to more advanced nations. He added, “I give credit to markets like Singapore and even parts of Korea where there has been a thoughtful government-led effort to define and have clear regulatory frameworks around cryptocurrencies.” The Ripple CEO also took the opportunity to blast the nation’s financial watchdog for its assertion that the XRP token is a security.
Ripple continues to fight the SEC lawsuit.
Ripple CEO further noted, “Ironically, here in the United States, they have not provided that same clarity. It is the only country on the planet that has said XRP is anything other than a currency. The SEC has said… XRP is a security. And so we’re now engaged in a court discussion. For far, I feel good about how that’s been going, but it’s certainly frustrating.” Earlier, the Securities and Exchange Commission alleged the blockchain company of conducting an unregistered security offering for the XRP token. While both parties continue with their legal battle, other nations refused to go down that road and asserted that Ripple’s native digital token is indeed a currency.