‘The US is the Worst Country for a Crypto Launch’: Says Ripple CEO

Last Updated:
‘The US is the Worst Country for a Crypto Launch’: Says Ripple CEO
  • Brad Garlinghouse asserts that Ripple will schedule a majority of 2023’s hiring in countries other than the US.
  • Ripple CEO points out the unfavorable regulatory conditions in the United States.
  • Reflecting the SEC’s inconvenient policies, Garlinghouse acknowledged the crypto-friendly authorities in Singapore, Europe, and Hong Kong.

In a recent interview, Ripple CEO Brad Garlinghouse asserted that the company would focus on countries other than the United States to schedule more than 80% of its hiring in 2023. The CEO’s disregard for the nation has been attributed to the soaring regulatory pressures of the Securities and Exchange Commission (SEC).

Pointing out the unfavorable conditions of the US regulatory system, Armstrong commented that the United States is the worst nation for a crypto launch. He proclaimed, “The only country I would not encourage you to start a company right now is in the US”.

Shedding light on the more favorable policies and approaches held by the other crypto markets like Singapore, Europe, and Hong Kong, Amstrong urged the nation to adopt similar innovative and crypto-friendly rules, guaranteeing the perpetuation of the Americans’ interest in crypto.  The CEO stated:

It’s super frustrating that you see markets like we have … where governments are partnering with the industry, providing clear rules, and you’re seeing growth. That’s why Ripple is hiring there.

The long saga of the legal war between Ripple Labs and the SEC has its origin in December 2022, when the agency sued the platform and its two executives for allegedly raising “over $1.3 billion through an unregistered, ongoing digital asset securities offering.” Though in a recent court ruling, Judge Analisa Torres acknowledged the status of Ripple’s XRP as a non-security, the SEC firmly holds their stance against Ripple.

While narrating the prolonged political war, Ripple’s CEO revealed that the company has already invested more than $100 million in legal procedures. However, he commented on his optimistic view of the ultimate result, adding, “You have a government that has unlimited resources to keep fighting a fight they’ve already lost”.