The opposition against America’s crypto crackdown is mounting as more industry executives join the call to embrace digital assets.
Ripple CEO Brad Garlinghouse is the latest to speak out against the U.S. government’s war on crypto. In a recent interview with Bloomberg, Garlinghouse stated that crypto moving offshore is not good for American innovation and that it is time for the U.S. to create clear rules of the road for the industry.
Garlinghouse believes that the SEC’s case with Ripple was not just about XRP. It is about the industry as a whole and how the SEC is attacking the entire industry.
He acknowledged that the U.S. is already behind countries such as Australia, the U.K., Japan, Singapore, and Switzerland in terms of creating clear rules of the road. Garlinghouse stated that the recent SEC enforcement actions are not a healthy way to regulate an industry.
Garlinghouse compared the crypto situation to the early days of the internet, which U.S. regulators also considered banning.
Creating a regulatory framework enabled the country to become the global leader for tech giants. He believes that the U.S. is at a severe risk of not having that happen at this next evolution of technology around blockchain and crypto.
The Ripple executive’s comments follow those of other industry executives who are calling for the U.S. to embrace digital assets. The growing opposition against America’s crypto crackdown highlights the need for clear rules of the road for the industry.
SEC Chair Gary Gensler attempted to explain the rationale behind the crypto crackdown in a recent interview with Bloomberg.
He reiterated investor protection and stated that there is nothing incompatible with crypto and the securities laws. The laws were brought about to protect the investing public against fraud, schemes, and manipulation.
