Brad Garlinghouse, CEO of Ripple, said that the US is the only country that sees XRP as a security rather than a currency.
Ripple CEO Brad Garlinghouse said it was “annoying” that the US authorities were unable to enforce clear and strict regulations regarding the cryptocurrency industry. The manager also said that the country’s regulator is the only one to insist that the XRP token is a security.
USA lags behind other countries in terms of cryptocurrency in terms of reasons
With the growth of the cryptocurrency industry in recent years, regulators of other countries have begun to discuss more actively about what kind of legal framework to establish. However, according to Ripple’s Brad Garlinghouse, some countries were in the forefront with a more open-minded approach, while countries like the United States lagged behind.
In a recent CNBC interview, Garlinghouse described the US initiatives as “annoying.” The world’s largest proposed several potential rules, but the cryptocurrency industry; he criticized them for being constrained.
The latest initiative came yesterday when the House of Representatives approved a bill to create a joint task force with the SEC and CFTC.
Still, Garlinghouse believes this approach may be a bit late, especially compared to more developed countries:
Indeed, some regions such as Singapore, and even parts of Korea, where a government-led effort is taking place to define clear regulatory frameworks around cryptocurrencies, should be granted.
Ripple CEO: Only the US sees XRP as a security!
While Garlinghouse criticized the US for not taking decisive actions in terms of crypto regulations, he also had the opportunity to express his thoughts against the allegations that the XRP token is a security:
Ironically, they did not provide the same causality here in the United States of America. The only country that says XRP is anything but its currency. SEC said… XRP is a security. And now we are faced with a court. I’m comfortable with how this process has gone so far, but it’s definitely frustrating.
Earlier Cryptocoin. com
As we have reported as , the US Securities Exchange and Exchange Commission claimed that payment processor Ripple made an unregistered securities offer with the sale of its XRP token. While both sides continued their legal struggle, other countries did not enter into this debate and claimed that Ripple’s native token was indeed a currency.