18:44Ripple CEO Says The U.S. SEC is Holding Back XRP’s Potential
Ripple CEO Brad Garlinghouse reiterated his concerns over the lack of regulatory clarity from the U.S. Securities and Exchange Commission (SEC).
Previously, both Garlinghouse, and Ripple CTO Chris Larsen, had expressed a desire to leave the U.S. due to what they perceive as stifling conditions.
More recently, in a CNN interview, Garlinghouse said little has changed. And in the absence of clear SEC guidance, U.S. investors are cautious over investing in XRP.
Using the example of the growth of the internet, Garlinghouse said, during the burgeoning period of internet development, a clear regulatory framework paved the way for U.S. internet firms to grow and dominate.
But now, in the case of cryptocurrency, it’s overseas regulators that are encouraging growth through clarity of regulation.
Garlinghouse fears that without regulatory certainty, the U.S. cryptocurrency industry will continue to lose ground.
Ripple Aggrieved That Bitcoin and Ethereum Get a Pass
In June 2018, SEC Director William Hinman gave a speech at the Yahoo Finance All Markets Summit in which he declared Bitcoin and Ethereum were not securities.
In determining this, Hinman referenced several key points to do with the Howey test. His verdict came down to a judgment that both Bitcoin and Ethereum are decentralized.
As things stand, the SEC has failed to deliver a verdict on whether XRP is a security or not.
On that, Garlinghouse said, when you have that uncertainty, investors and developers are afraid to come on board. This is not the case in certain overseas markets, where regulatory clarity boosts crypto development in the locale.
To illustrate this point, Garlinghouse dropped a bombshell by saying 95% of Ripple customers are non-U.S. He then went on to say the firm has many potential U.S. customers just waiting on the sidelines for the SEC to make a call.
With that in mind, it’s understandable why Ripple is eyeing a move abroad.
Source: XRPUSDT on TradingView.com
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