Ripple CEO Slams US For Lack Of Crypto Clarity: Is America Falling Behind?
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Countries worldwide are scrambling to implement comprehensive regulatory frameworks to keep up with evolving crypto industry. Unfortunately, the United States is lagging behind its peers in this regard, drawing criticism from industry leaders like Brad Garlinghouse, CEO of Ripple.
Garlinghouse has been vocal about the nation’s lack of progress and unclear guidelines for cryptocurrency activities, and with Ripple currently embroiled in a legal battle with the SEC over regulatory framework, this issue has become all the more pressing.
Keep reading to learn more about the state of cryptocurrency regulations in the US and how it compares to the rest of the world.
Ripple CEO Slams US Authorities
Ripple CEO Brad Garlinghouse has criticized the United States for its slow progress in establishing clear regulatory frameworks for cryptocurrency-related activities.
In a tweet today, Garlinghouse acknowledged the positive developments happening in other parts of the world, such as the United Kingdom, United Arab Emirates (UAE), and the European Union (EU), which have moved forward with new regulatory frameworks for crypto activities.
During his response to the release of Ripple’s Q1 2023 financial report, Brad Garlinghouse said he “like to focus on the positive,†as Ripple’s Q1 2023 report shows that XRP Ledger Saw 114K+ New Wallets, 116M+ Transactions, and 140K+ XRP Burned in Q1 2023. Additionally, the report revealed that Ripple’s ODL remained healthy despite the banking crisis.
Crypto Regulations in EU, UAE, and UK
Last week, the European Union Parliament made a significant move towards regulating the cryptocurrency industry by approving its first comprehensive framework. The new framework, known as MiCA, aims to reduce risks for crypto investors by holding providers responsible for lost crypto assets. The EU Parliament also passed the Transfer of Funds regulation to combat money laundering activities.
Dubai’s 2023 rulebook for regulating cryptos aims to protect investors, attract crypto businesses, and curb illicit activities. Meanwhile, the UK government outlined plans in February to regulate different aspects of crypto activities, including payment transactions, remittances, and new user admissions to trading platforms.
US Regulations ‘Fail’ The Test
While countries such as the UK, EU, and UAE have made significant strides in regulating their crypto industries, the US is lagging behind in establishing clear rules. The SEC’s regulatory tactics have been criticized for being too enforcement-focused, and calls from industry stakeholders for clear guidelines have largely been ignored.
The question remains: will the US catch up with its peers in establishing a comprehensive regulatory framework for crypto, or will it continue to struggle to keep up with the fast-paced industry?
