In a recent keynote speech delivered at the D.C. Fintech Week conference, Brad Garlinghouse, the CEO of Ripple, shed light on the significant regulatory hurdles his company is currently navigating within the United States. Despite a recent legal triumph over the U.S. Securities and Exchange Commission (SEC), Garlinghouse voiced his concerns regarding the hesitancy displayed by certain U.S. banks in fully embracing the world of cryptocurrencies.
This hesitancy, he explained, is driven by the perception that both the U.S. government and the Office of the Comptroller of the Currency (OCC) hold a somewhat adversarial stance toward the crypto industry. Furthermore, Garlinghouse highlighted the SEC’s overarching regulatory approach, which has been compounded by Chairman Gary Gensler’s characterization of the crypto sector as the “Wild West,” potentially impeding the industry’s growth within the United States.
Ripple’s Global Expansion and Advocacy for Regulatory Clarity
In response to the challenges faced within the U.S. regulatory environment, Ripple has unveiled its plans to expand its operations internationally. Garlinghouse revealed that a substantial 80% of the company’s hiring in the current year will be carried out beyond U.S. borders. This strategic decision underscores Ripple’s need to operate in more favourable regulatory jurisdictions worldwide.
Furthermore, Garlinghouse reaffirmed the imperative of establishing clear and forward-looking regulatory frameworks within the U.S. for the burgeoning cryptocurrency sector. At the D.C. Fintech Week conference, he pledged Ripple’s commitment to escalating its legal battle with the SEC to the Supreme Court. This unwavering stance signifies Ripple’s dedication to resolving regulatory uncertainties surrounding its digital asset, XRP.
While Ripple continues its global expansion, the overarching aspiration remains that the United States will adopt a more welcoming and supportive regulatory framework conducive to innovation, thereby retaining its competitive edge in the ever-evolving cryptocurrency landscape. In the current market update, XRP trades at $0.6902, indicating sideways price movement over the last 24 hours. However, the digital token has experienced a noteworthy 13% gain over the past fourteen days.