Ripple, the company behind the XRP cryptocurrency, has been battling the SEC for years over whether XRP is a security. Ripple’s CEO, Brad Garlinghouse, recently admitted that the company made a mistake by not working with regulators early on.
Ripple’s Legal Troubles: A Missed Opportunity
Garlinghouse believes that the company’s legal troubles could have been avoided if they had engaged with regulators more proactively. He said that Ripple is now “trying to make up for lost time” but that the lack of clear regulations has slowed down the growth of the crypto industry.
The Need for Clear Regulations
Garlinghouse pointed out that the US is lagging behind other countries in terms of crypto regulations. He praised the regulatory efforts of countries like the UK, Japan, and the UAE, which have made significant progress in creating a more welcoming environment for crypto. He even suggested that the SEC Chair, Gary Gensler, is partly responsible for the lack of progress in the US.
What’s Next for Crypto in the US?
Garlinghouse believes that clear regulations in the US would be a game-changer for the crypto industry. He also thinks that an XRP ETF (exchange-traded fund) is inevitable, which would allow investors to trade XRP on major stock exchanges.
