• Ripple CEO Brad Garlinghouse believes the US is falling behind other countries in its crypto adoption due to regulatory uncertainty.
• He compared the technology’s potential to the Internet, highlighting America’s decision to embrace it in the 1990s.
• Garlinghouse advises the American government, specifically the SEC, to set proper regulations and cease talent exodus offshore.
Ripple CEO Says America Falls Behind Other Countries in Crypto Adoption
Ripple’s Chief Executive Officer Brad Garlinghouse believes that due to regulatory uncertainty, America is falling behind other countries in terms of cryptocurrency adoption. According to Garlinghouse, countries like Japan, Singapore and Australia have done a great job by establishing clear crypto rules which has encouraged investors and entrepreneurs to operate on their soil.
Comparing Crypto with Early Days of Internet
Garlinghouse compared cryptocurrency’s potential with that of the internet during its early days when its merits were relatively unknown however, U.S made a wise decision by embracing it in late 90s. This led to many tech companies like Amazon and Google being based and headquartered in United States thus giving them huge geopolitical benefits.
Advice for American Government
Garlinghouse advised American government specifically SEC (Securities Exchange Commission) to follow suit by setting comprehensive rules for cryptocurrencies sector so as not only encourage investors but also stop talent exodus offshore. He noted that if same action was taken back then when internet was introduced then similar results can be achieved now with cryptocurrencies too.
Encouraging Other Nations for Crypto Adoption
Garlinghouse mentioned that other nations are actively encouraging crypto adoption through proper regulations whereas United States is still lagging behind due to lack thereof. He praised these countries for taking time and thoughtfulness while creating clear rules allowing people from all around world access this technology without any hindrance or fear of repercussions from law enforcement agencies.
Conclusion
In conclusion, Ripple CEO thinks if U.S will take appropriate measures by putting right regulations into place then same kind of success can be achieved as was seen with introduction of internet back in 90s which lead U.S become tech hub it is today having companies like Amazon and Google being headquartered there giving it huge geopolitical benefits