The crypto industry has ‘already started’ moving outside US, says Ripple CEO

Summary

Ripple's CEO Brad Garlinghouse has suggested that the SEC's approach to regulation through enforcement is not a healthy way to regulate an industry, and may lead to the U.S. being a less attractive location for crypto firms. He believes the U.S. should create a framework for crypto, beginning with outlining clear protections for consumers. Other countries like Australia, the United Kingdom, Japan, Singapore, and Switzerland are taking a more thoughtful approach to crypto regulation. John Deaton, founder of Crypto Law Lawyer, recently put a call to action to his followers to collaborate and develop coordinated strategies against the SEC. Kristin Smith, CEO of the Blockchain Association, said that the crypto regulation process in the U.S. is happening “behind closed doors” and needs more industry involvement in an open process.

Q&As

AI Comments

👍 It's great to hear that the U.S. is being encouraged to create a framework for crypto regulation in order to protect consumers and become an attractive hub for crypto innovation.

👎 It's concerning that the SEC is taking an aggressive approach towards crypto regulation, which could lead to the U.S. missing out on the next evolution of blockchain and crypto innovation.

AI Discussion

Me: It's about the SEC's lawsuit against Ripple and the CEO of Ripple's, Brad Garlinghouse's, thoughts on the matter. He suggests that the SEC's approach to regulation is not a healthy way and may make the US a less attractive destination for crypto firms, as they have already started to move outside of the US. He also comments on other countries like Australia, the UK, Japan, Singapore and Switzerland that have taken a more thoughtful approach to creating clear rules and regulations around cryptocurrency.

Friend: That's really interesting. It definitely shows that the SEC's approach is not working when other countries are taking a more careful approach to regulation. Do you think the US will follow suit?

Me: It's hard to say for sure, but I think the US will take some steps to create a framework for crypto regulation in order to remain a competitive hub for innovation. I think the SEC's lawsuit will prompt more discussion and debate about the US's approach to crypto regulation, so hopefully the government will take that into account when deciding how to regulate the industry.

Action items

• Research the regulatory frameworks of countries like Australia, the United Kingdom, Japan, Singapore and Switzerland to understand how they are approaching crypto regulation.
• Reach out to the Blockchain Association to learn more about their involvement in the U.S. crypto regulation process.
• Follow John E Deaton on Twitter to stay up to date on the SEC’s case against Ripple and other companies in “active litigation” with the SEC.

Technical terms

Crypto Industry

A term used to describe the global industry of digital currencies, blockchain technology, and related services.

SEC

The United States Securities and Exchange Commission, a government agency responsible for regulating the securities industry.

NFT

Non-Fungible Token, a type of digital asset that is unique and cannot be replicated.

BUSD

Binance USD, a stablecoin issued by Binance, a major cryptocurrency exchange.

FTX

A cryptocurrency derivatives exchange.

Crypto Regulation

The process of creating and enforcing laws and regulations related to cryptocurrencies.

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