Ripple signs more U.S. deals in six weeks than the prior half-year under a pro-crypto administration.
John Deaton underlines that overregulation hampers the development of the American crypto business and calls for rationalization.
Ripple’s legal wins eliminated additional penalties on SEC fines and brought certainty to XRP, promoting the health of the crypto industry.
Ripple- the blockchain payment solutions firm is registering increased business activities in the United States. Ripple’s CEO Brad Garlinghouse said that the company signed more partners within the last six weeks of 2024 than it did in the first six months of the year. This rapid growth occurred right after selecting a president who has pro-crypto sentiments which give hope for better regulation of the crypto market and assets.
John Deaton, the founder of CryptoLaw and Ripple supporter, pointed out that many American cryptocurrency businesses are suffering losses due to regulatory problems. Deaton also mentioned that lots of firms do not deal with the United States or provide services for investors based in this country, stating that the rules are too vague and unsuitable. This hesitance has slowed any growth and any attempts at creating innovations in the cryptocurrency market, pushing the U.S. behind other countries in this market category.
Legal Battles Experiences Define Ripple’s Industry Landscape
Many countries are learning through Ripple’s years-long legal struggle with the Securities and Exchange Commission (SEC). For more than four years, Ripple was accused of selling security by offering XRP, and the company was twice saved in the courts. Secondary markets had been deemed non-security in late July 2023. In IASP-2024, Ripple managed to decrease the fine of $2 billion to $125 million. Such outcomes were seen as a booster shot of clarity for Ripple and the wider crypto space.
Deaton argued that excessive bureaucracy remains a major obstacle for U.S. crypto businesses. He likened the issue to the housing shortage crisis, where obtaining necessary permits often takes years. By eliminating red tape, the U.S. could unlock significant potential for industries beyond cryptocurrency, fostering innovation and economic growth.
Ripple Advocates Hope for Policy Reforms
With the SEC’s current chairman, Gary Gensler, stepping down in January, Deaton expressed optimism for meaningful changes under the new administration. He anticipates a “Ripple effect” of reforms that could positively influence the cryptocurrency sector and other industries reliant on innovation. These changes, if implemented, could reposition the U.S. as a leader in the global digital economy.
