Ripple CEO warns of U.S. crypto exodus amid regulatory uncertainty and political division.
Ripple’s global growth highlights a shift away from the U.S. market.
Garlinghouse questions the viability of remaining in the U.S. due to unfavorable conditions.
The U.S. risks falling behind in the global crypto race, according to Ripple CEO Brad Garlinghouse, who points to rising political partisanship and regulatory uncertainty as key obstacles.
In an interview with Fortune, Garlinghouse highlighted the stark contrast between the U.S. approach and the more welcoming stance of other nations like Switzerland, where crypto is embraced across political lines and seen as a driver of innovation.
Highlighting the stark division between Republicans and Democrats on innovation and technology, Garlinghouse stated, “Essentially only in the U.S. is this even an issue.”
Essentially only in the the US is this even an issue…Elsewhere, folks from the public & private sectors start out by talking about how profound these technologies are and how they can improve existing systems. Let's strive for that (as we have seen in many countries) instead… https://t.co/zuDUtl3xPS
— Brad Garlinghouse (@bgarlinghouse) July 16, 2024
The Ripple CEO contrasted this with how citizens of other countries view cryptocurrencies. He noted that individuals from both public and private sectors, regardless of political affiliation, acknowledge the efficiency of the innovative technology, unlike in the U.S. Garlinghouse envisions the U.S. reclaiming its crypto lead with public recognition of the technology’s potential.
In response to Garlinghouse, crypto advocate Bill Morgan shared an X post commenting on the partisan division in the U.S. regarding crypto. He added that the political party that opposes crypto is “making a big electoral mistake.”
Garlinghouse did not shy away from criticizing the U.S. regulatory landscape, citing the SEC lawsuit against Ripple as a “scary time.” However, he emphasized that Ripple has successfully navigated these challenges and expanded significantly in international markets.
Ripple now boasts 95% of its customer base outside the U.S., and roughly 75% of its new hires are from overseas. This strategic shift reflects Ripple’s growing focus on global markets, where regulatory environments are often perceived as more favorable. The company’s trajectory raises questions about whether it might ultimately choose to relocate its operations entirely, as Garlinghouse himself pondered, “Why do you want to hire people here when your market is not here?”
The post The Politicization of Crypto: Ripple CEO’s Warning for the US appeared first on Coin Edition.
