Ripple CEO Garlinghouse Labels US SEC 'Luddites'; Possible US Market Exit?
Ripple CEO Brad Garlinghouse criticized the US SEC, calling them "Luddites" due to their regulatory stance. His comments at Fortune Brainstorm Tech 2024 suggested Ripple might leave the U.S. market. Garlinghouse highlighted Ripple's challenges with U.S. regulations, which led to significant employee turnover when the government sued the company. Despite this, Ripple grew by expanding outside the U.S., with 95% of its customers and payment volume now abroad.
Garlinghouse criticized the U.S. for losing jobs and innovation due to regulatory issues, praising clearer regulations in Japan, the UAE, Singapore, and the EU. He also noted the partisan nature of U.S. crypto policy, contrasting Republicans' pro-crypto stance with some Democrats' opposition. Amid these issues, XRP prices have risen, trading above $0.58.
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