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Brad Garlinghouse, CEO of leading blockchain company Ripple, said that most crypto companies are willing to abide by the rules. He added that more precise regulation is needed. to help the nascent industry thrive.
“I think the vast majority of people in the crypto industry want to play by the rules. Let’s just be clear about what the rules are. So the first thing I think about is let’s be very clear about what we’re trying to regulate.” Garlinghouse said in an interview with Collision .
The Ripple CEO added that another regulatory issue that needs to be addressed is the lack of coherence in the space where regulators take different approaches for different companies.
“You have some examples where regulators go after companies and then you look at another company doing pretty much the same thing and they don’t say anything. [об этом]», — Garllinghouse added.
US lags behind other G20 countries, says Garlinghouse
According to Garlinghouse, the US lags far behind other G20 nations in regards to regulating cryptocurrencies. He added that several G20 countries have already found ways to mitigate fraudulent crypto activity in their respective jurisdictions as well as ensure orderly markets. However, the same cannot be said for the United States.
According to Garlinghouse, most of the G20 countries have made significant progress in regulating cryptocurrencies without much difficulty, as the US appears to be.
Asked why the US is lagging behind other G20 countries in cryptocurrency regulation, Garlinghouse pointed to the SEC, calling the agency a hammer that treats cryptocurrency-related companies like a nail.
Garlinghouse has raised concerns about why the SEC is spending so much time trying to prove that XRP is secure, while other sectors of the crypto industry require scrutiny.
“It’s a little confusing why the SEC is spending so much time and energy on this when there are actually some things going on in the market that might deserve a closer look,” – he said.
Garlinghouse: Crypto Firms Seek Favorable Regulation
In addition, Garlinghouse said that the leading cryptocurrency stakeholders are working tirelessly to engage regulators to spur the growth of the industry.
According to Garlinghouse, several regulators are concerned about crypto companies’ compliance with anti-money laundering (AML) and terrorist financing rules, as they are fundamental regulations.
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