Brad Garlinghouse, the chief executive officer of blockchain company Ripple, believes more crypto firms and businesses will leave the United States due to confusing regulations in the country.
The CEO told CNBC that the uncertainty in the country would drive cryptocurrency investors and entrepreneurs to more friendly countries like Singapore, the United Arab Emirates (UAE), the United Kingdom, and even Europe.
The efforts of Europe, the UAE, and the U.K. to regulate digital assets are clear and show leadership, according to Garlinghouse, and this enables founders and investors to interact positively with regulators and watchdogs. He claimed that the current state of affairs in America benefits Europe.
“I think it’s fair to say the U.S. has made it as confusing as possible as to what the rules of the road are for the crypto industry. As you described, the U.S. SEC has really been at the forefront of that confusion. Unfortunately, that has encouraged companies like Ripple to invest more outside of the U.S.,”