U.S. Lags Behind in Crypto, Election Unlikely to Drive Quick Changes

The United States is falling behind in the crypto space, and despite growing expectations, the upcoming election is unlikely to bring immediate regulatory change, according to Fiona Murray, Managing Director of Ripple APAC.

Speaking at Token2049 in Singapore, Murray highlighted that most of Ripple’s innovation is occurring outside the U.S., particularly in Singapore, where a more open regulatory environment has attracted crypto founders. She noted that a “lack of open-mindedness” in the U.S. has driven much of the crypto development to Asia and other regions.

Murray pointed out that the APAC region, and Singapore in particular, has established a “stable environment” for cryptocurrency growth, with strong infrastructure and support from both regulators and banking partners. She cited DBS Bank, Southeast Asia’s largest lender, as an example of how financial institutions in Singapore are working closely with responsible Web3 companies, bolstering the ecosystem beyond regulation alone.

“The U.S. is far behind, but it could catch up,” Murray stated, adding that a shift in banking and regulatory cooperation is essential for progress.

While Donald Trump has notably embraced Bitcoin and Democrats are showing signs of softening on crypto, Murray is skeptical that the 2024 election will be a turning point for the U.S. crypto industry.

source