Most participants in the cryptocurrency industry want to act in a regulatory-compliant way. That view was voiced by Ripple CEO Brad Garlinghouse during a panel discussion at the Davos forum, according to Cointelegraph.
He said that a regulatory framework is needed that would embody the core principles of ‘transparency and certainty’.
“But when the rules of the game are unclear, it’s very hard to deal with this,” Garlinghouse said.
The Ripple CEO stressed that he personally visited the U.S. Securities and Exchange Commission (SEC) “four or five times in the years preceding their decision to file suit.”
“This shows how far the United States lags behind the G20,” he added.
Garlinghouse named Switzerland, Singapore, the United Kingdom, and Japan as countries with more favourable regulation for technological innovation.
In October 2020, Ripple co-founder Chris Larsen stated plans to move the company’s office to Europe or Asia due to excessive regulation of the cryptocurrency industry in the United States.
Later, Garlinghouse explained that Ripple had adopted a wait-and-see stance on changing jurisdiction — management wanted to understand how the situation would change with the start of President Joe Biden’s administration.
At the end of the year the SEC filed a lawsuit against Ripple, Garlinghouse and Larsen. The company called the regulator’s actions a ‘attack’ on the entire cryptocurrency industry in the country, and its CEO — ‘a terrible precedent’.
The proceedings in the case are ongoing. Earlier, Fox Business journalists published a extensive investigation and concluded that the officials behind filing the suit could have been affiliated with Ethereum.
A potential conflict of interest was also pointed out by Empower Oversight.
Garlinghouse had previously assessed the course of the process positively and anticipated its completion by the end of 2022.
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