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Most participants in the cryptocurrency industry want to do the right thing in terms of regulation. This opinion was expressed by Ripple CEO Brad Garlinghouse during a panel discussion at the forum in Davos, Cointelegraph reports.
According to him, this requires a regulatory framework that would serve as integral principles of “transparency and certainty.”
“But when the rules of the game are unclear, it’s very difficult to deal with it,” Garlinghouse said.
The Ripple CEO stressed that he personally visited the office of the US Securities and Exchange Commission (SEC) “four or five times in the years preceding their decision to file a lawsuit.”
“This demonstrates how far the United States is lagging behind. G20“, he added.
Among the countries with more favorable regulation for the development of technological innovations, Garlinghouse ranked Switzerland, Singapore, the United Kingdom and Japan.
In October 2020, Ripple co-founder Chris Larsen announced plans to move the company’s office to Europe or Asia due to over-regulation of the cryptocurrency industry in the United States.
Later, Garlinghouse explained that Ripple took a wait-and-see attitude on the issue of changing jurisdiction – management wanted to understand how the situation would change with the beginning of the joe Biden administration.
At the end of the year, the SEC filed a lawsuit against Ripple, Garlinghouse and Larsen. The company called the actions of the regulator “an attack on the entire cryptocurrency industry in the country,” and its CEO – a “terrible precedent.”
The case is still ongoing. Earlier, Fox Business journalists published a large-scale investigation and came to the conclusion that the employees of the department behind the filing of the lawsuit could be affiliated with Ethereum.
A possible conflict of interest was also pointed out by the non-profit organization Empower Oversight.
Recall that Garlinghouse positively assessed the course of the process and allowed its completion by the end of 2022.
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