Ripple CEO: Crypto Entrepreneurs Should Avoid America

Ripple CEO: Crypto Entrepreneurs Should Avoid America

According to Ripple CEO Brad Carlinghouse, the US is not currently the best place to launch a blockchain or crypto startup. Carlinghouse is critical of lagging regulation in the US, particularly in relation to the strict approach of the US Securities and Exchange Commission (SEC).

During a panel discussion at the Token 2049 event in Singapore, Carlinghouse, who is a crypto entrepreneur, suggested looking at alternatives outside of the US. He particularly praised the crypto regulatory climates in countries such as Singapore, Switzerland, the United Arab Emirates and the United Kingdom. Carlinghouse argued that the U.S. is following suit in these countries, where more favorable policies are being implemented that encourage innovation in the crypto industry without sacrificing consumer safety.

The current state of crypto regulation in the U.S. is characterized by complexity, driven by a fragmented approach of various financial regulators across the 50 states. The SEC has increased pressure by classifying many cryptocurrencies as securities. While the Biden administration has offered some clarity on 2022, pointing to the introduction of a digital dollar, significant hurdles remain.

However, Carlinghouse emphasized that the US is not alone on this issue. While the EU is slowly but surely moving towards regulation and the UK has stricter oversight, especially of stablecoins, countries like Japan and Switzerland have taken proactive steps to create a more favorable regulatory environment for the crypto industry.

Crypto policy in Switzerland

Switzerland is known as one of the most crypto-friendly countries in the world, thanks to its progressive approach to regulation and policy. The country does not apply special taxes to crypto, but treats these digital assets like traditional investments like stocks and real estate.

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Regulatory compliance is closely monitored by the Swiss Federal Tax Administration and FINMA, providing a stable and reliable framework for crypto and blockchain initiatives. This favorable environment has already led to more than 900 companies in the sector establishing themselves in Switzerland, a clear testament to the country’s attractiveness for crypto businesses.

Furthermore, many Swiss cities are at the forefront of integrating crypto payments into everyday life, strengthening Switzerland’s position as a leading hub in the crypto space.

The ripples will spread to other countries as well

So Carlinghouse points the finger of blame at the SEC, which to him appears to be engaged in a political war mainly against the crypto industry, fought in court. Not only Ripple, but also famous crypto exchanges like Coinbase and Binance are facing significant interventions.

Although the United States represents a significant market for Ripple, the company is seriously considering expanding its borders and expanding its services to countries that take a more progressive approach to blockchain technology.

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