The vague regulation of cryptocurrencies causes great damage to American business and the Americans themselves, the businessman told congressmen. According to Garlinghaus, more than 55 million Americans are now involved in the crypto industry. He called on legislators to distribute the authority to supervision of digital assets between financial regulators and create favorable conditions for the activities of crypto companies in the United States that could increase the country’s competitiveness in the world cryptocurrency market.
The entrepreneur recalled the long -term litigation of Ripple with the US Securities and Exchange Commission (SEC). He criticized the previous SEC approach to the regulation of the market under the ex-chairman of Gary Gensler, who preferred coercion methods. According to Garlinghaus, SEC abused legislative uncertainty and persecuted conscientious market participants in court, which is why crypto companies began to move their headquarters abroad, to more friendly jurisdictions. After four years, the judicial battles with SEC Ripple won, and in general the XRP coin is not a security, Garlinghaus said.
Garlinghaus called on the congress to create a legislative framework that would protect people from crypto -mesh and restrain the unscrupulous market participants, but at the same time contributes to the development of innovation. Clear rules for regulating cryptocurrencies will expand the public access to financial services, create new jobs, strengthen the US economy and make the country a leader in the field of blockchain and cryptocurrencies, and Harlinghaus insists.
Garlinghaus said that about 900 employees in 15 offices around the world operate in Ripple. The businessman explained that the XRP Ledger payment decision was created to make international payments, where the XRP coin acts as a link between traditional finances and cryptocurrencies. Garlinghaus recalled that Ripple cooperates with regulatory authorities – the company has already received more than 60 licenses for the provision of payment services and money transfers.
Recently, the head of Ripple said that bitcoin is unlikely to be suitable for making international payments due to slow speeds and high commissions. In his opinion, XRP is more suitable for this.
Source: Bits
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