Brad Garlinghouse, the chief executive officer (CEO) of the San Francisco-based blockchain payments giant Ripple, says the regulation of cryptocurrencies in the United States is not well defined. While speaking about the lack of clarity in regulating digital currencies in the US, Ripple’s CEO said it is currently the only country that regards Ripple’s native cryptocurrency, XRP, as “anything but a currency.”
The lack of clarity about US cryptocurrency regulation is frustrating
The CEO of Ripple has compared the United States of America to those of Asian countries and openly says that the lack of clarity about cryptocurrency regulation in the country is actually frustrating. Regarding the clarity of cryptocurrency regulation, he said that the United States is behind Asia.
He also pointed out some of the major technology centers in the Asian continent, saying the US is likely to catch up with these countries soon too. He mentioned in particular the work in Singapore and South Korea. He believes that the clarity of cryptocurrency regulation is clearly defined in both countries and that there are specific legal frameworks for digital assets in these two countries.
XRP is everything else but not a currency
In an interview on the Squawk Box Asia Show with CNBC, Ripple’s chief executive officer stated that the United States is the only country in the world that believes that XRP, the fourth largest digital currency, could be anything but a currency.
This allegation by the CEO of Ripple actually referred to the US Securities and Exchange Commission lawsuit filed against Ripple in December that identified XRP as unregistered security.