If you ask Ripple CEO Brad Garlinghouse, the Securities and Exchange Commission (SEC) lawsuit against Ripple is an attack on the entire industry. Such an attack, in fact, that Garlinghouse expects the lawsuit to jeopardize the future of the crypto industry in the United States.
In conversation with Bloomberg informs Garlinghouse that the SEC’s way of operating is not a “healthy way” of controlling the industry. This, he says, could even lead to the United States becoming a less attractive location for crypto companies.
Garlinghouse simply calls the SEC’s way of working “attacking,” rather than doing the real thing. As a result, he already sees the industry moving to other countries.
According to Garlinghouse, countries such as Australia, the United Kingdom, Japan, Singapore and Switzerland have a much more favorable business climate. In that respect, it may just be that many Bitcoin companies will move to those countries in the coming years.
Garlinghouse is complimentary about the aforementioned countries, which he says took the time to produce good rules. Rules that can help the industry move forward while protecting consumers at the same time. Apparently that is also possible.
The CEO of Ripple recalls that in his early years in the tech industry, there was also a ban on the internet. He also underlines the benefits of embracing new technology on a geopolitical level.
After all, it is more than an advantage for the United States to have the Amazons and Googles in America, suggesting that crypto offers the same opportunities.
If you ask attorney John Deaton, all crypto companies currently in conflict with the SEC should cooperate. “We need to think outside the box and get organized,” said Deaton.