The cryptocurrency and mining sector went underground in China following the exodus imposed by the government in 2021. The current environment in the USA seems to be becoming less conducive for the cryptocurrency sector in the same manner. Commenting on the latest crackdown against the crypto industry Ripple’s CEO has expressed his concerns.
The prosecuted CEO Brad Garlinghouse has told media that a present SEC has assumed an offensive stance against the entire crypto space. He further exclaimed that it seems that most cryptocurrency enterprises have already started to pack up and head to more friendly territories.
SEC’s Actions Against the Crypto Market
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Many cryptocurrency investors are hailing from the USA that believe that SEC may end up closing the gate for the USA to become a world leader. To this end, Garlinghouse told Bloomberg that US regulatory agency has created an increasingly hostile environment for the crypto sector in the region.
He mentioned that in case SEC can get a ruling in favor the results can be catastrophic for the larger cryptocurrency market. He shared that major cryptocurrency enterprises are looking at prime locations such as Australia, the UK, Singapore, Switzerland, and Japan among others.
The CEO of the sued cryptocurrency enterprise told the media that there are many countries where the governments are playing an active role in the promotion of the nascent technology. He believes that the road to proper handling of the crypto sector is through regulation and creating an exclusive framework.
He shared the example of tech giants like Google and Amazon relating how early adoption of such enterprises allowed the US to become the global leader. He told the media that at present cryptocurrency investors are suffering from a lack of confidence as they do not have legal backing and protection.
He also predicted that the Ripple lawsuit would be settled by the end of the current year. Ripple executives put a strong emphasis on the regulatory frameworks.
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