Bitcoin News and Finance
US Government Remains Hostile Toward Crypto Despite Ripple’s SEC Win, Says CEO Skip to main content

US Government Remains Hostile Toward Crypto Despite Ripple’s SEC Win, Says CEO

Ripple’s CEO says the U.S. government is still hostile toward crypto despite the cryptocurrency firm’s victory against the U.S. Securities and Exchange Commission (SEC). “Until that changes, the banks in the United States are not going to engage meaningfully,” he warned, adding: “I don’t think the window has passed for the U.S. to be a leader. But I think every day that goes by, these other markets, they want the entrepreneurs there, they want growth.”

U.S. Government’s Crypto Stance

Ripple CEO Brad Garlinghouse discussed the U.S. government’s crypto stance at the DC Fintech Week conference on Wednesday. Ripple recently won several legal battles against the U.S. Securities and Exchange Commission (SEC).

Emphasizing that certain U.S. banks are still cautious about embracing cryptocurrencies even after Ripple’s legal victory against the SEC, Garlinghouse said:

They’re like, ‘Look, even though you won the case, the United States government is still hostile towards crypto, the OCC [Office of the Comptroller of the Currency] is hostile towards crypto.’ And until that changes, the banks in the United States are not going to engage meaningfully.

The Ripple executive asserted that the SEC’s stance on cryptocurrencies, particularly Chair Gary Gensler’s view of crypto as the “Wild West,” is influenced more by a political agenda than well-defined regulatory policies. He underscored that this approach is hindering the crypto industry’s advancement in the United States.

Gensler also recently explained that he is taking a litigation-heavy approach to regulating the crypto industry because crypto is an industry that is rife with fraud, abuse, and misconduct. He warned this week that anyone wanting to be in crypto must “do it within the law.”

Noting that the U.S. has displayed a hostile stance towards cryptocurrencies, the Ripple boss pointed out that other nations are welcoming companies and investments in the crypto sector with clearer regulations. This includes the U.K. which reaffirmed earlier this month its commitment to establishing itself as a global cryptocurrency hub.

While cautioning that the U.S. is putting its early lead at risk and losing its share of the crypto market, Garlinghouse believes that America could still lead in the crypto space. He opined:

I don’t think the window has passed for the U.S. to be a leader. But I think every day that goes by, these other markets, they want the entrepreneurs there, they want growth.

Do you agree with Ripple CEO Brad Garlinghouse? Let us know in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory