Ripple XRP BREAKING NEWS!!! Elon Musk Is Distracting Us From What’s Going On In China!
Only 5% of Ripple’s customers are in the US
Brad Garlinghouse recently spoke on CNN
He said there was a lack of clarity regarding the use of XRP among governing bodies such as the SEC
In his opinion, regulatory uncertainty greatly complicates the work in the United States.
Brad Garlinghouse, CEO of Ripple spoke about Ripple’s activities, failures and prospects of the project in an interview with CNN host Julia Chatterley
XRP is one of the largest cryptocurrencies that has strengthened its position along with Bitcoin.
XRP’s total market capitalization has surged nearly 300% over the past three months, but this is unrelated to the firm’s U.S. operations.
Ripple is still headquartered in the States, but the vast majority of the project’s clients are outside the United States. The firm has repeatedly declared its readiness to move to another country with softer regulatory conditions for the cryptocurrency market..
According to Garlinghouse, roughly 95% of Ripple’s customers reside outside the United States, due to the extremely high degree of regulatory uncertainty surrounding most cryptocurrencies. .
He explained that many American companies do not want to cooperate with Ripple yet, because they do not understand what the use of XRP will lead to from a legal point of view, and how regulators, for example, the Securities and Exchange Commission (SEC), can do it..
Previously BeInCrypto editors reported, that the Commission is ready to pursue cryptocurrency exchanges that work with American clients.
Several years ago, the Securities and Exchange Commission (SEC) published a clarification on the two largest cryptocurrencies, bitcoin and ether, but did not make any clear statements regarding other digital coins..
The SEC has made it clear that it does not consider Bitcoin or Ether as securities, which makes it possible to better define the rules for the circulation and use of these assets..
However, other major cryptocurrencies are still ignored..
Ripple is hard to work with American clients
In an interview, Garlinghouse spoke about attempts to work with American clients, as well as difficulties with the integration of the Ripple platform due to regulatory uncertainty..
While there are many American companies interested in integrating and using Ripple, he said, most of them will not take risks until there is a proper legal framework in place to provide the necessary clarity. It is noteworthy that a similar situation is developing in Russia: blockchain and cryptocurrency projects are leaving the country due to regulatory uncertainties..
In other countries, there is no such hesitation: there are clearer criteria for working with these types of digital assets from a legal point of view..
Garlinghouse believes the SEC should set the same rules for XRP as for Bitcoin and Ether. In other words, the coin should not be classified as a security..
He also noted that no other market in the world considers XRP to be a security. Until there is clarity about Ripple and XRP, the vast majority of Ripple customers will still be outside the US.
All information, contained on our website, published on principles of good faith and objectivity, and for informational purposes only. Reader yourself bears full responsibility for any actions, committed by him on the basis of information, obtained from our website.