Brad Garlinghouse, the CEO of the embattled cross-border payment behemoth, Ripple, has recently stated that the only country of the world that currently deems the digital token XRP a security is the United States.
Garlinghouse made this disclosure during a conversation on CNBC’s Squawk Box Asia show. In the course of the conversation, the Ripple CEO showcased his displeasure in the way the U.S. regulators have been handling the proper regulation of the crypto industry.
In relation to crypto regulatory clarity, Garlinghouse mentioned a number of top tech hubs in Asia that are ahead of the United States. However, the Ripple Chief remains optimistic that the United States will eventually reach this level.
He specified that South Korea and Singapore are way ahead in terms of clear regulatory frameworks around cryptocurrencies:
“I give credit to markets like Singapore and even parts of Korea where there really has been a thoughtful government-led effort to define and have clear regulatory frameworks around cryptocurrencies.”
United States Is the Only Country That Deems XRP A Security
During the conversation, Brad Garlinghouse criticized U.S. regulators for their failure to take definite action regarding the regulation of the crypto industry, which brought about the lawsuit filed against Ripple by the U.S. Securities and Exchange Commission (SEC).
Brad Garlinghouse noted:
“Ironically, here in the United States, they have not provided that same clarity. It is the only country on the planet that has said XRP is anything other than a currency. The SEC has said… XRP is a security. And so we’re now engaged in a court discussion. For far, I feel good about how that’s been going, but it’s certainly frustrating.”
Garlinghouse also pointed out that he feels good about how Ripple’s lawsuit with the SEC has been developing in the court.