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- Brad Garlinghouse, the CEO of Ripple has raised concerns about the obstacles the company is facing despite its recent legal victory.
- The Ripple boss reveals that he is willing to Pursue a Supreme Court Appeal Against the U.S Securities and Exchange Commissions.
Despite securing a major win against the U.S. Securities and Exchange Commissions, Ripple still has a handful of obstacles on its path. The CEO of Ripple, Brad Garlinghouse, has amplified this fact in a recent conference, as he lays out his plans for the Ripple ecosystem in the long term.
During the DC Fintech Week conference that was held on Wednesday, the CEO of Ripple affirmed Ripple’s current struggles. Although Ripple defeated the U.S. in a long-standing legal battle back in July, the company is still trying to navigate troubled waters.
Notably, regulators in the United States have not only made strict guidelines for digital asset-based firms, but many regulators have failed to provide straightforward guidelines. Ripple, like many other firms, has been on the receiving end of these policies. Speaking to this effect, Garlinghouse revealed that a sizable number of US-based banks are still reluctant to open their doors to digital assets.
As the Ripple boss observed, traditional banks are waiting for regulatory bodies to loosen their grip on digital currencies. These banks maintain that the current climate in the industry is a major red flag.
As Garlinghouse explained;
“They’re like, ‘Look, even though you won the case, the United States government is still hostile towards crypto, the OCC [Options Clearing Corporation] is hostile towards crypto.’ And until that changes, the banks in the United States are not going to engage meaningfully,”
Garlinghouse remains committed to escalating the legal battle and involving the Supreme Court if necessary.
The U.S. remains behind in crypto adoption
Comments from notable figures like Gary Gensler, the current SEC Chairman, has done little to nothing to change the existing narrative surrounding digital currencies in the United States.
Not long ago, Gensler referred to digital assets as the “Wild West.” In response, Garlinghouse explained that the comments are part of a political ploy to stagnate and further repress the growth of the cryptocurrency industry in the country.
“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.” He asserted.
Despite the ongoing chaos, the Ripple CEO has observed that other countries are embracing the industry at a faster pace. He cites the acceptance of cryptocurrency-related firms and the increased rate at which clearer policies are being implemented, as proof of the recent development. As a result of this, Garlinghouse, like many other prominent figures, is certain that the U.S. will be left behind in the race for crypto adoption.
