Ripple CEO: The United States needs to accept encryption supervision

It is reported that Brad Garlinghouse, CEO of Ripple, said in an interview with Bloomberg TV that the United States needs to accept encryption regulation, and that the transfer of encryption companies overseas is not conducive to innovation in the United States.

Interpretation of this information:

In the interview with Bloomberg TV, Brad Garlinghouse highlights what he believes to be an urgent need for the United States to accept regulation on cryptocurrencies. His argument is that despite the initial reluctance of institutions to accept and embrace the disruption caused by cryptocurrencies and the blockchain technology, it is now time for action. Garlinghouse believes that there is a tendency for crypto companies to move out of the country in response to the lack of clarity or support from authorities regarding regulation.

The movement of such companies out of America is problematic as the innovation and flow of capital that comes with them would be withheld. Garlinghouse’s perspective is that the consequence of the US rejecting innovation through regulatory practicality is that they will be lagging behind in their quest for superiority in the digital economy.

The risk of being left behind is amplified when one considers the continued interest in the technology and the potential impact it could have on society. Garlinghouse mentioned that his belief is not to impose regulations that would stifle innovation, and while this seems counter-intuitive, it is essential to ensure that the industry continues to thrive. This message suggests that regulation is not intended to stifle cryptocurrency, but instead to give it a legitimate framework and act as a catalyst to encourage its adoption.

It seems that Garlinghouse’s thoughts are that larger countries can use their influence and weight to drive the adoption of cryptocurrencies on a global scale. The CEO suggests that with approximately 25% of the world’s trade with physical products still being conducted through outdated technology, there is the potential for the blockchain industry to disrupt and lend significant value.

In conclusion, Brad Garlinghouse’s message appears to be a call to action for the United States to get its cryptocurrency regulatory landscape in order. He believes this move will ensure that the country maintains, if not boost, its position as a leader in the digital economy. Furthermore, he claims that it is in the national interest to adopt regulatory provisions that manage risks and facilitate the innovation that the technology can bring. For Ripple and other cryptocurrency firms, he is clear that innovation in America is central to their success, and this can only be achieved through regulatory clarity when appropriate.