Brad Garlinghouse, CEO of fintech company Ripple, has said during an interview with CNBC that many cryptocurrency companies could leave the US in favor of more progressive jurisdictions if local regulators continue with unreasonable prosecution.
According to him, Europe, the UAE, the UK and Singapore offer more clarity in terms of legislation for digital assets.
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Garlinghouse has added:
"Frankly, it’s why you’re seeing entrepreneurship and investment flowing into other jurisdictions — and certainly Europe has been a significant beneficiary of the confusion that has existed in the US."
He has pointed to the US Securities and Exchange Commission (SEC) being at the forefront of "that confusion."
When asked about the bankruptcy of crypto exchange FTX, the Ripple CEO has stated that "what happened in FTX is called a fraud and is not specific to crypto." He believes this situation has become a catalyst for the flight of companies from the United States.