Crypto Community Experts: US Is At Risk Of Losing Blockchain And Crypto Race
America is reluctant to regulate crypto and it is impacting the technology’s future – at least according to Ripple CEO Brad Garlinghouse and Michael Arrington, TechCrunch’s founder. Both shared their thoughts on the matter at TechCrunch Disrupt San Francisco in September.
To date, most tech companies have taken a stance on blockchain and are actively searching on how to use it.
Arrington stated that “we have a few good U.S. investments” however,
“80-90 percent of our investments are in Asia, Europe, and Israel right now because they are actually countries where there’s enough regulatory certainty that entrepreneurs feel safe starting token or blockchain companies there.”
On the other hand, Arrington posted out that,
“[h]ere [in the U.S.] they don’t. There’s so much regulatory uncertainty, added to that the tax burden and the visa burden of coming here and then our current federal government’s stance on immigration in general, they’re just saying ‘Fuck it’ and they’re staying in Singapore or Israel or Europe instead of coming here and starting companies.”
Arrington also stated that the:
“SEC needs to get their act together. If they had done that with the internet in 1993-1995, TechCrunch/none of us would be here, we’d all be living in Shanghai or somewhere else, wherever had managed to get their act together.”
Garlinghouse expressed similar sentiments and added that regulators need to intervene. He stated,
“There are unequivocally bad actors in the ICO ecosystem. There have been frauds and massive scams – hundreds of millions of dollars, if not billions, have been heisted – if anything, I’m surprised the SEC hasn’t been more aggressive. The clarity [around regulation] would be very helpful, there’s a risk that a lot of this developments end up not being in the U.S. The impact for having the internet that we think of today being very U.S.-centric in many ways has been very, very positive for the United States.”
And though a great deal of speculation currently surrounds what the SEC may consider to be a security, Garlinghouse stated that he isn’t concerned on the SEC’s action concerning XRP.
“We joked at an all-hands meeting recently – and some people didn’t find it funny – that if Ripple shutdown tomorrow, the XRP ledger would continue to operate. So if XRP is a security, it is a security of what? The facts are pretty clear: XRP is not a security . . . I don’t spend a lot of time worrying about that.”