Brad Garlinghouse, Co-founder and CEO of one of the biggest crypto-blockchain companies in the world, Ripple, has expressed his concerns over certain US regulatory agencies. In a Twitter thread posted on Monday, Brad hinted that although he or his company has no plans of moving to any other country, they might have to consider a move to some other country to have a ‘fair playing field.’
To make matters worse, some US regulators have already made decisions that actively favor Chinese technologies OVER US companies. Legislation like the #DCEA can bring US companies to equal footing. https://t.co/7PRjN7qs9j (4/5)
— Brad Garlinghouse (@bgarlinghouse) October 12, 2020
The US regulatory authorities have often been accused of going hard on the American companies while being lenient on their Chinese competitors. Highlighting the issue, Brad stated that Ripple is not looking to evade any US regulations; however, they have been concerned about the various US regulatory bodies holding a different view on crypto, classifying it as a commodity, security, a virtual currency, etc. He further accused that certain regulators in the US have made decisions that actively favor Chinese tech companies over the ones from the US.
The crypto industry has had a bumpy ride in the United States, with opposition not only from tycoons, like Warren Buffett, but also directly from the US President Donald Trump. In a tweet that caused havoc in the industry last year, Trump had stated that a crypto is a tool for carrying out anti-social activities, like money laundering, terror funding, etc. Expectedly, the US regulation authorities tightened their grip and scrutiny on crypto companies.
However, many leaders from the US crypto fraternity have repeatedly stated that the different regulations for crypto companies in US and those from China are causing damage to the domestic companies.