One of the biggest issues that the US happens to face in terms of cryptocurrencies, according to the Ripple CEO, is that regulation lacks clarity. The CEO of Ripple happens to be one of the very few executives who understand the importance of regulation in the crypto market.
More specifically, he is a big supporter of regulation managing to make people feel much safer from scams and bad actors in the industry. He has talked in length about the different types of regulator efforts that other countries have made.
In fact, in one interview, he talked about how the global effort in terms of regulation was significantly improving. He called the improved efforts of crypto regulation energizing and actively important.
But when he has been asked about the state of the crypto market and regulation in the US, he rarely has anything good to say about regulation.
It is no coincidence that a company was stuck for months over a legal battle surrounding the definition of cryptocurrencies and how they are not actually securities no matter how much the SEC insists.
And in a recent interview, he mentioned that the US seriously needs better leadership for its crypto regulation efforts, as that will allow for more clarity.
Speaking from Experience
Since cryptocurrencies have managed to become so popular, different types of companies have managed to make a name for themselves as they help a variety of traders get into crypto trading.
However, most of these companies are struggling to stain the US, as regulation efforts in the country continue to be both aggressive and lack proper clarity.
The main issue really does come down to the fact that there is just one government entity that is responsible for regulation, which is the SEC. The SEC has continued to target different crypto companies as they try to go about their business.
They will often take companies to court in an effort to subdue them, without first taking the time to discuss the issue with them.
They have managed to do the same thing twice in more high-profile examples, as it took both Kraken and Ripple to court over matters that could have been discussed.
Therefore, when the CEO of Ripple talks about how the US has a problem with regulation, he is talking from firsthand experience.
Not only was his company taken to court over a misunderstanding of the definition, but he also saw it happen firsthand with another company.
Looking at Other Countries that Do it Better
While cryptocurrencies seem to be becoming popular in the US, the truth of the matter is that in terms of crypto regulation, it is easily lacking when compared to other countries.
More specifically, when comparing countries like Australia and the UK to the US, it is very clear why companies will often prefer those countries over the states.
More specifically, getting an understanding of how different types of cryptocurrencies work and why they should be regulated in a specific way is not too difficult to understand.
But since the US turns a blind eye to all of the issues in the industry, many continue to struggle under the weight of the ineptitude of the US and its lack of proper regulation.
A Good Solution to the Issue
One of the most important things that come with the regulation of crypto as a whole is that it requires input from the companies that are being regulated.
More specifically, the SEC will need to sit down with various crypto companies to make sure that they are actually making policy that does not just make trading better for traders, but can even make trading as a whole much easier for many crypto companies.
The best thing that can come as a result of people finding different types of policies is that companies can feel much safer as they offer their services to different companies.