CEO of Ripple believes that the sector is moving out of the US because the process of regulating cryptocurrencies is lagging behind other, more advanced countries.
Garlinghouse also stated that the method of regulation through coercion is not healthy and is likely to create an outflow of the crypto sector from the country. He clarified which countries are more advanced in regulating crypto. The list of advanced countries, according to Brad, includes Australia, the UK, Japan, Singapore, and Switzerland.
Garlinghouse recalled that when he first entered the tech industry in the late 1990s, there were proposals to ban the internet due to "illegal activity," but the government rejected the idea and decided to "create a framework."
He emphasized the "advantages" of such early implementation on a "geopolitical basis" when Amazon and Google were based in the US, assuming that the same opportunity is now available when creating frameworks for cryptocurrencies.
There is no need to worry, of course. Yes, the SEC may crack down on DeFi - there are rumors that the SEC has sent letters to the largest protocols. DeFi may leave the US, the market may shake, but... we've seen it all before since the FTX crash.
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