Token

United

<![CDATA[<figure class="image"><img src="https://cimg.co/news/124762/329588/586e55cda0-media-library-.jpeg" alt="" srcset="https://cimg.co/news/124762/329588/responsive-images/586e55cda0-media-library-___media_library_original_900_600.jpeg 900w, https://cimg.co/news/124762/329588/responsive-images/586e55cda0-media-library-___media_library_original_720_480.jpeg 720w, https://cimg.co/news/124762/329588/responsive-images/586e55cda0-media-library-___media_library_original_600_400.jpeg 600w, https://cimg.co/news/124762/329588/responsive-images/586e55cda0-media-library-___media_library_original_300_200.jpeg 300w" sizes="100vw" width="900" class="content-img"><figcaption>Brad Garlinghouse. Source: a video screenshot, Ripple / YouTube</figcaption></figure>Ripple CEO Brad Garlinghouse has described the United States as a bad destination for crypto startups due to the country&rsquo;s uncertain policies around digital assets.Speaking at a panel at Token 2049 in Singapore, he stated that the United States is the worst place to start up a crypto-based firm and advised startups on jurisdictions with smarter policies.<blockquote>&ldquo;The only country I would not encourage you to start a company right now is in the U.S.&rdquo;&nbsp;</blockquote>Garlinghouse suggested web3-friendly countries with a clear path at rules including the United Kingdom, Singapore, the United Arab Emirates, and Switzerland as possible targets for startups calling on the U.S. to <a href="https://cryptonews.com/news/singapore-tops-list-of-crypto-friendly-investment-migration-destinations.htm">emulate their policies</a>.<h2 id="sec-crypto-war-cited-among-reasons">SEC crypto war cited among reasons</h2>The Securities and Exchange Commission (SEC) alongside the Commodity Futures Trading Commission (CFTC) has regulated the digital asset industry so far through lawsuits according to observers.Recently, the Commission <a href="https://cryptonews.com/news/breaking-coinbase-sued-by-sec-just-day-after-binance-lawsuit-which-firm-next.htm">instituted lawsuits against Coinbase and Binance</a> alleging a breach of federal securities law and commingling of user assets among others.At the conference, Garlinghouse criticized the SEC for staging a political war in the sector with numerous lawsuits.&nbsp;Although he opined that the strategy isn&rsquo;t working due to the recent defeats faced by the SEC including <a href="https://cryptonews.com/news/sec-appeal-can-bring-more-wins-xrp-ripplelabs-legal-team-suggests.htm">cases of Ripple and Grayscale</a>, he still advised developers to stick to more policy-friendly regions.<blockquote>&ldquo;I think you&rsquo;re seeing the momentum shift. I think that it used to be that a lot of judges were like: &lsquo;Well, the SEC is always right,&rsquo; and they weren&rsquo;t fighting that but I think you&rsquo;re starting to see the pattern change.&rdquo;</blockquote><figure class="media"><oembed url="https://twitter.com/cryptonews/status/1696548523615899985?s=46&amp;t=sCvh3f3rMDfXyJcf1y1Eyg"></oembed></figure>The pattern of regulation in the US has been criticized by both the industry and lawmakers pointing to a potential exodus away from the U.S. markets.&nbsp;The United States remains a major market for Ripple but Garlinghouse insists the firm would expand to countries that are more welcoming to the technology.&nbsp;After the Commission&rsquo;s lawsuit on Coinbase, CEO Brian Amstrong also reiterated the views of industry executives on a <a href="https://cryptonews.com/news/coinbase-ceo-considers-us-exit-amid-regulatory-uncertainty-heres-latest.htm">possible move away from the U.S.</a><h2 id="a-new-twist-to-the-etf-debate">A new twist to the ETF debate&nbsp;</h2>Hong Fang, the CEO of cryptocurrency exchange, OKX, agreed with other experts that a spot Bitcoin (<a href="https://cryptonews.com/coins/bitcoin/">BTC</a>) ETF would be good for the industry but raised concerns about custody and Bitcoin&rsquo;s volatility.He stressed that investors may not be ready for custody solutions as most of the technology remains untested.<blockquote>&ldquo;I think there's a huge implication on custody. The question I have on my mind is whether our industry is actually ready for it.&rdquo;</blockquote>Fang further advised industry players to focus on what they can control amid the regulatory meltdown.&ldquo;We can only control what we can control, which is to build the right product and to focus on the technology and to support responsible regulation.&rdquo;
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Ripple CEO Advises Crypto Startups to Avoid US, Suggests Jurisdictions with Smart Policies

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