The United States has not been particularly welcoming of cryptocurrencies. Crypto companies in the nation confront a number of obstacles, which has caused the industry to lag behind.
In a recent interview with CNBC, Ripple CEO Brad Garlinghouse reaffirmed this. The lack of regulatory certainty, according to Brad, is the industry's largest obstacle, making it tough for companies to grow.
According to Brad, the industry's lack of exact regulation has prompted some crypto and blockchain businesses to relocate to nations with more favorable regulations. He even advises crypto entrepreneurs to avoid establishing businesses in the nation.
“In the united states, the laws have not been clearer…The leadership we have seen outside the united states is way ahead of the US. The competitiveness of the US in these developing markets around crypto and blockchain has fallen behind, and more talent and investment are going out of the United States… I recommend others not start companies in the USA Because there isn’t that clarity,” he said.
The Biden administration recognizes the difficulties.
Brad is well-versed in the problems that crypto faces in the United States. The SEC believes XRP is a security, not a cryptocurrency, and his firm, Ripple, has been in court since 2020. This is due to a lack of clarity in terms of rules defining, for example, what a cryptocurrency is and what a security is.
Fortunately, the Biden administration is working on a cryptocurrency regulation framework, which has earned much praise from the crypto industry. On March 9, 2022, Biden issued an executive order that clarifies cryptocurrency regulations.
This action, according to Brad, recognises that the crypto business in the nation is behind other developed countries.
“That is what I have been saying for years; I think the core of the Biden crypto executive order is acknowledging that exact point.”
In the United States, cryptocurrency is gaining traction.
Cryptocurrencies and companies are anticipated to enjoy moderate growth in the near future, thanks to the Biden administration's efforts to introduce clear laws to the crypto industry. More crypto firms will come up as a result of the transparency, and Americans will have more trust in the sector, which is a prerequisite for widespread acceptance.