US ‘the only country’s crypto startups should avoid, says Ripple CEO

“The only nation I would not motivate you to begin a company right now is in the U.S.,” Garlinghouse stated on a Sept. 12 panel at Token 2049 in Singapore.”While the results in Ripple and Grayscale arent legally binding, Garlinghouse said the outcomes supply more clearness to crypto exchanges and custody service providers operating in the U.S.– at least for now.OKX president Hong Fang acknowledged the politics at play however worried for crypto companies to focus on what they can manage.”Despite the U.S. being a big market for Ripple, Garlinghouse said its expanding services to countries he claims are more progressive and much better understand the possible benefits of blockchain technology.We may not ready for an area Bitcoin ETFDuring the panel, Fang said he thinks investors might not be ready for custody options constructed around a potential area Bitcoin (BTC) exchange-traded fund because much of the new blockchain-based facilities hasnt been fight evaluated by the masses.

“The only nation I would not motivate you to begin a business right now is in the U.S.,” Garlinghouse stated on a Sept. 12 panel at Token 2049 in Singapore.”While the outcomes in Ripple and Grayscale arent legally binding, Garlinghouse stated the results supply more clearness to crypto exchanges and custody companies running in the U.S.– at least for now.OKX president Hong Fang acknowledged the politics at play but worried for crypto firms to focus on what they can manage.”Despite the U.S. being a big market for Ripple, Garlinghouse stated its expanding services to nations he claims are more progressive and better comprehend the prospective advantages of blockchain technology.We may not prepared for an area Bitcoin ETFDuring the panel, Fang said he thinks financiers may not be all set for custody options built around a potential area Bitcoin (BTC) exchange-traded fund because much of the new blockchain-based facilities hasnt been battle checked by the masses.

Other Questions People Ask

Why does Ripple CEO say the US is the only country’s crypto startups should avoid?

Ripple CEO Brad Garlinghouse stated that the U.S. is the only country he would not encourage crypto startups to establish themselves in due to regulatory uncertainties. He emphasized that while recent legal outcomes involving Ripple and Grayscale provide some clarity, they are not legally binding. This lack of a stable regulatory framework makes it challenging for crypto companies to operate effectively in the U.S.

What are the implications of Garlinghouse's statement for US crypto startups?

Garlinghouse's assertion suggests that U.S. crypto startups may face significant hurdles due to the unpredictable regulatory environment. This could lead to increased operational risks and potential legal challenges that may hinder growth and innovation. As a result, many startups might consider expanding their services to countries with more favorable regulations and a better understanding of blockchain technology.

How does Ripple's expansion relate to the US being the only country’s crypto startups should avoid?

Ripple's expansion into more progressive markets highlights the challenges faced by U.S. crypto startups, as noted by Garlinghouse. He believes that countries with clearer regulations and a supportive stance on blockchain technology offer better opportunities for growth. This strategic shift underscores the importance of choosing a conducive environment for launching and scaling crypto businesses.

What did Hong Fang say about the political landscape affecting US crypto startups?

Hong Fang, president of OKX, acknowledged the political complexities surrounding the U.S. crypto landscape during the same panel discussion. He urged crypto companies to focus on aspects they can control rather than getting bogged down by regulatory uncertainties. This perspective aligns with Garlinghouse's warning about the U.S.

What concerns did Fang express regarding Bitcoin ETFs in relation to US crypto startups?

During the panel, Fang expressed concerns that investors might not be ready for custody solutions tied to a potential spot Bitcoin ETF. He pointed out that much of the new blockchain infrastructure has yet to be tested by a broader audience. This hesitation reflects the cautious approach that many in the industry are taking, especially in light of Garlinghouse's comments about the U.S. being a risky place for crypto startups.