American regulators are dragging their feet when it comes to cryptocurrencies — and it’s holding the U.S. back from becoming a world leader in regards to the nascent technology.
This opinion was expressed by Ripple CEO Brad Garlinghouse and TechCrunch founder Michael Arrington at TechCrunch Disrupt San Francisco.
According to those two cryptocurrency proponents. the regulatory uncertainty in the U.S. is forcing blockchain startups to set up shop in more friendly environments. Arrington knows this, given that he his $100 million XRP fund has been primarily investing in overseas projects. He explained:
We have a few good U.S. investments, but 80-90 percent of our investments are in Asia, Europe and Israel right now because they are actually countries where there’s enough regulatory certainty that entrepreneurs feel safe starting token or blockchain companies there.
Here [in the U.S.] they don’t. There’s so much regulatory uncertainty, add to that the tax burden and the visa burden of coming here and then our current federal government’s stance on immigration in general, they’re just saying ‘Fuck it’ and they’re staying in Singapore or Israel or Europe instead of coming here and starting companies.”
— TechCrunch (@TechCrunch) September 5, 2018
As reported by the conference’s hosts, Arrington continued to not mince words — stating that the lack of regulatory clarity in the U.S. is “single-handedly fucking the next stage of technology development.” He added:
The SEC needs to get their act together. If they had done that with the internet in 1994-1995, TechCrunch/none of us would be here, we’d all be living in Shanghai or somewhere else, wherever had managed to get their act together.
Of course, some might agree that it’s increasingly harder to rely on the U.S. government to effectively regulate anything — especially something with the potential to disrupt and undermine central banks and governmental authority.
What do you think about the regulatory environment regarding cryptocurrencies and blockchain technology in the United States? Let us know your thoughts in the comments below!
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