American Crypto Behemoths Tired of the US
It's a tough time for the American crypto industry. And the US Securities and Exchange Commission is to blame.
As the US Securities and Exchange Commission continues to tighten its grip on the US crypto sector, companies are becoming increasingly wary of operating in the American market.
GNCrypto already reported about Coinbase’s regulatory plight, with the exchange’s CEO Brian Armstrong recently stating that despite the hurdles the company is not planning to leave the US market. Even though they previously issued such a threat.
However, it does not mean that crypto players are satisfied with the ongoing situation.
Ripple, another company that has been at odds with the SEC for three years now, is among them. Ripple CEO Brad Garlinghouse has recently revealed that Ripple will have spent $200 million on legal defense from the U.S. Securities and Exchange Commission by the time the Court has issued a verdict.
He also pointed out SEC Chairman Gary Gensler’s hypocrisy as he now claims that crypto is securities. As an MIT professor, he said that 75% of these digital assets are commodities.
Because of the ongoing turmoil, the company recommended that crypto companies stay out of the US market, with Stuart Alderoty, Ripple’s Chief Legal Officer, also trolling the US Securities and Exchange Commission on Twitter.
In the tweet, he showed a picture of a fish that is being held by the gills, saying “if the SEC ran animal control.”
Stuart Alderoty’s tweet “If the SEC ran animal control…”. Source: Twitter
While Coinbase is preparing for the upcoming legal fight with the SEC, Ripple’s case is still ongoing.
It is unclear when the verdict will be issued.
Previously, GNCrypto published an opinion piece “Are SEC's Rules on Crypto Outdated?”
