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CryptoLaw Founder and Pioneer ripple Advocate John Deaton shared his thoughts on Ripple CEO's recent statement about Ripple expanding rapidly in the US since early November, providing a global solution for the growth of Ripple and other cryptocurrency companies in the US.
US cryptocurrency business suffers from lack of regulatory clarity: Deaton
In his tweet, John Deaton quoted Ripple CEO Brad Garlinghouse, who said that since the pro-crypto president-elect won in early November, during the last six weeks of 2024, Ripple has signed more trades in the US than in half. the previous. -year.
Deaton emphasized that it is “impossible to estimate the damage” to Ripple and other U.S.-headquartered cryptocurrency companies due to the lack of regulatory clarity for the cryptocurrency industry. The Ripple defender admitted that he has encountered many cryptocurrency companies whose teams would say they prefer to avoid the US market and offer nothing to US-based investors.
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A simple solution to many of these problems, according to Deaton
The CryptoLaw founder reminded the community of the “blatant government overreach and selective enforcement” that Ripple has had to struggle with in court for nearly four years, defending itself against the Securities and Exchange Commission and its chairman, Gary Gensler, who will step down at the end of January. Ripple scored two major victories, in July 2023 and then in late 2024, proving that XRP was not a security (in secondary markets) and reducing the $2 billion fine sought by the SEC to $125 million.
Deaton stressed that apart from the issue of regulatory clarity, the cryptocurrency space also suffers from excessive regulations that “continue to stifle innovation” within the country.
The only solution to many of the issues Deaton mentioned is to eliminate bureaucracy - the red tape that governs the United States. He gave the situation with the housing shortage crisis in the country as an example, and the necessity of waiting “two stages” of years to withdraw the necessary permits.
Ripple advocate Deaton hopes the new president's administration will accomplish this and at least partially solve the problem — and not just for the cryptocurrency industry, causing a "ripple effect." We hope to see Ripple's impact (pun intended) across all industries, due to the excitement for the new administration.
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