John Deaton, the founder of CryptoLaw and a strong supporter of Ripple, has expressed his thoughts on the Ripple CEO’s recent comment about Ripple growing rapidly in the US since early November. He suggested that this expansion could provide a comprehensive approach for both Ripple and other cryptocurrency companies to flourish within the United States market.
American crypto business suffers from lack of regulatory clarity: Deaton
In a recent tweet, John Deaton shared comments from Ripple’s CEO Brad Garlinghouse, who stated that within the last six weeks of 2024, Ripple had secured more partnerships in the U.S. compared to the first half of the year prior.
In the last six weeks following the election in 2024, we sealed more U.S. agreements than we did in the preceding six months.” – Ripple CEO, Brad Garlinghouse
Just as I’ve mentioned before, it’s challenging to quantify the harm that the absence of regulatory clarity has inflicted on businesses like @Ripple in the U.S. I can’t express…
— John E Deaton (@JohnEDeaton1) January 5, 2025
Deaton emphasized the difficulty in quantifying the harm inflicted on Ripple and other American-based cryptocurrency companies due to the unclear regulatory landscape for the crypto industry. He acknowledged frequent encounters with crypto businesses whose teams express a preference to bypass the U.S. market and refrain from offering their services to U.S. investors.
Simple solution to many of these problems per Deaton
The founder of CryptoLaw recently emphasized to the public about the lengthy legal battle Ripple faced due to excessive government intervention and biased enforcement actions, which persisted for nearly four years in court against the SEC and its chair, Gary Gensler, who is set to leave his post at the end of January. However, despite these challenges, Ripple achieved significant triumphs. Firstly, they won a major case in July 2023, demonstrating that XRP was not considered a security on secondary markets. Then, later in 2024, they successfully negotiated the reduction of the $2 billion fine initially imposed by the SEC to a more manageable sum of $125 million.
In simpler terms, Deaton emphasized that apart from the need for clear regulation, there’s also too much existing regulation in the field of cryptocurrencies which he believes is hindering new ideas and progress within the nation.
A potential approach to addressing several problems, as proposed by Deaton, involves streamlining processes and minimizing bureaucracy – the excessive regulations that currently dominate in the U.S. He used the ongoing housing shortage crisis in the country as an illustration, highlighting the lengthy process of obtaining permits, which can take up to two years.
I’d be delighted if the new administration’s actions could bring about a ripple effect (a playful reference to Ripple), positively influencing multiple sectors as a result of their enthusiasm.
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2025-01-06 13:27