INSUBCONTINENT EXCLUSIVE:
America reluctance to regulate crypto is costing the country on startups and potentially the future of technology.
That the view of two
major names in the crypto space, Ripple CEO Brad Garlinghouse — whose company createdcryptocurrency XRP — and Michael Arrington, the
founder of TechCrunch who runs a dedicated crypto fund, who shared their thoughts at TechCrunch Disrupt San Francisco today.
While there
been no breakout blockchain company so far — excluding those that servicethe industry through crypto exchanges or mining — nearly every
major tech company has a stance on blockchain, and is actively looking into how it can work with it
While big companies as diverse as Facebook, IBM and Google are looking hardat what possible, most startups — which also bring innovation
—are being developed elsewhere in the world.
We have a few good United States investments,& Arrington said of his $100 million Arrington
&But 80-90 percent of our investments are in Asia, Europe and Israel right now because they are actually countries where there enough
regulatory certainty that entrepreneurs feel safe starting token or blockchain companies there.
Here [in the United States ] they don''t
There so much regulatory uncertainty, add to that the tax burden and the visa burden of coming here and then our current federal government
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,& he added.
"The SEC is single handedly wrecking the next stage of technology development" Michael Arrington
(Arrington XRP Capital) #TCDisrupt pic.twitter.com/MFnWRwRTXG
mdash; TechCrunch (@TechCrunch) September 5, 2018
In more stronger terms,
Arrington said the lack of clarity is &single-handedly fucking the next stage of technology development.
The SEC needs to get their act
&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.
Garlinghouse echoed those statements, whilst adding that there is certainly a need for
intervention from a regulator.
There are unequivocally bad actors in the ICO ecosystem,& he said.&There have been frauds and massive scams
— hundreds of millions of dollars, if not billions, have been heisted — if anything I&m surprised the SEC hasn''t been more
aggressive.
The clarity [around regulation] would be very helpful, there a risk that a lot of this developments ends up not being in the
United States ,& Garlinghouse explained
&The impact on the United States economy for having the internet that we think of today being very United States -centric in many ways has
been very, very positive for the United States.
Ripple CEO Brad Garlinghouse said he confident that XRP isn''t a security
While there been
plenty of speculation around what tokens that the SEC might deem to be securities, Garlinghouse said that he isn''t concerned about a
clampdown on XRP.
We joked at an all-hands meeting recently — and some people didn''t find it funny — that if Ripple shutdown tomorrow,
the XRP ledger would continue to operate
So if XRP is a security, it is a security of what& he said.
The facts are pretty clear: XRP is not a security… I don''t spend a lot of
time worrying about that.
Crypto market crashes after Goldman reportedly scraps trading plans
Note: The author owns a small amount of
Enough to gain an understanding, not enough to change a life.
