Ripple Asserts That the U.S. Crypto Market is Lagging Behind Asia
Ripple’s APAC Managing Director, Fiona Murray, has expressed concerns that the United States is lagging behind regions like Singapore and the UAE in fostering a crypto-friendly environment.
During Token2049 in Singapore, Murray emphasized that while the U.S. has significant potential, it remains far behind in crypto regulation and innovation.
Much of Ripple’s growth and innovation has been driven by Singapore, a region that offers a “stable environment” with solid infrastructure, regulatory clarity, and active support from banks like DBS, Southeast Asia’s largest bank. This contrasts with the U.S., where a “lack of open-mindedness” has pushed many crypto founders to more supportive regions.
Elections Alone Won’t Fix U.S. Crypto Challenges
Murray believes that even though the U.S. is behind, there is still time to catch up, but it will require more than just favorable election outcomes.
She noted that true progress hinges on enabling U.S. banks to support Web3 and blockchain projects, something already happening in countries like Singapore.
Murray remains skeptical that the upcoming elections will provide a quick solution, emphasizing the need for regulatory and infrastructural clarity.
Despite recent high-profile events, such as former President Donald Trump purchasing a burger with Bitcoin and signs that some U.S. lawmakers are warming to crypto, Murray believes the election alone won’t solve the U.S.’s crypto challenges.
She stressed the need for a supportive banking community, adequate infrastructure, and a shift in regulatory attitudes to create a thriving environment for digital assets.
Ripple’s Resilience: Battling the SEC
Murray’s comments come against the backdrop of Ripple’s ongoing legal battle with the SEC. Ripple Labs was recently ordered to pay a $125 million fine for allegedly using its XRP cryptocurrency as an unregistered security.
Though the fine is substantial, Ripple CEO Brad Garlinghouse viewed the court’s decision as a win for both Ripple and the broader crypto industry, given that the original SEC proposal was reduced by 94%.
In conclusion, while the U.S. has significant potential to lead the crypto space, regions like APAC are currently setting the pace, and it may take more than elections to shift the tide.
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