It’s been just reported that Ripple’s CTO David Schwartz addresses the lack of regulatory clarity that surrounds the crypto sector in the US.
The US will be left behind if things don’t change
During a new interview on Thinking Crypto, the CTO said that the manner in which the US government approaches emerging industries is triggering fear among people who are trying to build something new.
“[In] other countries there’s always a possibility that they’ll put new regulations on something new and as well they should. If something new comes out that’s unregulated, reasonable; sensible regulation makes sense. And sometimes, in the short term, they’ll panic a little bit and say, ‘Let’s just stop this until we can decide what the policy is going to be,” he said as cited by the Daily Hodl.
He continued and pointed out the fact that “That’s not what you see in the US. What you see in the United States is just this absolute fear that regulators will turn around and say, ‘You should have realized years ago what you were doing was clearly illegal despite the fact that regulators themselves don’t even know.’”
He also explained that he is worried that if the US continues to create what he sees as an unfriendly environment for innovation in the crypto and blockchain sector, innovative firms will take their business elsewhere, and the US will be left behind.
Check out the video above in order to learn more details about what he had to say.
Crypto adoption intensifies
In other news, Bitcoin and crypto adoption is intensifying these days. Important names such as Elon Musk, Michael Saylor and more and boosting Bitcoin and triggering more and more adoption.
The other day, we were reporting that Saylor had something interesting to say about the king coin. Check out the post that he shared on his IG account.
#Bitcoin is an orange star burning with a trillion dollars of energy in cyberspace, making it the most stable monetary body in our economic universe.
— Michael Saylor (@michael_saylor) March 24, 2021
Stay tuned for more news.