The founder of CryptoLaw and prominent Ripple advocate, John Deaton, recently shared his thoughts on a statement made by Ripple CEO regarding the company’s rapid expansion in the US since early November. He believes that there is a universal solution for Ripple and other crypto companies to thrive in the USA.
American crypto business suffers from lack of regulatory clarity: Deaton
John Deaton referenced a statement by Ripple CEO Brad Garlinghouse, who mentioned that since the election of a pro-crypto president in early November, Ripple has secured more deals in the US in the past six weeks of 2024 than in the previous six months.
“We signed more US deals in the last six weeks of 2024 (since the election) than the previous six MONTHS.”@Ripple CEO @bgarlinghouse
As I’ve said, it’s impossible to estimate the damage the lack of regulatory clarity caused American businesses like @Ripple. I can’t tell you…
— John E Deaton (@JohnEDeaton1) January 5, 2025
Deaton highlighted the detrimental impact of the lack of regulatory clarity on Ripple and other crypto companies operating in the US. He noted that many crypto businesses have opted to avoid the US market and refrain from offering their services to US-based investors.
Simple solution to many of these problems per Deaton
Deaton emphasized the challenges faced by Ripple in dealing with regulatory uncertainties and government enforcement actions, particularly in its legal battle against the SEC and Chairman Gary Gensler. Despite facing obstacles, Ripple achieved significant victories in proving that XRP was not a security and reducing the SEC’s initial fine demand.
In addition to regulatory ambiguity, Deaton pointed out that excessive regulations in the cryptocurrency space continue to hinder innovation within the country.
The key solution to addressing these issues, according to Deaton, lies in eliminating bureaucratic hurdles and red tape prevalent in the US. He cited examples such as the lengthy permitting process for housing projects, which can take up to two years to obtain.
Deaton expressed optimism that the incoming administration will work towards streamlining regulations, not just for the crypto industry but across various sectors, creating a positive ripple effect of change. He hopes that the excitement surrounding the new administration will lead to progress and innovation.