Ripple Labs Inc. CEO Brad Garlinghouse has observed the possibility of China leading the United States in everything.
The cerebral overseer of Ripple, an enterprise blockchain firm behind the digital currency XRP, upon seeing how China has taken the lead in cryptocurrency and fiat currency, warned the US regulators that if care is not taking, complacence will take the country back while China leads in every stratum.
Garlinghouse, who shared an article on his Twitter page where the regulators were conscientized on the need to act fast and not turn deaf ears to digital currencies, observed that China’s grip on crypto and fiat currencies is becoming stronger day by day.
He said the country’s inactions on cryptocurrency and its inability to device favorable regulatory framework are becoming a strong disservice to the US as China takes the opportunity to create room for its personal growth.
Referencing the piece, Garlinghouse said crypto-assets like XRP are not exempted from the United States or global financial oversight.
Garlinghouse said XRP users and Ripple are willing to work with financial regulators and not against them.
Brad has been a long preacher of a standard regulatory framework and has always been looking for a roundtable conversation with regulators.
He once pleaded that regulators should not paint all crypto users and companies with the same broad brush since there are many responsible users of cryptocurrency willing to join in crafting an inclusive regulatory standard by working hand in hand with financial regulators and not against them.
The shared article by Garlinghouse confirms his several advices to the US regulators who have not been welcoming cryptocurrency.
The article confirms that China is far ahead of the US in terms of crypto, restating that the US appears completely unprepared by every indication.
China, late April, launched the first of its kind national cryptocurrency, an innovation China has been working on for the past five years.
This, no doubt, is a significant milestone for China’s central bank, being the maiden major economy to achieve and test a world-class national digital currency without any glitch.
The US has been at trade war with China with the former putting in place several policies to cut China’s hands from its economy.
The ongoing COVID-19 pandemic also fueled the discord between the two countries, forcing the US to cut funding with the World Health Organisation for allegedly supporting China and conniving with the country in concealing some vital information about COVID-19, therefore causing people to contract the disease unknowingly.
US President Trump had called the COVID-19 pandemic a Chinese disease, defending the statement as something that “is not racist at all”.