Donald Trump

United

President Donald Trump

<p>Ripple’s APAC Managing Director, Fiona Murray, has raised concerns about the United States lagging behind <a href="https://coinpedia.org/cryptocurrency-regulation/cryptocurrency-regulations-in-singapore/" target="_blank" rel="noreferrer noopener">crypto-friendly regions like Singapore</a> and the UAE. At Token2049 in Singapore, she emphasized that, despite the U.S.'s significant potential, it is far behind in <a href="https://coinpedia.org/cryptocurrency-regulation/cryptocurrency-regulation-in-the-usa/" target="_blank" rel="noreferrer noopener">crypto regulation and innovation</a>.</p>   
<p>But why is this happening? And what does it mean for the future of crypto in America? Read on to find out.</p>   
<h2 class="wp-block-heading" id="h-forging-the-path-to-progress">Forging the Path to Progress </h2>   
<p>Murray noted that much of Ripple’s growth and innovation has come from Singapore, which offers a “stable environment” with strong infrastructure, clear regulations, and support from banks like DBS, Southeast Asia’s largest bank. In contrast, the U.S. has seen a “lack of open-mindedness” that has pushed many crypto founders to more welcoming regions.</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/PubKey_NYC/status/1836510708634390680 
 </div>
</figure>   
<p>While Murray acknowledges that the U.S. has some catching up to do, she remains hopeful about the future. However, she insists that real progress will require more than just favorable election outcomes. A key factor is enabling U.S. banks to support Web3 and blockchain projects—something already happening in Singapore.</p>   
<p>Murray is skeptical that the upcoming elections will offer a quick fix, highlighting the urgent need for clearer regulations and better infrastructure.</p>   
<h2 class="wp-block-heading" id="h-elections-alone-won-t-fix-crypto-challenges"><strong>Elections Alone Won’t Fix Crypto Challenges</strong></h2>   
<p>Despite recent high-profile events, like former President Donald Trump using <a href="https://coinpedia.org/news/trump-becomes-first-president-to-use-bitcoin-publicly-buys-burgers-for-fans/" target="_blank" rel="noreferrer noopener">Bitcoin to buy a burger</a> and some U.S. lawmakers showing a warmer attitude toward crypto, Murray believes elections alone won’t solve the U.S.’s crypto challenges.</p>   
<p>She stresses the need for a supportive banking community, adequate infrastructure, and a shift in regulatory attitudes to create a thriving environment for digital assets.</p>   
<h2 class="wp-block-heading" id="h-ripple-s-ongoing-battle-with-the-sec"><strong>Ripple’s Ongoing Battle with the SEC</strong></h2>   
<p>Murray’s comments come against the backdrop of Ripple’s ongoing legal battle with the SEC. Ripple Labs was recently <a href="https://coinpedia.org/news/ripple-vs-sec-whats-next-after-the-125m-settlement-in-xrp-lawsuit/" target="_blank" rel="noreferrer noopener">ordered to pay a $125 million</a> fine for allegedly using its XRP cryptocurrency as an unregistered security.</p>   
<p>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%.</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/bgarlinghouse/status/1821289051191963861 
 </div>
</figure>   
<p>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.</p>   
<p>Also Check Out: <a href="https://coinpedia.org/news/the-difference-between-xrp-trust-and-buying-xrp-coach-jvs-insights/" target="_blank" rel="noreferrer noopener">Ripple News: Grayscale’s New XRP Trust – Is It Better Than Buying XRP?</a></p>   
<p><strong>Is it time for the U.S. to catch up in the crypto race? Let us know your thoughts.</strong></p>

Coinpedia Fintech News

Table of Contents

CoinPedia News

Other articles published on Sep 20, 2024

The Altcoin Boom: 3 Cryptos Set to Explode Like Bitcoin in 2024!

ParaFi Capital Chooses Avalanche for Tokenization of its $1.2B Fund

Coinpedia Fintech News

Early Bitcoin Moves Shake Crypto Sphere

ICYMI: Highlights from the AMA with Zeebu Founders, SilentSwap, and Crypto Megan

Is Bitcoin Poised for a Major Breakout Beyond $65K?

Join our free newsletter for daily crypto updates!