Long joins other executives to predict an industry departure from the U.S.
In a recent CNBC interview, Ripple President Monica Long lent her voice to several issues affecting the blockchain payments company and the industry.
Recall that Long assumed the role of president in January after nearly ten years at the company.
During the interview, shared on YouTube two days ago, Long expressed confidence about the company’s chances in its legal battle with the United States Securities and Exchange Commission (SEC). Notably, the extended legal battle now awaits a ruling from the judge. The SEC claims that Ripple’s sale of XRP to fund its business violates securities law, with the SEC maintaining that XRP is an unregistered security. Conversely, Ripple and most XRP holders refute the SEC’s stance on the asset’s classification.
A positive outcome is unlikely for the SEC, according to the Ripple executive, who asserted that the facts and law favored the defendants. She also decried the dominant approach of regulation by enforcement in the U.S., pointing out that Europe was doing much better despite having about 27 sovereign states. Consequently, Long reiterated views recently shared by fellow executive Brook Entwistle that the company is focusing expansion efforts abroad.
According to Long, fellow industry participants are downsizing due to the crypto market rout. However, Ripple continues to expand. The company president asserts this is due to its focus on real-world utility.
While it is difficult to tell whether the crypto winter has ended, the Ripple executive disclosed that she believed the industry and the technology were here to stay. For Long, it is now a matter of which jurisdictions decide to welcome it, predicting a widespread departure from the U.S.
Meanwhile, Long noted that the firm has continued to see customer growth in Q1, despite recent fears in the banking sector.
It is worth noting that the crypto market in the U.S. is embroiled in uncertainty as regulators, particularly the SEC crank up enforcement actions with no clear rules for the industry. As highlighted in a report yesterday, Coinbase, the top crypto exchange in the U.S., received a threat of litigation from the SEC.
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