Pro-XRP attorney John Deaton has reported that, like Ripple’s CEO, other CEOs have joined to hire overseas and exclude investors from the U.S.
The CEO of Ripple Labs, Brad Garlinghouse, continues to share his discontent at the state of regulation in the United States. Recall that earlier in the month, Garlinghouse confirmed that Ripple will do 80% of its hiring outside the United States.
Most recently, Attorney John Deaton, founder of CryptoLaw, took to X to note that Garlinghouse revealed Ripple’s hiring spree in Dubai, London, and Singapore at the Mainnet 2023 event.
In a follow-up post less than 24 hours, the lawyer reported that he had talked to two other CEOs. According to him, like Garlinhouse, they were hiring overseas and excluding U.S. investors.
After posting this tweet, I’ve talked to two CEOs. Both said that they were only hiring overseas and excluding U.S. investors from participating. It’s a sin what these unelected bureaucrats have done. https://t.co/CgDOV3AmkD
— John E Deaton (@JohnEDeaton1) September 20, 2023
Deaton Reacts To CEOs Going Abroad For Crypto Talents
Deaton blames the ongoing talent sourcing and exclusion of U.S.-based investors on “unelected bureaucrats.” It is no news that the attorney has been vocal about the stance of the SEC and Chair Gensler on the crypto industry.
In February, the SEC Chair prejudged that every cryptocurrency besides Bitcoin was a security. The pro-Ripple lawyer would challenge Gensler’s view on crypto tokens and the Howey test.
Hours after his recent X post, Deaton reposted a reply from Wendy O, a popular crypto YouTuber. Wendy suggested in her post that the SEC’s actions have limited the growth of the crypto industry in the United States.
Why US-Based Crypto Firms Are Hiring Globally
While Gensler’s opinion isn’t law, they have been reflected in the actions of the financial regulator. In June, the financial regulator sued top exchanges, Coinbase and Binance.US, for operating unregistered securities exchanges.
Although these enforcement actions against crypto firms have been growing, there is still a lack of regulatory clarity in the United States. Ripple’s CEO recently called Gary Gensler a bully uninterested in pursuing sound regulatory policies.
Recently, Anatoly Yakovenko, Solana’s co-founder, encouraged Congress to regulate crypto. However, he charged lawmakers to first understand the technology before looking to regulate the industry.
What Other Countries Are Doing Right
Garlinghouse highlighted Singapore, Dubai, London, and Hong Kong as regions getting it right with crypto. These regions have provided clear rules for the regulation of crypto. As a result, the crypto industry is experiencing significant growth in these regions.
The governments are partnering with the crypto industry in some of these regions. If the lack of regulatory clarity in the U.S. persists, crypto analysts predict that the crypto sector could migrate to other countries with favorable regulatory policies.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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