Ripple CEO Brad Garlinghouse has criticized the US for being backward in establishing clear regulatory frameworks for cryptocurrency-related activities, while other regions like the EU, UAE, and UK have moved forward with new regulatory frameworks. Garlinghouse chose to focus on the positive events happening in other parts of the world, such as the EU approving its first comprehensive framework to regulate its cryptocurrency industry and the UAE releasing a rulebook for regulating cryptos. The US is struggling to establish clear rules for its crypto industry and has yet to identify which crypto assets should be classified as security or commodity. The SEC has been ignoring calls from industry stakeholders to establish clear crypto rules.

(By LELE JIMA)