Fintech company Ripple CEO on regulation outlook for cryptocurrencies

Ripple, a fintech company that’s mostly known for a cryptocurrency called XRP, is number 38 on the 2021 CNBC Disruptor 50 list. Ripple CEO Brad Garlinghouse joined "Squawk Box" on Wednesday to discuss the company's approach to blockchain disrupting the financial system. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

Known for pioneering cryptocurrency XRP, Ripple has been caught in a high-stakes legal tussle with the U.S. Securities and Exchange Commission since last year.

Ripple CEO Brad Garlinghouse doubled down on his frustration surrounding the lack of clarity in U.S. regulation of digital assets in an appearance on CNBC’s “Squawk Box” on Wednesday.

He says a big part of the problem with crypto regulation in the U.S. is not the cryptocurrency players, but the lack of action from the U.S. regulators compared to global peers. The SEC charged Ripple, co-founder Chris Larsen and Garlinghouse with conducting an illegal securities offering that allegedly raised more than $1.3 billion through sales of XRP.

XRP was trading up about 8% on Wednesday morning amid a crypto rebound, and it is up more than 300% year-to-date, but has fallen far from its YTD high during the recent crash in cryptocurrencies. Bitcoin had bounced back from its massive, recent decline and was hovering around $40,000 on Wednesday.

“There’s a misunderstanding of how these technologies can be applied,” Garlinghouse said. “In the United States there has been a lack of regulatory clarity. Other countries, G20 markets, they have invested the time and energy, either through legislation or rulemaking, to provide that clarity and certainty, which allows investors to participate, entrepreneurs to build.”

Ripple ranked No. 38 on this year’s CNBC Disruptor 50 list.

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