While talking on CNBC's Squawk Box Asia show, Ripple chief Brad Garlinghouse complained that the clarity of crypto industry regulation in the U.S. leaves a lot to be desired and is "frustrating."
"Asia is ahead of the U.S. regarding crypto regulation clarity"
He mentioned some leading tech hubs in Asia that are ahead of the U.S. in this respect, and he hopes that the U.S. will catch up with them soon enough.
These countries are South Korea and Singapore, he clarified, and they "have clear regulatory frameworks around cryptocurrencies."
"XRP is anything other than a currency"
Garlinghouse brought up the subject of crypto regulation in relation to the current lawsuit of the U.S. security regulator, the SEC agency, against Ripple regarding XRP and its alleged status of "an unregistered security," which the SEC has been unable to prove in court so far.
This legal suit has emerged, as per Garlinghouse, since the regulatory framework in the U.S. is still unclear. He stated that the U.S. is the only country on the planet that considers XRP anything but a currency.
So far, the CEO stated, he feels good about how the process of defending Ripple in court has been going.