and Dubai, “governments are partnering with the industry and you’re seeing leadership, they’re providing clear rules and you’re seeing growth,” Garlinghouse said on Bloomberg Television. In the likes of Singapore, Hong Kong, the U.K. The SEC sued Ripple in 2020, alleging the company failed to register the XRP token as a security.Įarlier this month, Ripple objected to an SEC request to appeal a court ruling that tokens aren’t securities when sold to the public. It’s when it’s not clear what being a good actor looks like, that makes it hard.” “Strictness doesn’t bother me,” said Brad Garlinghouse, chief executive of San Francisco-based crypto payments company Ripple Labs Inc., which is embroiled in a legal dispute with the SEC. Hong Kong, Singapore, Japan and South Korea are among the jurisdictions trying to create frameworks that are strict on protecting investors but also attractive to firms – a tough balancing act. Speaking before a Senate panel on Tuesday, Gensler reiterated his view that crypto is rife with fraud and misconduct.Īsia, meanwhile, is enacting crypto rules, exemplified last month by Hong Kong’s first licenses for trading platforms under its new regulations. Securities & Exchange Commission under Chair Gary Gensler views most tokens as unregistered securities and has acted against issuers and exchanges for failing to register with the agency.īut conflicting court judgments on the matter have stirred confusion in the U.S. But the environment in the US is not terribly friendly. “We have chosen not to engage in commercial activity in the US,” he said in an interview.
#Binance usa congress license#
exchange eliminated over 100 staff as the American clampdown erodes its business.Ī $2 trillion crash in digital assets since 2021 added to the challenging backdrop.Īmong the attendees was Tom Farley, a former New York Stock Exchange president who is chief executive at the Gibraltar-registered digital-asset exchange Bullish.įarley said Bullish plans to apply for a license in Hong Kong after the city rolled out a new regulatory framework to develop a crypto hub. The company heads spoke in Singapore at a high-profile Asia crypto conference, which began Wednesday right after the Binance. agencies and slow progress in Congress toward legislation to clarify the status of digital assets. Greater regulatory clarity in Hong Kong, Singapore and Japan is a drawing card, industry executives said, compared with enforcement actions and lawsuits by U.S.
Crypto is increasingly looking to Asia for a revival as the chastened sector reels from a crackdown in the U.S.
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