Ripple CEO believes that it is better to develop digital asset projects in the UAE, Singapore, UK and Switzerland

Ripple CEO Brad Garlinghouse called the United States one of the “worst places” for crypto projects. He made this statement at the Token 2049 conference held in Singapore.

“The only country I wouldn’t recommend starting a company in right now is the US,” Garlinghouse noted.

According to him, Singapore, the United Kingdom, the United Arab Emirates and Switzerland have emerged as states with smart regulatory policies for digital assets. The head of Ripple advised the U.S. authorities to adopt similar initiatives that stimulate the development of innovation and protect the interests of consumers.

According to Garlinghouse, the SEC is responsible for the current situation in the United States. With its endless proceedings with cryptocurrency companies, the regulator is waging a “political war” with the industry, believes the head of Ripple.

“You see the dynamics. It used to be that many judges said the SEC was always right and didn’t fight it. But now the picture is changing,” noted the head of the fintech company.

The US division of popular crypto exchange Binance has decided to cut its staff by about a third, including CEO Brian Schroeder.

“The actions we are taking today will preserve the company and continue to serve our customers as a cryptocurrency-only exchange. The SEC’s aggressive attempts to hurt our industry have real consequences for U.S. jobs and innovation. This is an extremely sad example of regulation,” Binance.US noted.

The company’s U.S.-based division has already been laying off employees this past summer. The trading volume on the platform has shrunk many times in 2023. At the beginning of the year this figure was $10.5 billion, and in the first 10 days of September only $70 million was traded.