The CryptoLaw founder and big Ripple advocate John Deaton has shared his reflections on the Ripple CEO’s recent statement about Ripple rapidly expanding in the US since early November, offering a universal solution for Ripple’s and other crypto companies’ growth in the USA.
American crypto business suffers from lack of regulatory clarity: Deaton
In his tweet, John Deaton quoted Ripple chief executive Brad Garlinghouse who said that since the pro-crypto president won the election in early November, over the past six weeks of 2024, Ripple has signed more deals in the US than during the previous half-a-year.
“We signed more US deals in the last six weeks of 2024 (since the election) than the previous six MONTHS.”@Ripple CEO @bgarlinghouse
As I’ve said, it’s impossible to estimate the damage the lack of regulatory clarity caused American businesses like @Ripple. I can’t tell you… https://t.co/5Bmsz0bHtE
— John E Deaton (@JohnEDeaton1) January 5, 2025
Deaton underscored the “impossible to estimate damage” suffered by Ripple and other cryptocurrency businesses headquartered in the US due to the lack of regulatory clarity for the crypto industry. The Ripple advocate admitted that he has encountered many crypto businesses whose teams would say that they prefer to avoid the US market and not to offer anything to US-based investors.
Simple solution to many of these problems per Deaton
The CryptoLaw founder reminded the community about the “gross government overreach and selective enforcement” that Ripple had to struggle with in court for approximately four years, defending itself against the SEC and its chairman Gary Gensler who is to step down from his position at the end of January. Ripple scored two big victories – in July 2023 and then in late 2024 as it proved that XRP was not a security (on the secondary markets) and reduced the $2 billion fine demanded by the SEC down to $125 million.
Deaton stressed that, aside from the issue of regulatory clarity, the cryptocurrency space also suffers from excessive regulations that “continue to stifle innovation” within the country.
The only solution to many of the issues mentioned by Deaton is the elimination of bureaucracy, of the red tape that rules in the US. He gave the situation with housing shortage crisis in the country as an example and the necessity to wait for “two years to pull necessary permits.”
The Ripple advocate Deaton hopes that the new president’s administration will make that happen and solve the problem at least partly, and not only for the crypto industry, causing a “ripple effect. “Hopefully, we see a Ripple effect (pun intended) throughout industries, caused by the excitement of a new administration.”
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