Brad Garlinghouse, the CEO of the blockchain payment company Ripple, believes that despite the recent crackdown from the US Securities and Exchange Commission (SEC) against Kraken and its crypto staking services, there is still a lot of positive news in terms of crypto adoption worldwide. He believes people should look at other jurisdictions, such as Dubai, Australia, South Korea, the UK, and Brazil, which are significantly more friendly towards the industry. Garlinghouse also blasted the US for its controversial approach.
Coinbase CEO Brian Armstrong also commented on the then-rumors of the SEC clampdown, asserting that it “would be a terrible path for the US if that was allowed to happen.” He stated that staking provides multiple benefits for users and the industry, including scalability, increased security, and reduced carbon footprints. However, Coinbase’s shares still fell by over 14% in a day due to the SEC’s action, as a large portion of its revenue comes from staking. Despite this, Garlinghouse remains optimistic about the future of crypto adoption worldwide.
