Ripple Exec Slams USA Crypto Markets as Singapore Takes the Lead

Ripple’s APAC Managing Director, Fiona Murray, has raised concerns about the United States lagging behind crypto-friendly regions like Singapore and the UAE. At Token2049 in Singapore, she emphasized that, despite the U.S.’s significant potential, it is far behind in crypto regulation and innovation.

But why is this happening? And what does it mean for the future of crypto in America? Read on to find out.

Forging the Path to Progress

Murray noted that much of Ripple’s growth and innovation has come from Singapore, which offers a “stable environment” with strong infrastructure, clear regulations, and support from banks like DBS, Southeast Asia’s largest bank. In contrast, the U.S. has seen a “lack of open-mindedness” that has pushed many crypto founders to more welcoming regions.

While Murray acknowledges that the U.S. has some catching up to do, she remains hopeful about the future. However, she insists that real progress will require more than just favorable election outcomes. A key factor is enabling U.S. banks to support Web3 and blockchain projects—something already happening in Singapore.

Murray is skeptical that the upcoming elections will offer a quick fix, highlighting the urgent need for clearer regulations and better infrastructure.

Elections Alone Won’t Fix Crypto Challenges

Despite recent high-profile events, like former President Donald Trump using Bitcoin to buy a burger and some U.S. lawmakers showing a warmer attitude toward crypto, Murray believes elections alone won’t solve the U.S.’s crypto challenges.

She stresses the need for a supportive banking community, adequate infrastructure, and a shift in regulatory attitudes to create a thriving environment for digital assets.

Ripple’s Ongoing Battle with the SEC

Murray’s comments come against the backdrop of Ripple’s ongoing legal battle with the SEC. Ripple Labs was recently ordered to pay a $125 million fine for allegedly using its XRP cryptocurrency as an unregistered security.

Though the fine is substantial, Ripple CEO Brad Garlinghouse viewed the court’s decision as a win for both Ripple and the broader crypto industry, given that the original SEC proposal was reduced by 94%.

In conclusion, while the U.S. has significant potential to lead the crypto space, regions like APAC are currently setting the pace, and it may take more than elections to shift the tide.

Also Check Out: Ripple News: Grayscale’s New XRP Trust – Is It Better Than Buying XRP?

Is it time for the U.S. to catch up in the crypto race? Let us know your thoughts.