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Ripple CEO says the U.S. lacks regulatory clarity on cryptocurrency


Ripple CEO Brad Garlinghouse said the lack of clarity in U.S. regulation of cryptocurrencies is “frustrating.”

Known for the cryptocurrency XRP, the fintech company has been caught in a high-stakes legal tussle with the U.S. Securities and Exchange Commission since last year.

In December, the SEC filed charges against the firm, Garlinghouse and a Ripple co-founder, alleging they raised more than $1.3 billion through an unregistered securities offering.

Garlinghouse said the U.S. has yet to provide clear regulatory guidelines for cryptocurrencies unlike countries in Asia.

“I give credit to markets like Singapore and even parts of Korea where there really has been a thoughtful government-led effort to define and have clear regulatory frameworks around cryptocurrencies,” he told CNBC’s “Squawk Box Asia” on Friday.

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