Most participants in the cryptocurrency industry want to do the right thing from a regulatory perspective. This view was expressed by Ripple CEO Brad Garlinghouse during a panel discussion at a forum in Davos, Cointelegraph reported.

According to him, this requires a regulatory framework that will serve the indispensable principles of “transparency and certainty”.

“But when the rules of the game are not clear, it’s very difficult to deal with,” said Garlinghouse.

The Ripple CEO emphasized that he personally visited the office of the US Securities and Exchange Commission (SEC) “four or five times in the years leading up to the decision to file a lawsuit.”

“This shows how far behind the US is” G20“, added.

Garlinghouse listed Switzerland, Singapore, the United Kingdom and Japan among countries with more favorable regulations for the development of technological innovation.

In October 2020, Ripple co-founder Chris Larsen announced plans to relocate the company’s office to Europe or Asia due to the overregulation of the cryptocurrency industry in the United States.

Garlinghouse later explained that Ripple had taken a wait-and-see approach to the change in mandate – management wanted to understand how the situation would change once the Joe Biden administration began.

At the end of the year, the SEC filed suit against Ripple, Garlinghouse, and Larsen. The company called the regulator’s actions “an attack on the entire cryptocurrency industry in the country”, and its CEO called it a “terrible precedent”.

The proceedings regarding the case are still ongoing. Earlier, Fox Business journalists published a large-scale investigation and concluded that the agency employees behind the case may be linked to Ethereum.

A potential conflict of interest was also pointed out by the non-profit organization Empower Oversight.

Recall that Garlinghouse positively evaluated the progress of the process and allowed it to be completed by the end of 2022.