The United States is lagging behind in the crypto space, and despite recent optimism, the election is unlikely to bring about immediate change, according to Fiona Murray, the managing director of Ripple APAC.
She does, however, believe that there is still a possibility for the US to catch up. Speaking at Token2049 in Singapore, Murray noted that most of Ripple’s innovative work was taking place in Singapore rather than in the US, attributing this to a “lack of open-mindedness” that has driven many crypto entrepreneurs to Asia and other countries where conditions are more favorable.
She highlighted the APAC region as offering a stable environment with robust infrastructure that supports the development of crypto projects. Murray pointed out that banking partners in Singapore, like DBS Bank, are at the forefront of the industry and have been urged by regulators to collaborate with responsible Web3 companies.
Murray expressed her belief that the US is currently far behind but has the potential to catch up. She acknowledged that while Donald Trump made a Bitcoin transaction, and Democrats may be showing more interest in crypto, the upcoming election is unlikely to solve all the issues facing the US industry.
Former President Donald Trump purchasing a burger with Bitcoin at the Pubkey bar in New York. Source: X
Murray emphasized that achieving clarity in regulations and infrastructure is crucial for the US, and she believes this will happen in due time. She mentioned the importance of enabling banks to support Web3 communities for the industry to thrive.
As the US SEC prepares for a potential appeal against Ripple Labs in an ongoing legal battle, Murray sees positive developments on the horizon. The SEC recently agreed to postpone the payment of a $125 million fine imposed on Ripple Labs for alleged securities violations related to XRP.
Source: Brad Garlinghouse / X
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