The United States is currently lagging in the realm of cryptocurrency, and while there were recent hopes for change, Fiona Murray, the managing director of Ripple Asia Pacific, believes that the upcoming election is unlikely to bring immediate improvements.
However, there’s still potential for progress, according to Murray. During a discussion with Cointelegraph at Token2049 in Singapore, she pointed out that much of Ripple’s innovation is primarily occurring in Singapore rather than within the United States. She attributed this shift to a “lack of open-mindedness” in the US, which has prompted numerous crypto entrepreneurs to seek more favorable conditions in Asia and other regions.
Murray highlighted that the Asia-Pacific (APAC) region offers a “stable environment” and robust core infrastructure that fosters healthy development within the crypto sector. She noted that banking institutions in Singapore, particularly DBS Bank—the largest in Southeast Asia—are leading the way by collaborating with responsible Web3 companies, a move encouraged by local regulators.
“It’s not solely about regulation,” she stated. “You also need a supportive banking community, along with the necessary infrastructure and organization. While the US is currently behind, there is potential for it to catch up,” Murray added.
Although Donald Trump made headlines as the first former US president to purchase a burger using Bitcoin, and there’s a sense that Democrats may be becoming more receptive to cryptocurrency, Murray remains skeptical that the upcoming elections will provide a straightforward solution for the US crypto landscape.
“I think it’s more than just the elections […] you need to enable all banks to back Web3 communities to foster growth from that point,” she explained.
Despite her reservations, Murray is optimistic that regulatory clarity and infrastructure improvements are on the horizon for the US—it’s merely a matter of time.
“Once that clarity is established and the infrastructure is in place, if we can witness major banks entering this space, the opportunities for tokenizing and safeguarding assets could significantly shift the landscape,” she noted.
Her remarks come amid indications that the US Securities and Exchange Commission may be preparing to appeal against Ripple Labs in their ongoing legal battle. The regulator recently agreed to accept a delayed payment of a $125 million fine, which a federal judge ordered Ripple Labs to pay for allegedly using its native cryptocurrency, XRP, as an unregistered security for fundraising.
Ripple Labs CEO Brad Garlinghouse celebrated the ruling, calling it a “victory for Ripple, the industry, and the rule of law,” especially considering the court reduced the SEC’s proposed penalty by an impressive 94%.