Ripple’s CEO brad garlinghouse, has warned that the US Securities and Exchange Commission (SEC) regulatory approach is putting the US at risk of missing out on being a global hub for the next evolution of blockchain and cryptographic innovation. In a recent Bloomberg interview, Garlinghouse suggested that the SEC’s enforcement-focused approach, rather than working collaboratively with industry, is not a healthy way to regulate an industry.

Garlinghouse noted that the SEC’s case against Ripple is an example of the regulator simply playing “offense” and “attacking” the industry as a whole, instead of taking a constructive approach to regulation. He added that if the SEC is “able to prevail,” there will be “plenty of other cases.”

Garlinghouse argued that the crypto industry has “already started to move out” of the US given that its crypto regulation process lags “behind” other countries such as Australia, UK, Japan, Singapore and Switzerland. He praised these countries for taking “the time and consideration” to create “clear rules of the road” and suggested the US should do the same to remain competitive.

Garlinghouse believes that the framework process must begin by outlining clear protections for consumers. He added that consumers are suffering from the “lag” as they do not have the “same protection” that regulatory frameworks can provide.

Meanwhile, John Deaton, founder of legal news outlet Crypto Law Lawyer, recently issued a call to action to his 245,000 Twitter followers, stating that all companies in “active litigation” with the SEC should collaborate and develop “coordinated strategies.” “, adding that it is “war”. This comes after Blockchain Association CEO Kristin Smith told Bloomberg in a Feb. 22 interview that the crypto-regulatory process in the US is happening “behind closed doors” and that more participation of the industry is vital in an “open process”.