In a Mar. 3 Bloomberg interview, blockchain-based digital payment network Ripple’s CEO Brad Garlinghouse, suggested that the SEC's approach to regulation is putting the U.S. at “severe risk” of not being a hub for the next evolution of blockchain and crypto innovation.

Garlinghouse noted that the regulator’s case against Ripple, is them simply playing “offense” and “attacking” the industry as a whole, adding that if the SEC is “able to prevail,” there will be “a lot of other cases.”

He suggested that the crypto industry has “already started moving outside” of the U.S., given its crypto regulation process is "behind" other countries such as “Australia, UK, Japan, Singapore and Switzerland.”