One of the reasons for the regulatory chaos in the US is the way various financial institutions, state governments, and even the US Congress wield power especially in the field of crypto. And one blockchain company that knows this very well is Ripple,
Ripple CEO Call on the US Congress to Act Fast
In his opinion of the views of law on crypto regulation on November 2, Ripple CEO Brad Garlinghouse called on the US Congress to play a “leading role” in clarifying the regulatory situation surrounding cryptocurrencies.
Garlinghouse isn’t the only one to agree with this view, however. Stuart Alderoty, Ripple’s general counsel, claimed that certain sections of the US Congress have worked hard to move forward.
Unfortunately, he warned that if the United States continues to postpone its decision, foreign economies could be ahead of the United States. The executive has taken the European Union as a model.
Will the US Ever Lead Crypto Space?
After learning that crypto is unlikely to be banned in the United States, investment expert Anthony Pompliano also urged the country to come forward and bring crypto innovations to its shores.
Insisting on creating a “favourable environment” for industry players, he outlined the methods regulators can use,
He mentioned that the regulator can encourage investors to come, if they can assure them, they will provide investors with a sandbox that is not very burdensome from a regulatory point of view and will provide them with a favourable tax environment to build that environment.
Pompliano also claimed that the SEC and the Federal Reserve have no power or ability to ban crypto. In fact, even SEC chairman Gary Gensler recently made it clear that the crypto ban will be the decision of Congress. Against this background, the attractiveness of Garlinghouse has a new meaning.
But the problem here is the SEC lawsuit against Ripple Labs. Cryptocurrency watchers now know the case will last until next year as the discovery deadline is pushed back to January 14th.
Australian Regulator Welcomes Ripple’s Recommendation on Financial Technology Regulations
On October 24, a Ripple official announced that Australian policymakers had included Ripple’s recommendations in their report on the country’s financial technology regulatory framework. Ripple once suggested introducing “non-technology” regulations.
The San Francisco-based blockchain company also recommended a principles-based framework rather than a normative one. Finally, the company proposed a risk-based approach to protect the ecosystem while encouraging investment.
Ripple’s Alderoty appears to be welcoming the move, noting that Australian regulators are on the same side as industry stakeholders.