As concerns mount over recent actions by the US Securities and Exchange Commission (SEC) in the cryptocurrency sector, Ripple CEO Brad Garlinghouse has sought to reassure the community by noting positive regulatory efforts in other countries.
Yes, Garlinghouse It has been described Who has “enabled” the number of positive global regulatory developments in the world in just the past few weeks, in the face of the onslaught the cryptocurrency market is currently experiencing in the United States, according to his Twitter thread from February 9th.
Worldwide advanced encryption regulation
Specifically, the CEO of Ripple started with the example of Dubai, which has just published a comprehensive set of technology-neutral rulebooks for crypto-market participants, covering compliance standards, advertising, emissions and much more, (…) continuing its history of technological advancement. “
Additionally, he also highlighted the fact that the Australian Treasury has been looking at ways to reform cryptocurrency licensing and custody and improve consumer protection, issuing an advisory on token designation and inviting public comment before updating the existing framework.
Regarding the UK, Garlinghouses highlighted the publication of a new advisory by the Treasury, which “reflects the government’s intention to create a proportionate and clear framework that allows companies to innovate while maintaining financial stability.”
At the same time, he pointed to the efforts of South Korea’s Financial Services Commission, which recently published guidelines outlining “what can be considered a security token versus a payment token, and how to manage them separately.”
Finally, on the other side of the world, Brazilian President Jair Bolsonaro recently signed into law a new legislative framework that legalizes the use of cryptocurrencies as a payment method within the country, although it has yet to file a legal tender for cryptocurrency.
One thing all of these countries and regulators have in common, Jarlingose said, is the fact that they “provide the leadership and do the work that we sorely miss in the US — and not surprisingly, that’s where companies like Ripple grow!”
At the same time in the United States
To recall, the cryptocurrency world was recently rocked by the news that the SEC charged cryptocurrency trading platform Kraken with securities fraud, prompting the cryptocurrency exchange to suspend its services to US clients.
Meanwhile, Ripple is battling the US regulator in a widely publicized lawsuit accusing the blockchain company of illegally selling the XRP token. The regulator has been criticized for its treatment of Ripple as a Ponzi scheme, as the market awaits the court’s decision and its impact on the price of XRP.
Featured image via Ripple YouTube
Ripple CEO Praises After Global Regulatory Progress ‘Revitalized’ Amid SEC Crackdown appeared first on Coinphony.