Ripple (XRP) on a ‘A Real Approach to Cryptocurrency Regulation’
According to Ripple CEO Brad Garlinghouse, the current situation in the cryptocurrency market, in particular bitcoin, requires a review of regulatory and licensing conditions to eliminate possible problems. At the moment, all measures are aimed at ensuring legal norms for industry, markets and consumers.
The new “Real Approach to Cryptocurrency Regulation” solution takes into account these shortcomings, and the approach to regulating the cryptocurrency and digital assets market in the United States will consist in cooperation between the state and individuals, adaptation of existing norms and rules. All this undoubtedly relates to State policy.
Ripple states that this solution will be successful and the United States will succeed in developing the crypto market based on its borders, respecting the confidentiality of consumers and investors throughout the transfer process.
The head of Ripple’s public policy department, Susan Friedman, said that it will be possible to fully apply the new developments only in the case of communication without failures and cooperation between private and public entities. This issue was raised on a bipartisan basis with regulators and members of Congress, which helped to more clearly formulate the necessary requirements that should be requested from the industry.
It is assumed that cooperation between the public and private sectors will be at the heart of any legislative proposals. Any restrictions in the law or policy regarding cryptocurrencies aimed at regulating the market must comply with the conditions and conduct a dialogue between regulatory authorities and individuals. Their cooperation will improve performance indicators for both sides in the future.
The bill, which calls for the creation of a joint task force consisting of appointed representatives of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), as well as representatives of financial technology companies, financial corporations and small businesses. enterprises approved by the House of Representatives and awaiting consideration in the Senate.
It is important that each of the parties is open to dialogue, and it is also worth encouraging the activities of individuals that fit into the framework of rights and laws.