Regulatory Clarity Fuels Adoption of XRP, Ripple Ecosystem Grows
• Ripple CEO Brad Garlinghouse said that regulatory clarity has been desperately missing in the US while other countries continue to move ahead.
• He praised countries such as Dubai, Australia, and the UK for their work on crypto regulation by providing compliance standards, issuance rules, advertising regulations and more.
• Despite the lack of regulatory support in the US, Ripple continues to progress.
Regulatory Clarity Missing in US
Ripple CEO Brad Garlinghouse recently shared some positive updates for the crypto space regarding global regulations. He noted that despite strong regulatory sentiments in the US there is a lack of clarity when it comes to digital assets. He further highlighted how other countries are making strides towards providing more clarity with regards to cryptocurrency regulations such as compliance standards, issuance rules, advertising regulations and more.
Countries Making Progress
Garlinghouse praised countries such as Dubai for living up to its image of being tech-forward by publishing an „extensive new set of tech-agnostic rulebooks for crypto market participants“. Similarly, Australia’s Treasury recently published a token mapping consultation and sought public input on existing frameworks while UK HMT released a new consultation showing up government’s intent to publish a clear and proportionate framework thereby allowing firms to innovate without compromising on financial stability. South Korea’s Financial Services Commission (FSC) also published guidelines to clearly distinguish between a security token and a payment token.
Ripple Expects Growth
Despite any kind of regulatory support in the US, Garlinghouse said that Ripple continues to progress with its focus on three core areas: transparency, speed, and efficiency which will result in growing adoption of its blockchain solutions. At the same time he took a shot at US regulators noting that several other jurisdictions continue to work on regulatory clarity but these efforts from the US regulators are „desperately missing“.
Positive Outlook From Other Nations
Other nations however have taken positive steps towards fostering growth within this space with Brazil’s new legislative framework being one example of this forward-thinking attitude towards cryptocurrency regulations. This is where companies like Ripple are taking advantage off as they can operate freely under clearer guidelines provided by these nations‘ respective governments or financial authorities.
Overall it appears that despite lack of clarity from certain governments or financial institutions regarding cryptocurrency regulations there is still significant progress made in terms of creating better visibility around this sector which will ultimately result in wider adoption once these rules become commonplace throughout different parts of the world.