“I am cautiously optimistic” – These are the words of Brad Garlinghouse and are about seeing – finally – the advent of a regulatory framework on the matter cryptocurrencies in the United States in 2023. The managing director of Ripple begins the year with a measured optimism that he shares in a long message on social media. On the occasion of the opening of the 118th Congress in Washington, he takes stock of the panorama regulate in his country and defines the stakes of a regulation adapted to his sector of activity. Between pragmatism and hope, the words of an old crypto backpacker.
Ripple CEO Highlights Encouraging Signs of Possible Regulatory Evolution…
The managing director of Ripple he knows what he’s talking about regulations on cryptocurrencies. His company opposes from 2020 to Securities and Exchange Commission (DRY) which is the regulator of American finance. In question, the nature of the XRP from a legal point of view. Is it a financial asset like any other? The regulator says yes while the company says no. The process has been going on for several months now and the entire ecosystem hangs on this decision that could be decisive beyond the company alone.
Well aware of the problems, Brad Garlinghouse take advantage of the opening of the Congress to put pressure on the MPs. Furthermore, he is pleased that the desire for adequate regulation is supported across the board by elected officials Democrats, but also republicans. Likewise, she has both behind her deputies and senators, which will be crucial for a hypothetical vote in favor of crypto. Then he reminds his audience of that part of the job regulate it has already started. Indeed, the debates about stablecoins or centralized exchanges have given rise to interesting bills.
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…while warning against hesitations that would ultimately be harmful.
Cite as an example the Securities Clarity Actthe Responsible Financial Innovation Act and the clarity law for digital tokens. All of these lyrics the legislation in preparation aims to create a framework an adequate legal framework for the development of the sector. Even the CEO of Ripple encourages MPs moving forward to meet current challenges, even at the cost of making mistakes:
“No law is perfect and there will probably never be one that satisfies everyone. But perfection shouldn’t be the enemy of progress. These proposals provide much more than a starting point for the debate of this new Congress. Because the stakes couldn’t be higher. »
Because according to this informed observer, there is emergency act. First of all, some part of the world is moving faster than your country, which could create an environment competitive bad for American businesses. But above all, he continues, the status quo benefits countries with higher regulatory standards weak. This could have consequences other disasters like FTX. Finally, finish by vibrating the fiber patrioticvery sensitive among our overseas friends:
“The 118and Congress faces a historic opportunity to ensure that the United States remains a leader in innovation for decades to come. Let’s hope he manages to catch it. »
Brad Garlinghouse exposes all issues in a few thousand characters on Twitter regulate of next year. Both for his company, but also for the entire cryptocurrency industry. Why around United States, things are moving forward. Inside theEuropean Unionfor example, we are already talking of a MiCA 2 regulation. While in our hex, PSAN approval it could become the norm.
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