As fears are mounting over the recent actions of the United States Securities and Exchange Commission (SEC) in the cryptocurrency sector, the CEO of Ripple, Brad Garlinghouse, has tried to put the community at ease by drawing attention to the positive regulatory efforts in other countries.
Indeed, Garlinghouse described as ‘energizing’ the number of positive global regulatory developments in the world in just the last few weeks, in the face of the offensive that the crypto market is currently experiencing in the U.S., according to his Twitter thread from February 9.
Advanced crypto regulation worldwide
Specifically, the Ripple CEO started off with the example of Dubai, which has “just published an extensive set of tech-agnostic rulebooks for crypto market participants, covering compliance standards, advertising, issuance, and much more, (…) continuing its history of being tech-forward.”
Furthermore, he also highlighted the fact that the Treasury of Australia was seeking ways to reform licensing and custody for crypto and improve consumer protection, as it issued a token mapping consultation and urged the public to provide feedback before updating the existing frameworks.
As for the United Kingdom, Garlinghouses stressed the publication of a new consultation by its finance ministry, which “reflects the government’s intent to establish a proportionate, clear framework that allows firms to innovate while maintaining financial stability.”
At the same time, he drew attention to the efforts of the South Korean Financial Services Commission, which recently published guidelines outlining “what would be considered a security token vs. a payment token, and how those are separately governed.”
Finally, on the other side of the world, Brazil’s President Jair Bolsonaro has recently signed a new legislative framework that legalizes the use of cryptocurrencies as a payment method within the country, although it does not yet make crypto legal tender.
One thing in common for all these countries and their regulators, Garlingouse said, is the fact that they are “providing leadership and doing the work that we are desperately missing in the U.S. – unsurprisingly, this is where companies like Ripple are growing!”
Meanwhile in the United States
As a reminder, the crypto world was recently shaken by news of the SEC charging the crypto trading platform Kraken with securities fraud, which led to the crypto exchange suspending its staking services for U.S. customers.
In the meantime, Ripple is struggling with the U.S. regulator in a widely publicized lawsuit in which the SEC is accusing the blockchain company of illegally selling the XRP token. The regulator was criticized for treating Ripple like a Ponzi scheme, as the market awaits the court’s decision and its impact on the price of XRP.
Featured image via Ripple YouTube