Monica Long, President of Ripple Labs Inc., stated in an interview that “U.S. regulators should take note of innovations being put forth by several Asian countries for paramounting the way in developing global crypto regulations.”
“You see lots of countries in Asia, like Singapore or Japan, really showing leadership in providing clarity around how they’re going to regulate crypto,” said Long. In addition, Long proclaimed that she is positive about the development plan for Asian crypto regulations.
Long also commended the European nations for working on their common regulatory framework called ‘Markets in Crypto Assets’, which is scheduled for a final vote in Parliament that is being considered to be held on April 19.
“You juxtapose this with what’s happening in the United States, where the government can’t get its act together in terms of deciding how they’re going to regulate the industry,” Long stated further.
Besides overall development taking place in Asia, crypto businesses in the U.S. may likely face challenges in finding local banking partners after the downshift of Silicon Valley Bank, Silvergate Bank, and Signature Bank, the three major crypto-focused banks in the country.
“It is substantially imperative for the U.S. to embrace this innovation and make it work within their regulatory systems so that we’re protecting consumers while allowing innovation to thrive. Right now, it’s a bleak picture for the U.S. with this crypto crackdown. We see the innovation leaving American shores,” said Long.
Moreover, the firm is fighting its own legal battle against the U.S. Securities and Exchange Commission for allegedly vending $1.3 billion in unregistered securities.
“The implications for the case are very broad-reaching for the crypto industry because we expect that this decision will ultimately set a precedent for how the U.S. government will look at categorising crypto assets and regulating them,” Long concluded.
- Published By Team Genuine Reporter