Cryptocurrency payment service provider Ripple continues to see global adoption of its payment services despite a lengthy legal battle with the U.S. Securities and Exchange Commission (SEC) over its XRP (XRP) token. there is
In an extensive interview with Cointelegraph at Money 20/20 in Amsterdam, Sendy Young, Ripple’s managing director for Europe and the UK, said despite continued regulatory scrutiny in the US, global revealed the company’s authority to expand within.
Cryptocurrency exchanges and companies have clashed with U.S. regulators over the past year, and a lack of regulatory clarity threatens to hamper innovation and adoption of blockchain-based services, systems and cryptocurrencies. .
Meanwhile, the European Union is well on its way to enacting a set of requirements and standards for the cryptocurrency industry across the continent after signing the much-anticipated Crypto Asset Market (MiCA) bill on May 31.
Young told Cointelegraph that the regulatory perspectives in the US and Europe are very different, highlighting Ripple’s business growth outside the US, partly due to progressive regulatory oversight in various markets. I said yes.
“This case is either very isolated from US regulation or lacks clarity and certainty. It highlights the European and UK environment.”
Young added that Ripple will continue to foster public-private partnerships, encourage open dialogue with regulators and policymakers, and educate each other as the industry evolves.
“That’s how businesses grow and innovation happens. We are very lucky to be in such a British and European environment that sets global standards.”
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In the European context, the MiCA regulatory framework is believed to promote a “level playing field” that encourages healthy competition and innovation in the crypto space while fostering adoption among traditional financial players. I’m here.
“I think that’s where we’ve seen the much larger mainstream pick up and the real benefits of cryptocurrency utility realized. I see this as a first step toward more mainstream adoption.”
Young highlighted Ripple’s growing basket of services aimed at connecting to an increasingly interconnected financial ecosystem. This will be facilitated in part by the on-ramp and off-ramp of important fiat currencies, as well as the development of Central Bank Digital Currencies (CBDC) and stablecoins.
“There are actually different currencies and CBDCs out there.
Ripple’s ongoing lawsuit against the SEC took an interesting turn in June 2023. A long-awaited document related to a speech by former SEC Director of Corporate Finance Bill Hinman has revealed conflicting views on classifying cryptocurrencies as securities.
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