Ripple executives applaud UK crypto regulations, claim US lags behind Ripple executives applaud UK crypto regulations, claim US lags behind
The United Kingdom recently approved a bill that made crypto trading a regulated financial activity within the country.
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Updated: Jul. 4, 2023 at 11:18 am UTC
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Ripple senior executives Andrew Whitworth and Susan Friedman have praised the United Kingdom’s approach to the crypto industry, arguing that the country was leaving the United States behind regarding crypto regulations.
The executives made these statements in reaction to the Royal approval of the Financial Services and Markets Bill, which made crypto trading a regulated financial activity within the country.
According to Friedman, the legislation represents a significant milestone in global crypto regulation. The crypto payment company executive added that the bill shows that the U.K. was leaving the U.S. behind in critical areas.
This view was also shared by Ripple’s Policy Director for EMEA, Whitworth, who described the move as the U.K. fulfilling its promise of becoming a crypto hub.
U.K.’s pro-crypto policy
The Financial Services and Markets Bill approval marked the end of a comprehensive regulatory process targeted at regulating the U.K.’s financial sector.
While the law focuses on other subjects, it includes provisions that govern cryptocurrencies and stablecoins, allowing regulators to develop a legal framework for digital assets.
Additionally, the bill recognizes stablecoins as a form of payment and makes crypto a regulated financial activity within the country. It also enforces strict monitoring of crypto advertisements and promotions.
U.S. regulatory struggles
Meanwhile, the U.S. approach to crypto regulation has drawn criticism from various crypto stakeholders.
Financial regulators, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), are vying to oversee the emerging space, confusing market participants.
In 2023, financial regulators instigated legal action against prominent crypto firms such as Binance and Coinbase. Besides, the two regulators have lacked cohesion over classifying certain crypto assets as securities and commodities.
Ripple CEO Brad Garlinghouse noted that this regulatory ambiguity had prompted a number of U.S. crypto firms to explore opportunities in foreign jurisdictions. For example, the uncertain regulatory environment has led several crypto firms like Bittrex, Paxful, and others to exit the U.S.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Bittrex
Founded in 2014 by three cybersecurity engineers, Bittrex is a global leader in the blockchain revolution.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Brad Garlinghouse stands at the forefront of financial technology as the CEO of Ripple.