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- The Ripple CEO said that regulatory clarity has been desperately missing in the US while other countries continue to move ahead.
- Ripple expects the growing adoption of its blockchain solutions as the company focuses on three core areas of transparency, speed, and efficiency.
Over the last few months, the U.S. Securities and Exchange Commission (SEC) and other regulators have been maintaining a close vigil amid major blowups in the crypto space. But despite the strong regulatory sentiments, Ripple CEO Brad Garlinghouse shared some positive updates for the crypto space.
Leaving the US, Galinghouse said that there’s some clarity emerging on the global regulatory front for digital assets. He praised the crypto-friendly nation of Dubai, for living up to its image of being tech-forward by publishing an “extensive new set of tech-agnostic rulebooks for crypto market participants”. The crypto regulatory guidance provided by Dubai includes compliance standards, issuance, advertising, and much more.
Garlinghouse also applauded the efforts of Australia’s Treasury that are looking to reform the licensing and custody for crypto while simultaneously bolstering consumer protection. Australia’s Treasury recently published a token mapping consultation and sought public input on existing frameworks.
Similarly, UK HMT released a new consultation showing up government’s intent to publish a clear and proportionate framework thereby allowing firms to innovate without compromising on financial stability. At the same time, South Korea’s Financial Services Commission (FSC) published guidelines to clearly distinguish between a security token and a payment token.
Taking a shot at US regulators. Ripple CEO Brad Garlinghouse said that several other jurisdictions continue to work on regulatory clarity. However, such efforts from the US regulators are “desperately missing”. But despite any kind of regulatory support, Ripple continues to progress, he added.
The list goes on (Brazil’s new legislative framework etc) Note the commonalities – these regulators are providing leadership and doing the work that we are desperately missing in the US – unsurprisingly, this is where companies like Ripple are growing!
— Brad Garlinghouse (@bgarlinghouse) February 9, 2023
Ripple Expects Growing Adoption This Year
Over the last two years and more, Ripple has been entangled in a legal battle with the SEC over the sale of XRP tokens. While the US SEC claims that Ripple violated the securities laws, they haven’t been able to prove it so far. Instead, Ripple has been defending its position strongly in the courts. Several crypto market analysts expect the decision to land in Ripple’s favor and the case to conclude by the end of 2023.
If this happens, it could provide a huge adoption boost for Ripple’s native cryptocurrency XRP. However, the Ripple team is not willing to just wait on the sidelines. In fact, they have been working actively to keep the ripple blockchain at the forefront of new developments such as non-fungible tokens (NFTs) and central bank digital currencies (CBDCs).
Over the years, the Ripple team has put great focus on the Ripple blockchain’s transparency, speed, and efficiency. This is the very reason that the Ripple blockchain can cater to the newly emerging applications in the crypto space.
With benefits like greater efficiency, transparency and speed, we expect institutions to accelerate adoption of crypto solutions this year.
Dive into our 2023 crypto and blockchain predictions with @sendiyoung and more. https://t.co/yIRFMKFZgt
— Ripple (@Ripple) February 9, 2023
Moving ahead in 2023, Ripple SVP and Managing Director of APAC Brooks Entwistle – Sendi Young – said that liquidity concerns will weed out all the hyped-up players from the market. However, fundamentally strong projects will continue to thrive and institutions will accelerate the long-term adoption of crypto solutions. She added:
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Banks and other large financial institutions will invest in new technologies with an expectation of realizing the benefits not in days and weeks, but in years, so we see the embrace of digital assets and blockchain continuing throughout 2023 and beyond.
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