Fun

Ripple Proposes ‘Real Approach to Cryptocurrency Regulation’

News Feed - 2021-11-17 11:11:48

Ripple Proposes "Real Approach to Cryptocurrency Regulation"


Ripple has published a proposal for a regulatory framework for cryptocurrencies called “A Real Approach to Cryptocurrency Regulation.” CEO Brad Garlinghouse explained that his company’s “proposed policy framework is a three-pronged approach of what can be done now,” noting that it is the result of Ripple’s “direct interactions with regulators and bipartisan policymakers.” Ripple’s ‘Real Approach to Cryptocurrency Regulation’


Ripple published a proposed regulatory framework for cryptocurrencies Tuesday. The proposal is the company’s “vision for how existing financial regulatory frameworks can be used to advance innovation and enhance consumer and market protections,” Ripple detailed, elaborating: Today, we were proud to release our vision for ‘A Real Approach to Cryptocurrency Regulation,’ a framework designed to offer an immediate and pragmatic approach to cryptocurrency and digital asset regulation in the United States.


The company explained that it believes “the best public policy outcomes can be achieved by public-private collaboration, adapting existing regulatory frameworks, and fostering crypto innovation sandboxes.” These are three key recommendations outlined in the proposal.


“Ripple believes that our proposal will ensure the U.S. succeeds in nurturing crypto innovation within its borders while also maintaining the strong consumer and investor protections it’s known for,” the company wrote.


Brad Garlinghouse, Ripple’s CEO, described: Our proposed policy framework is a three-pronged approach of what can be done now to provide clarity to one of the fastest-growing industries in the U.S. It’s also the result of our direct interactions with regulators and bipartisan policymakers.


“The crypto industry is stepping up to the plate for public-private collaboration on policy – no question about it – and we will continue to seek to work together on the optimal path forward,” he added.


“All of the proposed measures discussed in this framework seek to provide legal clarity to industry, markets, and consumers in a way that an ad hoc, regulation-by-enforcement approach simply cannot,” Ripple concluded. The proposal can be found here.


The U.S. Securities and Exchange Commission (SEC) has been criticized for taking an enforcement approach to crypto regulation. SEC Commissioner Hester Peirce criticized her own agency in August for taking this approach to regulating the crypto sector after the SEC announced an enforcement action against cryptocurrency exchange Poloniex. Many people have also asked the SEC for more clarity on crypto regulation but to no avail.


Meanwhile, Ripple is still in an ongoing lawsuit with the SEC. The securities regulator sued the company, CEO Garlinghouse, and co-founder Christian Larsen over the sale of XRP which it considers a security offering.


Ripple is not the only one that has come up with a proposal for crypto regulation. The Nasdaq-listed cryptocurrency exchange Coinbase has also proposed a crypto framework, with four key recommendations. CEO Brian Armstrong has been meeting with regulators to convince them that the U.S. should have just one single federal regulator overseeing the crypto space. Currently, Coinbase said it has 53 regulators in just the U.S.


On Tuesday, Binance also called for global regulatory frameworks for crypto markets. The exchange launched an ad campaign titled “Crypto Is Evil,” featuring “10 Fundamental Rights for Crypto Users.”


What do you think about Ripple’s proposal for crypto regulation? Let us know in the comments section below. Investment Manager Expects Governments to Clamp Down on Bitcoin, Warns of "Intense" Crypto Regulation REGULATION | 3 hours ago Binance Calls for Global Crypto Regulation While Launching "Crypto Is Evil" Ad Campaign REGULATION | 7 hours ago Tags in this story Brad Garlinghouse, Christian Larsen, proposed crypto regulation, ripple crypto regulation, Ripple Labs, ripple sec lawsuit, ripple vs sec, sec lawsuit, sec vs xrp


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Dvision Network Deploys on Polygon Mainnet as Widespread Interest in Metaverse Continues
Dvision Network Deploys on Polygon Mainnet as Widespread Interest in Metaverse Continues press release PRESS RELEASE. Dvision Network is currently live on Polygon Mainnet, further s
Bitcoin Is ‘The Most Extraordinary Bubble of Our Generation’ Says Trader
The next bitcoin bull market is only getting started, analyst claims. | Source: ShutterstockBitcoin is up by almost 180% year-to-date. To some, the disbelief rally has run its cours
Former UK Cyber Intelligence Official Pushes for Law Change to Stop Bitcoin Ransomware Payments
Former UK Cyber Intelligence Official Pushes for Law Change to Stop Bitcoin Ransomware Payments A former U.K. cybersecurity chief has raised concerns that ransom
Bitcoin, Ethereum Technical Analysis: BTC, ETH Remain Higher Ahead of Fed Rate Decision
Bitcoin, Ethereum Technical Analysis: BTC, ETH Remain Higher Ahead of Fed Rate Decision Bitcoin continues to trade close to $18,000 on Wednesday, as markets remain bullish, followi
Privacy Coin Verge Suffers Third 51% Attack, Analysis Shows 200 Days of XVG Transactions Erased
Privacy Coin Verge Suffers Third 51% Attack, Analysis Shows 200 Days of XVG Transactions Erased According to various reports, the cryptocurrency network Verge ha
Hong Kong issues generative AI guidelines for consumer protection
Arijit Sarkar46 minutes agoHong Kong issues generative AI guidelines for consumer protectionThe HKMA introduces new principles for using generative AI, emphasizing governance, transparency, and data protection in consume
Fractional NFT Markets Slide 76% in Value in 7 Months, Diced-up Doge NFT Still Leads the Pack
Fractional NFT Markets Slide 76% in Value in 7 Months, Diced-up Doge NFT Still Leads the Pack When non-fungible token (NFT) collectibles became popular, the fractionalized NFT mark
Tom Mitchelhill4 hours agoChatGPT creator OpenAI examines producing AI chips in-house: ReportOpenAI reportedly weighed up a chip making firm as an acquisition target so it could produce its own AI chips.898 Total views6
Bahrain Central Bank Completes Cross-Border Transfer Test Using JPMorgan Blockchain
Bahrain Central Bank Completes Cross-Border Transfer Test Using JPMorgan Blockchain The Central Bank of Bahrain (CBB), working in partnership with Bank ABC, recently announced it h
Crypto Exchange BTC-e Operator Vinnik Reportedly Denied Bail in US, Maintains Innocence
Crypto Exchange BTC-e Operator Vinnik Reportedly Denied Bail in US, Maintains Innocence Alexander Vinnik, the alleged owner and operator of the infamous cryptocurrency exchange BTC
Bitcoin Outflows Signal Bullish Strength As Demand Remains High At $100K – What This Means
Este artículo también está disponible en español. Bitcoin (BTC) has seen an impressive 8% surge since Monday, solidifying $100K as a strong support level. After weeks of
Brayden Lindrea5 hours agoBinance completes integration of Bitcoin Lightning NetworkThe news comes less than a month after Binance announced their plans to integrate Bit Lightning Network.4690 Total views72 Total sharesL