Ripple Announces ‘Real Approach to Cryptocurrency Regulation’
Chief Executive Officer Brad Garlinghouse of Ripple released a proposal for a regulatory framework for cryptocurrencies called “A Real Approach to Cryptocurrency Regulation.” The CEO said that his company’s “proposed policy framework is a three-pronged approach of what can be done now,” and slightly sarcastically said it is the result of Ripple’s “direct interactions with regulators and bipartisan policymakers.”
Ripple’s “vision for how existing financial regulatory frameworks can be used to advance innovation and enhance consumer and market protections,” was announced on Tuesday:
“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.”
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. 1/2 https://t.co/LWyemn1lkx
— Brad Garlinghouse (@bgarlinghouse) November 16, 2021
Citing three of the key recommendations in the proposal, Ripple is confident that “the best public policy outcomes can be achieved by public-private collaboration, adapting existing regulatory frameworks, and fostering crypto innovation sandboxes.”
“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 report reads.
In conclusion, the report clarifies:
“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.”
Brad Garlinghouse, Ripple’s CEO, commented on his company’s recent efforts, just two months after he slammed the United States Securities and Exchange Commission for avoiding any regulatory solution:
“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.”
Amidst legal battle with the SEC, Ripple is not alone in its push for clarity and regulations. Recently, cryptocurrency exchange Coinbase drafted a proposal, including four key recommendations. On Tuesday, crypto giant Binance announced a new ad campaign titled “Crypto is Evil” in its call for a global regulatory framework.
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Author: Peter Siu