During the pending Summary Judgment, Ripple CEO drops positive updates
XRP Lawsuit Update: Friday’s update from Brad Garlinghouse, CEO at Ripple, highlighted some positive developments for the crypto industry in light of increased scrutiny by the U.S Securities and Exchange Commission (SEC). Both Ripple and the U.S. Securities and Exchange Commission (SEC) are awaiting a Summary Judgment from the court in the XRP suit.
Ripple CEO lists positive updates
Ripple CEO emphasized the current regulatory environment that is stacked against the U.S. crypto industry. He did however highlight some of the positive global regulatory clarity that is emerging amid a collapsed crypto market.
Garlinghouse spoke of Dubai’s tech-forward approach. He said that Dubai had just published a large-scale set of tech-agnostic rules to crypto market traders. This includes compliance standards, advertising and issuance. You can read more about XRP Lawsuit News here…
The Australian Treasury, on the other hand is working to improve licensing and custody of digital assets. This will support consumer protection. Australia published a consultation on token mapping. The Australian government wants to hear from the public before updating existing rules.
He said that the UK HM Treasury had issued a new consultation to reflect the intention of the country to create appropriate rules for the cryptocurrency industry. It will allow firms to innovate while maintaining financial stability. These initiatives have opened up the UK’s potential to be a global cryptocurrency hub.
S.Korea adopts a strict approach
South Korean financial institutions have taken a more strict approach to the terrible collapse of Terra Luna Labs. The Financial Services Commission issued guidelines to clarify the distinction between a security token and a payment token.
Ripple CEO stated that the list is endless, but it is important to recognize the commonalities between all decisions. These regulators provide leadership in these critical matters. This is something the U.S authorities are not doing.
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