Foggy crypto regulation in the United States: Ripple changes continent!
It’s clear that Ripple won’t wait for Judge Torres’ conclusion to establish its supremacy as a financial services provider for businesses. Therefore, Brad Garlinghouse’s company has decided to expand its operations in Europe if MiCA becomes law. Zoom!
Is Ripple fleeing the United States?
The regulatory uncertainty in the crypto industry will drive American businesses away, warned Senator Cynthia Lummis at one point. According to Brad Garlinghouse, voluntary departures of crypto companies were already happening around the same time.
During a recent interview at the Money20/20 event, Seindi Young, General Manager of Ripple for the UK and Europe, addressed this initiative by the American giant regarding Europe.
The choice of the old continent is explained by the unanimous adoption of the MiCA regulation in May. This was concluded with the signing of an associated bill by the President of the European Parliament.
In the eyes of the company behind XRP, such an initiative from the 27 member states is enough to motivate a more serious conquest of the entire territory.
“I think that’s where we’ve seen much bigger mainstream take up and the real benefits of crypto’s utility being realized. Without clear regulation, that is impossible. I see that as the first step in getting more mainstream adoption,” stated Mr. Young.
Increasing interest in CBDCs
Referring to Anthony Welfare’s tweet, CBDC Advisor at Ripple, the crypto company has already accelerated in the field of digital currencies and CBDCs. Its CBDC platform has become conducive to the development of digital currencies. Particularly by central banks and similar financial institutions since mid-May.
“It’s really a number of different currencies and CBDCs. They’re all going to be coexisting, and that kind of ability to interoperate, to go in and out, is going to be very important,” Seindi Young emphasized.
It is currently unknown whether Gary Gensler will be removed from his position or not. However, the United States is currently suffering from the iron fist with which the SEC is regulating the crypto industry. Could we expect a massive exodus in the near future?
Maximize your Cointribune experience with our 'Read to Earn' program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.
La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.