Countries in the Asia-Pacific region are leading the way in developing global cryptocurrency regulations that favor innovation, which U.S. regulators should also take note of, said Ripple Labs Inc. President Monica Long in an exclusive interview with Forkast.
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Fast facts
- “You see lots of countries in Asia like Singapore or Japan really showing leadership in providing clarity around how they’re going to regulate crypto,” said Long, adding that she is positive about the direction of Asian crypto regulations.
- Long also commended the European nations for working on its common regulatory framework called Markets in Crypto Assets, which is scheduled for a final vote in Parliament on April 19.
- “You juxtapose this with what’s happening in the United States, where the government can’t get their act together in terms of deciding how they’re going to regulate the industry,” said Long
- Crypto businesses in the U.S. may likely face challenges in finding local banking partners after the collapse of Silvergate Bank, Silicon Valley Bank and Signature Bank, three major crypto-focused banks in the country.
- “It’s important for the U.S. to embrace this innovation and make it work within their regulatory systems so that we’re protecting consumers but allowing innovation to thrive. Right now, it’s a bleak picture for the U.S. with this crypto crackdown. We see the innovation leaving American shores,” said Long.
- Ripple Labs is fighting its own legal battle against the U.S. Securities and Exchange Commission for allegedly selling US$1.3 billion in unregistered securities.
- “The implications for the case are very broad-reaching for the crypto industry because we expect that this decision will ultimately set a precedent for how the U.S. government will look at categorizing crypto assets and regulating them,” said Long.
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