Ripple has published a proposal for a regulatory framework for cryptocurrencies called “A Real Approach to Cryptocurrency Regulation”. CEO Brad Garlinghouse explained that the “policy framework his company has proposed is a three-pronged approach to what can be done now,” noting that it is te result of “Ripple’s direct interactions with regulators and bipartisan policy makers”.
“Ripple’s Real Approach to Cryptocurrency Regulation”
Ripple released a proposed regulatory framework for cryptocurrencies on Tuesday. The proposal is the “company’s vision for how existing financial regulatory frameworks can be used to advance innovation and improve consumer and market protection,” Ripple detailed, elaborating:
Today, we are proud to publish our Vision for a ‘Real Approach to Cryptocurrency Regulation’, a framework designed to provide an immediate and pragmatic approach to the regulation of cryptocurrencies and digital assets in the United States. United.
The company explained that it believes “the best public policy outcomes can be achieved through public-private collaboration, adapting existing regulatory frameworks and encouraging crypto innovation sandboxes.” These are three key recommendations outlined in the proposal.
“Ripple believes our proposal will ensure that the United States succeeds in fostering crypto innovation within its borders while maintaining the strong consumer and investor protections it is known for,” wrote the company.
Brad Garlinghouse, CEO of Ripple, described:
Our proposed policy framework is a three-pronged approach to what can be done now to clarify one of the fastest growing industries in the United States. It is also the result of our direct interactions with regulators and bipartite policy makers.
“The crypto industry is mobilizing for public-private collaboration on policy – there is no doubt – and we will continue to seek to work together on the optimal path ahead,” he added.
“All of the proposed measures discussed in this framework aim to provide legal clarity to industry, markets and consumers in a way that an ad hoc approach to regulation by application simply cannot,” Ripple concluded. The proposal is available here.
The United States Securities and Exchange Commission (SEC) has been criticized for taking a crypto enforcement approach. SEC Commissioner Hester Peirce criticized her own agency in August for taking this approach to regulate the crypto industry after the SEC announced a coercive measure against the Poloniex cryptocurrency exchange. Many people have also asked the SEC for clarity on the regulation of crypto, but to no avail.
Meanwhile, Ripple is still in an ongoing lawsuit with the SEC. The securities regulator has sued the company, CEO Garlinghouse and co-founder Christian Larsen over the sale of XRP which it sees as a security offer.
Ripple is not the only one to have presented a proposal to regulate crypto. The Nasdaq-listed cryptocurrency exchange Coinbase also offered a crypto framework, with four key recommendations. CEO Brian Armstrong has met with regulators to convince them that the United States should have a single federal regulator to oversee the crypto space. Currently, Coinbase said it has 53 regulators in the United States alone.
Binance also called for global regulatory frameworks for crypto markets on Tuesday. The exchange launched an ad campaign titled “Crypto Is Evil”, showcasing “10 Basic Rights for Crypto Users”.
What do you think of Ripple’s proposal to regulate crypto? Let us know in the comments section below.
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