Ripple CEO requests 'guidance and clarity' from Congress 'as soon as possible.'

One of the causes of regulatory confusion in the United States is the manner in which various financial authorities, state governments, and even the United States Congress exercise their authority. This is especially true in the crypto-sector.

Ripple, based in San Francisco, is one blockchain company that understands this.

Inviting Congress

In response to a law professor's question about stablecoin regulations, Ripple CEO Brad Garlinghouse urged the US Congress to take a "leading role" in clarifying the regulatory situation surrounding cryptos.

However, Garlinghouse is not alone in his viewpoint. Ripple General Counsel Stuart Alderoty stated that some members of the United States Congress are attempting to move forward.

Unfortunately, he warned that foreign economies could overtake the United States if the country continues to postpone a decision on the matter. In doing so, the executive cited the European Union as an example.

Can cryptocurrency become American?

After learning that cryptocurrency is unlikely to be banned in the United States, investment expert Anthony Pompliano urged the country to take the necessary steps to bring crypto-innovation to its shores.

He insisted on creating a "conducive environment" for industry participants, outlining the approach regulators could take by saying,

“We will incentivize you to come here. We will give you a sandbox to play in that will not be onerous from a regulatory standpoint. We will give you [an] advantageous tax environment to come in to build this.”

Pompliano also claimed that the SEC and the Federal Reserve would not have the authority or authority to prohibit cryptocurrency. Indeed, even SEC Chair Gary Gensler recently stated that a crypto-ban would be a decision made by Congress. Garlinghouse's appeal took on new significance in light of this.

But the question is, what about the SEC v. Ripple Labs case? With the discovery deadline pushed to 14 January, crypto-watchers now know that the case will likely last until next year.

Helpful advice

A Ripple official announced on October 24 that Australian policymakers had included Ripple's recommendation in a report on the country's fintech regulatory framework. Ripple proposed enacting "technology-agnostic" regulations.

A principles-based framework, rather than a prescriptive one, was also recommended by the San Francisco-based blockchain company. Finally, the company proposed a risk-based approach to securing the ecosystem while also encouraging investment.

Ripple's Alderoty appeared to welcome the move, pointing out that Australia's regulators are on the same team as industry stakeholders.

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