Despite a drawn-out legal dispute with the US Securities and Exchange Commission (SEC) concerning its XRP (XRP) token, Ripple, a provider of cryptocurrency payment services, continues to experience global acceptance of its payment solutions.
In an expansive interview with Cointelegraph at Money 20/20 in Amsterdam, Ripple’s Managing Director for Europe and the United Kingdom, Sendi Young, discussed the company’s increasing global presence in spite of the ongoing regulatory scrutiny in the United States.
Cryptocurrency exchanges and businesses have had disputes with American regulators in the last twelve months, as the absence of regulatory clarity could potentially inhibit the development and utilization of blockchain-based services, systems, and digital currencies.
The European Union has made significant progress in setting up regulations and standards for the crypto industry across Europe, as the Markets in Crypto-Assets (MiCA) legislation was officially ratified on May 31.
Young informed Cointelegraph that there is a considerable difference between the regulatory views of the U.S. and Europe, which has enabled Ripple to expand its operations beyond the U.S., thanks to the favorable regulations in those markets.
Young highlighted that Ripple has been fostering collaborations between public and private entities, and engaging in open conversations with regulators and policymakers, with both sides teaching each other as the industry progresses.
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Young believes that the MiCA regulatory framework, in a European setting, will establish a “level playing field” which encourages healthy competition and innovation in the cryptocurrency sector, and will also motivate traditional financial entities to adopt it.
Young underlined Ripple’s broadening range of services designed to connect to a progressively linked financial system. This is in part enabled by key fiat entry and exit points, as well as the production of central bank digital currencies (CBDCs) and stablecoins.
In June 2023, the ongoing legal battle between Ripple and the SEC took an intriguing turn when the much-anticipated documents concerning a speech given by former SEC corporate finance division director Bill Hinman were revealed. These documents showed conflicting opinions on classifying digital currencies as securities.
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