Ripple Proposes ‘Real Approach to Cryptocurrency Regulation’ – Regulation Bitcoin News

Ripple has published a proposal for a regulatory framework for cryptocurrencies called “A Real Approach to Cryptocurrency Regulation.” CEO Brad Garlinghouse explained that his company’s “proposed policy framework is a three-pronged approach of what can be done now,” noting that it is the result of Ripple’s “direct interactions with regulators and bipartisan policymakers.”

Ripple’s ‘Real Approach to Cryptocurrency Regulation’

Ripple released Tuesday a proposal for cryptocurrency regulation. The proposal is the company’s “vision for how existing financial regulatory frameworks can be used to advance innovation and enhance consumer and market protections,” Ripple detailed, elaborating:

Today, we were proud to release our vision for ‘A Real Approach to Cryptocurrency Regulation,’ a framework designed to offer an immediate and pragmatic approach to cryptocurrency and digital asset regulation in the United States.

The company explained that it believes “the best public policy outcomes can be achieved by public-private collaboration, adapting existing regulatory frameworks, and fostering crypto innovation sandboxes.” These are three key recommendations outlined in the proposal.

“Ripple believes that our proposal will ensure the U.S. succeeds in nurturing crypto innovation within its borders while also maintaining the strong consumer and investor protections it’s known for,” the company wrote.

Brad Garlinghouse, Ripple’s CEO, described:

Our proposed policy framework is a three-pronged approach of what can be done now to provide clarity to one of the fastest-growing industries in the U.S. It’s also the result of our direct interactions with regulators and bipartisan policymakers.

“The crypto industry is stepping up to the plate for public-private collaboration on policy – no question about it – and we will continue to seek to work together on the optimal path forward,” he added.

“All of the proposed measures discussed in this framework seek to provide legal clarity to industry, markets, and consumers in a way that an ad hoc, regulation-by-enforcement approach simply cannot,” Ripple concluded. You can find the proposal here.

U.S. Securities and Exchange Commission’s (SEC), enforcement approach to crypto regulation has come under fire. After the SEC’s enforcement action against Poloniex, the SEC Commissioner Hester Perce criticised her agency for this regulatory approach. Many others have asked for clarification from the SEC on crypto regulation, but no response.

Ripple remains in an ongoing suit with the SEC. Over the sale of XRP, which the regulator considers a security offer, Garlinghouse as CEO and Christian Larsen, co-founder of Ripple, the securities regulator sued.

Ripple isn’t the only company to have proposed crypto regulation. Coinbase is a Nasdaq-listed cryptocurrency exchange and has presented a crypto framework with four key recommendations. Brian Armstrong, CEO of Coinbase has met with regulators in an effort to persuade them that there should be only one federal regulator for the crypto industry. Coinbase currently claims that it only has 53 U.S. regulators.

Binance demanded global regulation frameworks for crypto market on Tuesday. The exchange launched an ad campaign titled “Crypto Is Evil,” featuring “10 Fundamental Rights for Crypto Users.”

What do you think about Ripple’s proposal for crypto regulation? Comment below to let us know your thoughts about Ripple’s proposal for crypto regulation.

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