The cryptocurrency payment service provider Ripple continues to see its payment services being adopted around the world despite the long legal battle against the United States Securities and Exchange Commission (SEC).for its acronym in English) on your XRP token (XRP).
In a wide-ranging interview with Cointelegraph at Money 20/20 in Amsterdam, Sendi Young, Ripple’s managing director for Europe and the UK, broke down the company’s growing scope of operations around the world, despite continued regulatory scrutiny in the United States..
Cryptocurrency exchanges and companies have clashed with US regulators over the past year, and Lack of regulatory clarity threatens to stifle innovation and adoption of blockchain-based services, systems and cryptocurrencies.
Meanwhile, the European Union is on track to institute a set of requirements and standards for the cryptocurrency sector across the continentafter the long-awaited legislation on crypto asset markets (MiCA) was enacted on May 31.
The divergence of regulatory perspectives in the US and Europe is wideYoung told Cointelegraph, highlighting the growth of Ripple’s business outside of the US, which is partly due to progressive regulatory oversight in different markets:
“That demand is very much insulated from US regulation or the lack of clarity and certainty of it. It almost accentuates the kind of environment we have in Europe and the UK.”
Young added that Ripple continues to encourage public-private partnerships and open dialogue with regulators and policy makersand that both parties educate each other as the industry develops:
“This allows the business to grow and innovations to happen. I would say we are very fortunate in this kind of UK and European environment, which is setting standards globally.”
In a European context, Young believes that the MiCA regulatory framework will facilitate a “level playing field” that encourages healthy competition and innovation in the cryptocurrency space, while driving adoption among traditional financial players.
“I think that’s where we’ve seen much greater adoption by the general public and where the real benefits of the utility of cryptocurrencies have materialized. Without clear regulation, this is impossible. I see it as the first step to getting more widespread adoption.
Young highlighted the Ripple’s growing range of services aimed at connecting to an increasingly interconnected financial ecosystem. This is facilitated in part by the crucial on-ramps and off-ramps of fiat, as well as the development of central bank digital currencies (CBDCs) and stablecoins:
“It’s actually a number of different currencies and CBDCs. They’re all going to co-exist, and that kind of ability to interoperate, to go in and out, is going to be very important.”
Ripple’s ongoing litigation with the SEC took an interesting turn in June 2023, as Long-awaited documents related to a speech by former SEC corporate finance division head Bill Hinman highlighted conflicting views on the classification of cryptocurrencies as securities.
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