Ripple publishes proposal for crypto currency regulationwritten by Bella Palmer
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 said
Ripple has published a proposal for a regulatory framework for cryptocurrencies called “A Real Approach to 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.
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.
The U.S. Securities and Exchange Commission (SEC) has been criticized for taking an enforcement approach to crypto regulation. SEC Commissioner Hester Peirce criticized her own agency in August for taking this approach to regulating the crypto sector after the SEC announced an enforcement action against cryptocurrency exchange Poloniex.
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