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San Francisco-based fintech firm Ripple recently explained “how existing financial regulatory frameworks can be leveraged
to promote innovation and enhance consumer and market protection ”.
In a three-page paper published by Ripple, the California-based firm described its “vision for a pragmatic regulatory framework for cryptocurrencies, blockchain payments and digital assets.” Ripple said it hopes for a “regulatory framework that encourages the unlocked potential of cryptocurrency and blockchain technologies, and provides important consumer and market protection.”
Ripple believes that “any legislation or policy framework designed to regulate cryptocurrencies should foster active dialogue between regulators and market participants,” as such “public-private collaboration” should “lead to more individualized and effective policy outcomes for the industry. and for consumers. “
In addition, according to Ripple, “the US financial markets are considered top-notch and this is partly due to the current regulatory framework under which they operate.” They say the framework – provided it was “tailored” to “accommodate some of the unique attributes inherent in cryptocurrencies” – could “provide the clarity that innovators seek and the market protection consumers deserve.”
They then cite examples of two existing legislative proposals in this area: the Securities Clarity Act (SCA) and the Digital Commodity Exchange Act (DCEA, HR 8373 at the 116th Congress).
Ripple’s conclusion is that “each of the above proposals – whether implemented individually or together – can help keep industry in the US while maintaining the robust consumer and investor protection that has made US capital markets the best in the world.”
Posted by Newt Salamander, Analyst at Freedman Club Crypto News
#Ripples #Approach #Cryptocurrency #Regulation