Bitrabo Editorial
Ripple, a blockchain payments company, is still growing its operations in Europe and Asia despite ongoing legal troubles with the United States Securities and Exchange Commission (SEC). In fact, Ripple’s managing director for Europe and the United Kingdom, Sendi Young, discussed the company’s expansion at the recent Money 20/20 event in Amsterdam, acknowledging the regulatory scrutiny in the US and highlighting the more progressive regulatory landscape in Europe.
The European Union has signed the Markets in Crypto-Assets (MiCA) legislation, which will become the foundation of crypto regulation in Europe. Meanwhile, Young feels the US has a more restrictive attitude towards cryptocurrencies.
“That lawsuit is very isolated to U.S. regulations or the lack of clarity and certainty thereof. It almost accentuates the kind of environment that we have in Europe and the UK.”
Ripple is continuing to engage in constructive discussions with regulators and policymakers, fostering an environment of growth and innovation. According to Young, clear regulations will help encourage mainstream adoption of cryptocurrencies and Ripple’s expanding suite of services, including stablecoins and central bank digital currencies that plug into an interlinked financial ecosystem. She believes that interoperability between various currencies and CBDCs is critical to the future success of the financial industry.
Despite the growing success of Ripple globally, recent revelations have highlighted the difficulties Ripple is facing in the US. The disclosure of the Hinman documents during the lawsuit with the SEC has caused significant unrest in the cryptocurrency community. The documents indicated that Bill Hinman, previously in charge of the Division of Corporation Finance Regulation, classified Ether (ETH) as not being a security. Ripple’s XRP continues to decline, down 4.9% in the past 24 hours, with a trading price of $0.507322 and a trading volume of over $3 billion.
Featured image from Shutterstock, Chart from TradingView