Ripple proposes smart regulation for cryptocurrency in collaboration with the Congress


  • Payments giant Ripple seeks to work with the Congress and regulators on smart cryptocurrency regulation. 
  • Ripple executives believe that the crypto sector is not the wild west; several entities in crypto seek to work proactively with regulators. 
  • Ripple continues uptrend; analysts identify buy opportunities before altcoin’s price hits $1.06. 

Ripple executives believe that cryptocurrency is not the “wild west,” unlike SEC Chair Gary Gensler’s view. The payments giant is in the middle of its lawsuit with the SEC, and it has offered to collaborate with Congress and work on smart cryptocurrency regulation. 

Payment giant Ripple seeks to work with the Congress

As the Securities and Exchange Commission proceedings against Ripple continue, the payments giant has proposed collaborating with Congress on cryptocurrency regulation. 

SEC Chair Gary Gensler said that the cryptocurrency sector is the “Wild wild west,” but Ripple holds the opposite view. Ripple’s Head of Public Policy, Susan Friedman, has noted that cryptocurrency entities proactively seek to work towards regulation. 

The payments giant has offered to work with Congress in developing smart cryptocurrency regulation that fosters innovation in the industry while protecting investor funds. 

John Deaton, founder of Cryptolaw and Ripple proponent, believes that the court’s decision on the SEC’s opposition to Ripple’s motion seeking disclosure of meeting notes between the CEO and lawyer Elad Roisman could be the “biggest decision in the lawsuit” yet. 

Deaton believes that notes could boost Ripple’s case against the regulator if notes are produced. Brad Garlinghouse was confident that XRP is not an unregistered security post the 2018 meeting with the former SEC Commissioner Elad Roisman. 

Developments in the SEC vs. Ripple lawsuit have impacted the altcoin’s price since the payment giant is the largest public holder of the cryptocurrency. Analysts have evaluated the Ripple price trend and noted that XRP is outperforming Ethereum on the daily Ichimoku chart and could present a buy opportunity before hitting $1.06. 

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Crypto Today: Bitcoin, Ethereum and XRP what to expect as SEC executive says Howey test applies to cryptos

Crypto Today: Bitcoin, Ethereum and XRP what to expect as SEC executive says Howey test applies to cryptos

Bitcoin trades above $62,500 on Monday, sustains above key support as head of US SEC enforcement division says Howey test applies to cryptos. Ethereum and XRP trade above key support, extending gains by nearly 3% on the day. 

More Cryptocurrencies News

Ripple whales buy hundreds of millions of XRP tokens as the altcoin rallies

Ripple whales buy hundreds of millions of XRP tokens as the altcoin rallies

Ripple (XRP) noted the highest weekly gains in 2024 over the weekend as XRP holders celebrated the one-year anniversary of Judge Torres’ ruling in the SEC vs. Ripple lawsuit. XRP rallied to a peak of $0.5661 on Saturday, July 13. 

More Ripple News

Bitcoin surges past $60,000 as ETFs report $1.04 billion inflows last week

Bitcoin surges past $60,000 as ETFs report $1.04 billion inflows last week

Bitcoin breached above the descending trendline on Sunday and trades 3.5% up at $62,924 at the time of writing on Monday. On-chain data indicates a decrease in miners' selling activity, complemented by US spot Bitcoin ETFs recording $1.047 billion in inflows last week. 

More Bitcoin News

JasmyCoin price surges following partnership with NOWPayments

JasmyCoin price surges following partnership with NOWPayments

JasmyCoin price breaks above a descending channel, signaling a break in market structure from bearish to bullish. NOWPayments announces its partnership with JASMY in Japan. JASMY featured in a Forbes article for coins outperformed Bitcoin in the first half of 2024.

More Cryptocurrencies News

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin (BTC) stabilized around the $57,000 mark this week, while the German Government persists in transferring Bitcoin to exchanges. Concurrently, US spot Bitcoin ETFs have recorded inflows.

Read full analysis

BTC

ETH

XRP