Ripple proposes smart regulation for cryptocurrency in collaboration with the Congress


Share:
  • 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

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Solana price sustains recovery rally despite falling daily active addresses

Solana price sustains recovery rally despite falling daily active addresses

Solana price shows strong bullish momentum, which has seen the Ethereum killer break out from a descending parallel channel. Strangely, the daily active addresses on-chain metric fails to mirror this optimism, which is unorthodox considering the two parameters conventionally to go hand in hand.

More Solana News

ImmutableX price rallies by 40% in 24 hours, but whale activity remains weak

ImmutableX price rallies by 40% in 24 hours, but whale activity remains weak

ImmutableX price rise astonished the market as the altcoin led the crypto market rally on Tuesday. The altcoin hit a 45-day high and, managed to flip many of the resistance levels into support floors. The reason behind the rally is unknown, but the whales seem to be active once again.

More ImmutableX News

US House Committee passes bill to prevent issuance of CBDC

US House Committee passes bill to prevent issuance of CBDC

The United States is a landmine of regulatory trouble for the crypto space, but the technology behind it was being pursued for adoption. However, the application of this technology is also being objected to by many, attempting to end things before they even begin.

More Cryptocurrencies News

Optimism price outlook as network sells 116 million OP tokens

Optimism price outlook as network sells 116 million OP tokens

Optimism network has revealed plans to start selling 116 million OP tokens in a private sale immediately. At current rates, these tokens are valued at approximately $162.4 million but the transfer is not expected to impact market price.

More Optimism News

Bitcoin: BTC contemplates crash in September

Bitcoin: BTC contemplates crash in September

Bitcoin price remains unfazed by the US CPI announcement on September 13 and continues to move in a range. The weekly chart, however, shows a potential short-term recovery rally that could set the stage for a steep correction.

Read full analysis

BTC

ETH

XRP