Ripple proposes smart regulation for cryptocurrency in collaboration with the Congress

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.