SNEAK PEEK
- Ripple’s Head of Policy expresses concern over slow US crypto regulation.
- The US is struggling to answer basic crypto questions faced four years ago.
- Giancarlo argues not all crypto should be classified as securities.
James K. Filan, a defense lawyer, has highlighted a statement by the head of policy at Ripple, Susan Friedman, in the ongoing lawsuit between Ripple and the US. Securities and Exchange Commission.
#XRPCommunity #XRP from @ss_friedman “It’s not a question of if industry leaves the US but how fast.” https://t.co/nBoVMlBvcX
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) March 27, 2023
In the statement, Friedman expressed concern over the slow pace of crypto regulation in the US, stating that while other jurisdictions have made significant progress in this area, the US is still struggling to answer the same basic questions it faced four years ago. Friedman warns that if this trend continues, the US will risk losing the crypto industry to other, more accommodating countries.
While other jurisdictions have constructed entire frameworks to regulate crypto in the 4 years since @giancarloMKTS left the CFTC, the US is still struggling to answer the same threshold questions he faced as Chair. It’s not a question of if industry leaves the US but how fast. https://t.co/vDx5SUUOJw
— Susan Friedman (@ss_friedman) March 27, 2023
Four years ago, Christopher J. Giancarlo, the former Chairman of the Commodity Futures Trading Commission (CFTC), acknowledged his involvement in designating Bitcoin (BTC) as a commodity and also in the initial work on other cryptocurrencies such as Ether (ETH). This decision by the CFTC recognized Bitcoin and Ethereum as tradable assets subject to federal regulation, acknowledging their significance in the financial market.
As the Securities and Exchange Commission (SEC) explores the possibility of labeling cryptocurrencies, including Ether (ETH) and XRP, as securities, Christopher J. Giancarlo has spoken out against this notion.
He argues that it is not accurate to classify all cryptocurrencies as securities, stating that cryptocurrency is more akin to architecture and algorithms than traditional security. This view suggests that cryptocurrencies, such as ETH, are a technological innovation that should be regulated differently from traditional financial instruments.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://investorbites.com/xrp-vs-sec-regulatory-uncertainty-threatens-us-crypto-market/
