Blockchain-based payment protocol that developed the XRP coin, Ripple, published its vision of how the crypto industry must be regulated. The team sees the necessity to build a new regulatory system.
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In the release titled "A Real Approach to Cryptocurrency Regulation", the firm says the key to establishing an efficient policy is clear discussions and partnership between private and public actors.Ripple referred to the proposal put forward by the US senators Patrick McHenry and Stephen Lynch. The bill "Eliminate Barriers to Innovation Act of 2021" passed the House and is pending in the Senate. It requires the Securities and Exchange Commission and the Commodity Futures Trading Commission to team up and create a crypto regulation framework.
Executives from financial, fintech and small business sectors would also participate in regulation.
Crypto regulations continue to be a hot topic in the US, with many talking about the need for clear rules. Last month, leading crypto exchange Coinbase issued a Digital Asset Policy Proposal.Meanwhile, the lawsuit started by the SEC against Ripple continues. The court will decide whether XRP is a security and its sale by Ripple was illegal.