Ripple Executives Applaud UK Crypto Regulations, Say US Is Lagging Behind

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Ripple senior executives Andrew Whitworth and Susan Friedman have praised the UK’s approach to the crypto industry, saying the country is leaving the US behind when it comes to crypto. cryptography regulation.

The executives made the statements in reaction to the royal endorsement of the Financial Services and Markets Bill, which made crypto trading a regulated financial activity in the country.

According to Friedman, the legislation represents an important step in global crypto regulation. The crypto payments company executive added that the bill shows the UK was leaving the US behind in critical areas.

This view was also shared by Ripples Policy Director for EMEA, Whitworth, who described the move as the UK fulfilling its promise to become a crypto hub.

UK pro-crypto policy

The approval of the Financial Services and Markets Bill marked the end of a comprehensive regulatory process aimed at regulating the UK financial sector.

Although the law focuses on other topics, it includes provisions that govern cryptocurrencies and stablecoins, allowing regulators to develop a legal framework for digital assets.

Additionally, the bill recognizes stablecoins as a form of payment and makes crypto a regulated financial activity in the country. It also enforces strict monitoring of crypto advertisements and promotions.

US regulatory struggles

Meanwhile, the US approach to crypto regulation has drawn criticism from various crypto players.

Financial regulators, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), are vying to oversee the emerging space, confusing market participants.

In 2023, financial regulators took legal action against major crypto companies such as Binance and Coinbase. Furthermore, the two regulators lacked cohesion on the classification of certain crypto assets into securities and commodities.

Ripple CEO Brad Garlinghouse noted that this regulatory ambiguity has prompted a number of US crypto companies to explore opportunities in foreign jurisdictions. For example, the uncertain regulatory environment has led several crypto companies like Bittrex, Paxful and others to leave the United States.

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