According to materials from the website - By BH NEWS
Ripple is actively participating in discussions on cryptocurrency regulation in response to a request from the U.S. Senate Banking Committee for information on proposed legislation affecting the cryptocurrency market. Stuart Alderoty, Ripple's Chief Legal Officer, stated that the company is willing to share its experience in the regulatory field.
Ripple has expressed a strong desire to provide valuable feedback aimed at refining the draft legislation, using its extensive regulatory experience. Alderoty noted that Ripple intends to make substantive recommendations reflecting its years of interaction with global regulatory authorities.
Expressing gratitude to the Banking Committee of the Senate, Alderoty noted: "With over a decade of experience working with international regulatory bodies and the knowledge gained from working with the SEC, Ripple is ready to offer its unique perspective to Congress in efforts to protect consumers and foster innovation in the cryptocurrency space." Ripple's involvement aligns with broader consultations with other cryptocurrency companies as the committee seeks to strengthen the legal framework for digital currencies in the U.S. Industry representatives are sharing their views on improving the legislative framework.
The bill aims to define the key structures of the cryptocurrency market with an emphasis on investor protection, increased transparency, and reduced emerging risks.
Industry insights, including those from Ripple, are expected to shed light on some complex regulatory aspects of the bill. This collaborative approach is considered critically important for updating the regulatory framework in the U.S. and enhancing market safety.
The comprehensive process of review by the committee and consideration of feedback from key stakeholders are critically important stages in refining the bill. The contribution of Ripple and similar organizations could significantly impact the legislative process.
Key takeaways from Ripple's participation:
The bill attempts to define the jurisdiction of the Securities and Exchange Commission (SEC), but inadvertently increases uncertainty in the industry. More clarity is needed regarding the delineation of jurisdictions between the CFTC and SEC.
The implementation of the concept of ancillary assets could improve regulatory oversight.
Amid ongoing dialogue between legislators and industry experts, Ripple's proactive participation clearly demonstrates its role in shaping a comprehensive and effective regulatory framework for U.S. cryptocurrencies.
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