China leads the way in crypto regulatory outlook according to Ripple’s CEO Brad Garlinghouse, as both countries are swimming in regulatory waters over the burgeoning crypto space, so let’s find out more in the upcoming Ripple XRP news.
During the Chamber of Digital Commerce’s Parallel Summit yesterday, Garlinghouse expressed support for China’s approach in the crypto space and said:
“In some ways I’m in awe of it.”
As China leads the way, its position came from an appreciation for the potential that crypto has as Garlinghouse explained:
“I think they’re realizing that some of these technologies may in fact be very foundational for the future of how financial systems work, and they want to make sure that they have capabilities at the heart of them.”
Offering more rationale, Garlinghouse mentioned Bitcoin and Ethereum regulatory classification as one example. The US regulatory bodies came forward in 2019 and 2018 and classified Bitcoin and Ethereum not as securities but as Commodities. These rulings give companies and individuals more confidence in the participation around the assets as the CEO explained:
“Today, because of the mining control of Bitcoin and Ether in China, these are technologies controlled by China. Twenty-five years ago the U.S. was a leader in making the internet what it is today, but part of that came from regulatory clarity.”
The ripple head said that the same possibility for advancement exists around the blockchain although the US has not jumped on the opportunity which points to the focus on other technologies. As the crypto space awaits on further regulatory rulings for the hundreds of assets on the market, Ripple’s XRP itself sits as possible security without the strong guidelines on a decision.
The online marketplace named Uquid Digital has recently highlighted the benefits of Ripple and its technology in helping its business grow. As it stands, the Ripple XRP token helps Uquid Digital to grow its list of users. Uquid also said that the Ripple XRP token helps them as it bridges two different currencies in a quick and efficient way. They are featured in the crypto news for mentioning this and describing the great transaction speed powered by XRP transactions. The marketplace claimed that with an average of 3.77 seconds and zero network transaction fees, the benefits are obvious.
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