Ripple (XRP) CEO Explains Crypto Regulation ‘Misnomer’ At Davos

Ripple (XRP) News: Ripple CEO Brad Garlinghouse had on Thursday spoke at length about the state of crypto regulation in various parts of the world. Garlinghouse stressed on the importance of finding the right balance for crypto in terms of codifying the rules and imposing regulation. He said there is very less scope in Ripple’s case that it is operating in the unregulated space. Earlier, the Ripple CEO criticized the SEC’s behavior in the XRP lawsuit saying that the manner in which the regulating body operated was embarrassing.

Also Read: New FTX CEO John J. Ray III Plans To Restart The Crypto Exchange

How Far Is Crypto From Regulation

The Ripple CEO explained the need for defining what are the safe practices to follow within the crypto regulatory space. He took the example of the UAE’s work on codifying the regulatory scope. Garlinghouse was speaking as part of a panel of speakers at the World Economic Forum in Davos. He also explained how close is Ripple to being regulated as its customers as a cross border payments platform are banks.

“The UAE has done the work to codify what the regulations are. The challenge is that a lot of players in the crypto space want to be good actors. There has to be clarity on what that means though.”

Also Read: Binance Fan Token To Kick Off This Lunar New Year With Over $8,500 Prize Pool

Know More: Explained: What is Physical NFT? and How to Sell Physical Items as NFT

Meanwhile, the crypto prices continue to regain value since the beginning of January 2023. As of writing, the XRP price stands at $0.393, up 3.25% in the last 24 hours. On the other side, the lawsuit against Ripple by the US Securities and Exchange Commission (SEC) is in the final stages as the community awaits final judgement.

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.