While regulatory efforts around Bitcoin and cryptocurrencies continue in the US, uncertainties remain. While the crypto market is growing rapidly, these uncertainties are eroding investor confidence.
At this point, Ripple chief legal officer (CLO) Stuart Alderoty called on the US government to hurry to clarify regulations regarding cryptocurrencies.
Ripple CLO said the US government should quickly complete the clarification of cryptocurrency regulations after SEC Chairman Paul Atkins announced that he considers cryptocurrency regulation a key priority, Coindesk reported.
“For the first time, the Securities and Exchange Commission (SEC) has stated that cryptocurrency transparency is a key priority. Therefore, it is time to establish a predictable oversight framework.”
Alderoty said that US cryptocurrency investors want stronger and clearer regulations due to security concerns.
Ripple CLO emphasized that the steps the US will take this fall regarding crypto regulation will determine both the future of the market and the country’s global leadership.
Alderoty stated that the lack of clear and consistent rules did not eliminate cryptocurrencies, on the contrary, crypto trading was shifting to countries where regulations were implemented faster, and the US would be late.
“Without clear regulation, cryptocurrency users can go abroad. That’s why a regulatory framework is needed for the US as well, and it should be urgent.”
Alderoty recently described this fall as a defining moment, as Congress will discuss a new market structure package after the summer recess, following the stablecoin legislation passed at the beginning of the year, saying, “the opportunity is already there, the authority is already there.”
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/ripple-calls-on-us-government-for-cryptocurrency-opportunity-ahead/