Rancakmedia.com – Ripple (XRP) submitted a proposal to protect crypto users and has presented its proposal for crypto regulation, the company said on its official blog. According to Bitcoin.com News, the proposal outlines the company's vision for a financial regulatory framework that can be used to encourage innovation and consumer security.
“Today, we are pleased to unveil our proposal for a ‘Real Approach to Cryptocurrency Regulation,’ a framework intended to provide a practical, hands-on approach to cryptocurrency and digital asset regulation in the United States,” Ripple said.
According to Ripple, effective public policy can be achieved with “public-private partnerships, adaptation of current regulatory frameworks, and promotion of crypto innovation sandboxes.”
“Ripple thinks that our proposal will ensure that the United States successfully grows crypto innovation within its borders while also maintaining consumer and investor protection a well-known strong one,” said the XRP crypto development company.
According to Ripple CEO Brad Garlinghouse, the proposed policy framework requires three different methods than are currently feasible. Garlinghouse said the proposal came about as a result of the company's interactions with regulators.
“The policy framework we are proposing is a three-pronged approach to provide clarity to one of the fastest growing businesses in the United States today. Additionally, this is the result of our direct engagement with nonpartisan regulators and officials,” Garlinghouse said.
“There is no doubt that business crypto has established itself as a forum for public-private cooperation in policy, and we will continue to work together to find the best route forward," he concluded.
“All of the measures proposed in this framework are intended to provide legal certainty to businesses, markets, and consumers in a way that an ad hoc, regulatory approach to enforcement cannot,” Ripple added.
According to Bitcoin.com News, the US Securities and Exchange Commission (SEC) has come under fire for their crypto regulatory enforcement approach. In August, when the SEC initiated an enforcement action against cryptocurrency exchange Poloniex, SEC Commissioner Hester Peirce chastised her own agency for taking this approach to regulating crypto businesses.
Many individuals have also petitioned the SEC for further clarification on crypto rules, but to no effect.
Meanwhile, Ripple is still involved in a legal battle with the Securities and Exchange Commission. Securities regulators sued the business, CEO Garlinghouse, and co-founder Christian Larsen for the sale of XRP, which it believed was an issue of unregistered securities.
