Ripple Proposes to Protect Crypto Users – 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 News, the proposal outlines the company's vision for a financial regulatory framework that can be used to drive innovation and consumer safety.

“Today, we are pleased to unveil our proposal for 'A Real Approach to Cryptocurrency Regulation,' a framework intended to provide a practical and hands-on approach to cryptocurrency and digital asset regulation in the United States,” said Ripple.

According to Ripple, effective public policy can be achieved by “public-private partnerships, adaptation of current regulatory frameworks, and promotion of crypto innovation sandboxes.”

“Ripple thinks our proposal will ensure that the United States succeeds in growing crypto innovation within its borders while also sustaining consumer and investor protection a well-known strong one,” said crypto development firm XRP.

Ripple Protects Crypto Users

According to Ripple CEO Brad Garlinghouse, the proposed policy framework requires three different methods than is 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 bring clarity to one of the fastest growing businesses in the United States today. Additionally, it is the result of our direct engagement with nonpartisan regulators and officials,” said Garlinghouse.

“There is no doubt that the crypto business is establishing 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, rule-to-enforcement approach cannot,” added Ripple.

According to News, the US Securities and Exchange Commission (SEC) has come under fire for their crypto regulatory enforcement approach. In August, when the SEC initiated 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 of crypto rules, to no avail.

Meanwhile, Ripple is still engaged in a legal battle with the Securities and Exchange Commission. The securities regulator is suing the business, Garlinghouse CEO, and co-founder Christian Larsen for the sale of XRP, which it believes are issue unregistered securities.

1 2Next page
Back to top button