Ripple Applauds Mica Legislation As A US Lawsuit Reveals Ambiguity

June 14, 2023

US Lawsuit

Despite the ongoing legal struggle with the US SEC over its XRP coin, Ripple’s payment services continue to gain global recognition.  Recently, Ripple’s managing director,  Sendi Young, shared with Cointelegraph about the company’s increasing remit worldwide. Over the last year, cryptocurrency exchanges and businesses have fought with US authorities relating to the lack of legal frameworks that are impeding innovation and the adoption of blockchain-based services, systems, and cryptocurrencies.

According to Young, there is a clear difference in regulatory viewpoints between the United States and Europe, emphasizing Ripple’s economic success outside of the United States, which is due in part to progressive regulatory scrutiny in other regions. Young went on to say that Ripple is still encouraging private-public collaborations and open conversation with regulators and legislators, with both sides teaching each other as the sector evolves.

Meanwhile, with the ratification of the long-awaited Markets in Crypto-Assets (MiCA) law on May 31, the European Union is well on its way to imposing a host of regulations and standards for the continent’s cryptocurrency economy. Young believes that the MiCA legal framework will promote the formation of a ‘fair playing field’ in the cryptocurrency market, fostering healthy competition and innovation while encouraging acceptance among traditional financial companies.

Young also emphasized Ripple’s expanding service portfolio that it targeted at connecting to the integrated financial sector. Ripple’s continuing SEC case took an intriguing turn in June 2023, when anxiously awaited papers linked to a speech by former SEC corporate finance division director Bill Hinman revealed opposing views on the categorization of cryptocurrencies as securities.

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