According to a publication of July 30, in the page of Ripple, discussed the importance of regulating the cryptocurrencies. In addition, the reasons behind the dangerous build-up of orders of the united States.
It is important to note that, some american authorities take advantage of the benefits of this new technology. For example, the Bureau of Consumer Financial Protection of the united States (CFPB) and the Office of Validation of Coins of the united States.
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What is at stake for the united States when it comes to regulating the cryptocurrencies?
Now, there is a change in the world with the cryptocurrencies. As is well known, the recent news indicate that the industry is moving forward, with sophisticated financial institutions and central banks flexible. This is a good omen for the adoption of a regulation of the cryptocurrencies in all over the world.
What jurisdictions will lead this important change?
It should be noted that, in the united States, the Securities and exchange Commission (SEC), has taken control of the supervision of the cryptocurrencies. The SEC initially took possession, due to the need to stop the abuses seen during the madness of the Offers of Initial Coins (ICO).
Essentially, the SEC has put the regulation of the cryptocurrencies in an old regulatory framework that governs elements including orange groves, oil wells, whiskey, and public telephones, among others. In reality, rules that do not conform to this emerging technology.
With this intent, Congress can help by passing laws sensible. Another alternative is that the SEC and the Commission on Trade commodity Futures (CFTC), to join forces and develop a viable framework that protects the integrity of the markets and the consumers.
What cryptocurrencies are “values”?
Of course, if applied incorrectly, securities regulation, complex and costly, it could stifle innovation in the industry.
It is important to distinguish that, the SEC has exempted two cryptocurrencies of the securities laws, Bitcoin and Ethereum. For the other cryptocurrencies, the SEC has remained silent, unless it has decided to regulate through enforcement procedures.
Importantly, the SEC has approved only two cryptocurrencies, both controlled by China.
The cold war technology between the united States and China
It is necessary to highlight that, at least 65% of the mining of Bitcoin is concentrated in China. As a result, China can block or reverse transactions in an effective manner.
“Is the U. S. really willing to allow China to win today’s technological and economic Cold War?” Read Ripple’s General Counsel @s_alderoty”s latest Insights post to find out more. https://t.co/1QiwrNNLj5
— Ripple (@Ripple) August 6, 2020
To this purpose, China has already created an oligopoly of digital payments national, operated by companies such as Alipay and WeChat. So, China is also about to issue a digital currency controlled by the state: a yuan digital.
Arguably, these scenarios are not only bad for the economic actors americans. They are also harmful for anyone concerned about financial inclusion and the development of a financial system for the Blockchain and the cryptocurrencies.
Role of Ripple and the regulation of the cryptocurrencies
For its part, Ripple, do not try to avoid regulation, to the contrary, calls for a smart regulation, transparent and based on principles.
Rather, it urges the legislators to support the regulation that does not penalise the companies responsible americans. Your goal is to work with regulators, governments and central banks to improve the way the world moves money.
The Consumer Protection Agency of the united States recognizes the potential of XRP
The Bureau of Consumer Financial Protection (CFPB), has recognized the role of Ripple and XRP in the cross-border transfers.
According to the document of the 11th of may, the CFPB has been investigating new trends in the market of remittances. One of these developments is the continued growth and partnerships in the expansion of businesses of cryptocurrencies, such as Ripple.
The CFPB also noted that XRP can be used to perform the settlement of transfers of money across borders. He added that the set of products of the company could allow the banks and credit unions are aware of the final amount of the exact that they will receive the recipients of remittance transfers before you send them.
To finish, I gift this sentence of Jean de la Bruyere: “A quality of Justice is to make it soon and without delay, make her wait for it is injustice”.
So do you Think important to regulate the cryptocurrencies in the united States? Leave your opinion in the comment box.