Senior Ripple executives Andrew Whitworth and Susan Friedman said: praised He criticized the UK’s approach to the cryptocurrency industry, arguing that the UK has left the US behind in terms of cryptocurrency regulation.
The executives issued the statement in response to royal approval of the Financial Services and Markets Bill, which would make cryptocurrency trading a domestically regulated financial activity.
According to Friedman, the bill marks an important milestone in global cryptocurrency regulation. The crypto payment company executive added that the bill shows the UK is leaving the US behind in key areas.
This view was echoed by Whitworth, Ripple’s policy director for EMEA. explained It is a move to fulfill the promise of the UK to become a cryptocurrency hub.
UK Cryptocurrency Promotion Policy
The approval of the Financial Services and Markets Bill concludes a comprehensive regulatory process aimed at regulating the UK financial sector.
While the law focuses on other subjects, it includes provisions governing cryptocurrencies and stablecoins, allowing regulators to develop a legal framework for digital assets.
Additionally, the bill recognizes stablecoins as a payment method and makes cryptocurrencies a regulated financial activity in the country. We also carry out strict monitoring of cryptocurrency advertising and promotions.
Fighting US regulators
Meanwhile, the US approach to cryptocurrency regulation has drawn criticism from various cryptocurrency players.
Financial regulators such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are battling over oversight of emerging sectors, confusing market participants.
In 2023, financial regulators filed lawsuits against prominent cryptocurrency companies such as Binance and Coinbase. Additionally, both regulators lacked coordination over classifying certain crypto assets as securities and commodities.
Ripple CEO Brad Garlinghouse said this regulatory ambiguity has led many U.S. crypto firms to explore opportunities in foreign jurisdictions. For example, the uncertain regulatory environment has forced several cryptocurrency companies such as Bittrex and Paxful to exit the US.
Postripple Executives Praise UK Crypto Regulation, Claim US Is Delayed First Posted on CryptoSlate.
