JAKARTA - The leading crypto company, Ripple, which is the cryptocurrency developerXRP, has stated its commitment to stay focused on markets regulated by clear regulations. A report from the South China Morning Post (SCMP) on Saturday, July 22, 2023, said that Ripple confirmed its intention after winning a legal feud against US regulators, the Securities and Exchange Commission (SEC).
The SEC itself is claimed to have implemented a case-by-case approach in dealing with industry players, including legal action against token publishers or crypto coins.
Last week, a US court issued a ruling that Ripple's XRP was not included in securities categories when traded on third-party crypto exchanges. This decision paved the way for XRP to be traded by retail investors. Even so, the court also confirmed that when XRP is sold by companies directly to institutional investors, XRP is still considered a security.
The US Securities and Exchange Commission (SEC) sees the court's ruling as a form of setback for the Ripple case in 2020. Regarding this, in a new filing for its lawsuit against Terraform Labs and one of its founders, Do Kwon, the SEC regulator told a US federal court that some court decisions in the case against Ripple were false, opening up the possibility for the SEC to appeal.
"With a big win for Ripple, as well as for the industry, we need to see if this will bring regulatory clarity or whether the SEC will continue to follow a'regulatory with law enforcement' approach that selects tokens individually," Rahul Advani, Ripple Asia-Pacific Policy Director (APAC) told SCMP on Tuesday, July 25.
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This action was followed by the publication of a blog post by the Ripple team stating, "Ripple's demands for good crypto regulation in the US are far from over; in reality, this is just the beginning."
Ripple issued the statement not without reason. The reason is, regulations in the US regarding the status of crypto assets are still unclear, thus encouraging crypto companies to switch to Asia as an alternative.
Ripple Lirik Asia And Europe
In May, Brooks Entwistle, APAC's Managing Director for the headquartered Ripple in San Francisco, stated that due to the SEC's lawsuit, most of the company's developments occurred outside the US, particularly in Asian territory.
On the other hand, Ripple itself is already involved in the central bank digital currency pilot program (CBDC) for the Hong Kong Monetary Authority. Not only that, Ripple also facilitated the delivery of cross-border money from Singapore to the special administrative area of China. Another Asian country, Japan has introduced special rules for cryptocurrencies.
Meanwhile, the European Union with the adoption of Markets in Crypto Assets (MiCA) rules has become the world's first jurisdiction with a comprehensive crypto regulatory framework. Ripple has also applied for a license for a payment agency in Ireland.
Sendi Young, Managing Director of Ripple for Europe, stated that blockchain companies have also submitted a registration request to the UK Financial Conduct Authority, as part of their plans to continue to develop significantly in the blue continent region.
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