Ripple Exec Bids For EU’s MiCA Amid US SEC Crackdown; Ripple Moving Out?

Ripple News: The Wall Street’s main regulator, the Securities and Exchange Commission (SEC) has been on a mission to regulate digital assets. However, crypto linked firms have alleged that the commission has been unable to provide much needed clarity over regulations. This has led several companies to think about moving offshore and Ripple Labs is one of them.

Also Read: Why Didn’t Ripple Register XRP With US SEC? Brad Garlinghouse Replies

Ripple Looking To Move Out?

U.S. House Committee on Financial Services Republicans stated that the US SEC’s regulation by enforcement regime pushes innovations in the crypto industry overseas. It added that the commission’s practices are threatening American investors and competitiveness.

However, Financial Services GOP mentioned that the Republicans will be providing regulatory clarity for digital assets to protect the technology in the nation.

Susan Friedman, International Policy Counsel at Ripple highlighted that the fears regarding innovation moving overseas are not overstated. She added that key crypto industry players are already migrating to places like Europe.

Also Read: Is XRP Lawsuit Ruling Key For Coinbase Against US SEC?

Coingape reported that the EU parliament endorsed the first rules to trace crypto-asset transfers and prevent money laundering. The lawmakers gave the MiCA the green light by voting 517 in favor to 38 against. The legal draft agreed informally with the Council back in June 2022 citing safeguards against market manipulation and financial crime.

Ripple Policy Counsel called in for Europe where the crypto rule is on the road to clarity due to MiCA. She stated that US regulatory paralysis is real and holds a measurable impact in terms of jobs and investment lost due to it.

Also Read: SBF Attempts To Flee 10 Of 13 Criminal Charges In FTX Case