Ripple Exec Opts For EU’s Progressive Crypto Laws As XRP Case Verdict Closes In

Ripple News: As the U.S. financial regulators struggle to provide clear regulations for the crypto industry, European Parliament approved the first comprehensive set of rules to cater to the market. This mega development in the digital asset market has attracted Ripple Labs, which is struggling to get clarity in the U.S.

Also Read: Texas Passes Landmark Crypto Bill For Exchanges To Comply

Ripple Looks To Explore European Marketplace

Susan Friedman, International Policy Counsel at Ripple in a statement stated praised the EU’s recent crypto move. She stated that the US is still focusing on enforcement instead of clarity. However, Lawmakers in the European Parliament have taken a big leap forward. She added that it has been a sensible and progressive approach to crypto regulation.

Ripple Policy Counsel asserted that they look forward to building and growing in the European marketplace.

Coingape reported that 517 European lawmakers voted in the favor of the MiCA, while 38 went to vote against it. The set of crypto rules implies reducing risks for market participants. This move will make providers liable if they lose investors’ digital crypto assets.

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Andrew Whitworth, Ripple’s Policy Director for Europe, the Middle East and Africa called it a landmark moment for the global crypto industry. However, he indicated that the job is not done yet as now it is up to the European Supervisory Authorities to generate specific rules and regulations for firms.

He added that the approved MiCA rules need to develop in a proportionate way as Retail Vs Business to Business use cases pose distinct risks and the final output needs to reflect this.

However, Binance CEO, Changpeng Zhao also welcomed the MiCA approval. He stated that this is a pragmatic approach to the challenges that the industry collectively faces.