Ripple (XRP) CEO Explains Crypto Regulation ‘Misnomer’ At Davos

Ripple (XRP) News: Ripple CEO Brad Garlinghouse had on Thursday spoke at length about the state of crypto regulation in various parts of the world. Garlinghouse stressed on the importance of finding the right balance for crypto in terms of codifying the rules and imposing regulation. He said there is very less scope in Ripple’s case that it is operating in the unregulated space. Earlier, the Ripple CEO criticized the SEC’s behavior in the XRP lawsuit saying that the manner in which the regulating body operated was embarrassing.

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How Far Is Crypto From Regulation

The Ripple CEO explained the need for defining what are the safe practices to follow within the crypto regulatory space. He took the example of the UAE’s work on codifying the regulatory scope. Garlinghouse was speaking as part of a panel of speakers at the World Economic Forum in Davos. He also explained how close is Ripple to being regulated as its customers as a cross border payments platform are banks.

“The UAE has done the work to codify what the regulations are. The challenge is that a lot of players in the crypto space want to be good actors. There has to be clarity on what that means though.”

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Meanwhile, the crypto prices continue to regain value since the beginning of January 2023. As of writing, the XRP price stands at $0.393, up 3.25% in the last 24 hours. On the other side, the lawsuit against Ripple by the US Securities and Exchange Commission (SEC) is in the final stages as the community awaits final judgement.