Ripple CEO Drops Positive Updates Amid Pending Summary Judgment

XRP Lawsuit News: Brad Garlinghouse, CEO of Ripple on Friday shared some positive updates for the crypto industry amid increased scrutiny by U.S. Securities and Exchange Commission (SEC). However, both parties (Ripple and U.S. SEC) are waiting for a Summary Judgement by the court in the XRP lawsuit.

Ripple CEO lists positive updates

Ripple CEO highlighted the current conditions of regulation framed against the crypto industry in the U.S. However, he listed some of the positive global regulatory clarity developing amid collapsing crypto market.

Garlinghouse mentioned Dubai’s approach of being tech forward. He stated that Dubai just published a large scale set of tech-agnostic rules for crypto market traders. This covers compliance standards, advertising, issuance, and more. Read More XRP Lawsuit News Here…

On the other hand, the Australian Treasury is looking to improve licensing and custody for digital assets. This will aim to support consumer protection. Australia published a token mapping consultation. However, the Australian government is looking for public input before updating existing rules.

He added that the UK HM Treasury issued new consultation reflects the intent of the nation to build proportionate rules for the crypto industry. While its framework will allow the firms to innovate with maintaining financial stability. These initiatives have created an opportunity for the UK to become a global crypto Hub.

S.Korea taking a strict approach

However, South Korean financial institutions have decided to take a stricter approach since the horrible collapse of Terra Luna Labs. The Financial Services Commission rolled out guidelines for better clarity around the classification of a security token vs a payment token.

Ripple CEO stated that this list goes on, however, it is important to note the commonalities among all the decisions. The mentioned regulators are providing leadership over these crucial matters. While the U.S. authorities are missing this approach.