The U.S. can still take a lead in regulating crypto, and Ripple Stuart Alderoty knows how

By Selena On Jul 31, 2020

In a recent blog post, Stuart Alderoty, General Counsel at Ripple, outlined the path the U.S. can take to catch up with the rest of the world. Because the United States is lagging behind other world leaders when it comes to comprehensive cryptocurrency regulations.

Why is the U.S. falling behind on #crypto #regulation and what paths can the U.S. take to change this? Read the latest Insights blog from Ripple’s @s_alderoty to learn more. https://t.co/dCt7rDOdFI

— Ripple (@Ripple) July 30, 2020

The U.S. can still take the lead in regulating crypto, and Ripple Stuart Alderoty knows how

Alderoty emphasized:

“American regulators have been treating the cryptocurrency industry tent compared to the internet in the 1990s. Instead of a hands-off approach, which birthed such internet giants as Google and Facebook, U.S. watchdog scrutinized digital assets.”

The U.S. Securities and Exchange Commission (SEC) has not in a hurry to come up with new crypto regulations while adopting its 74-year securities laws to determine digital assets.

While domination in the ICO craze is a necessary step, Ripple has frequently urged regulators not to equate all cryptocurrencies together. Although the SEC confirms that Bitcoin and Ethereum are not securities, there is no clarity surrounding XRP.

Alderoty claims that this predicament can be solved by Congress passing “sensible” laws, thus keeping regulatory agencies in check.

He also proposed that the SEC jointly create a framework to protect the cryptocurrency market with the Commodity Futures Trading Commission (CFTC).

While praising SEC Mom Hester Peirce’s cryptocurrency for her safe harbor proposal, he also noted that the United States must act quickly in order not to lose its dominance over China:

“It’s bad enough if the U.S. were to cede a competitive edge to the likes of the UK, Japan, or Singapore; it would be a disaster if the U.S. were to let Communist China take control of this technology. Unfortunately, that is exactly where the industry seems to be heading.”

XRP is up nearly 29% over the past two weeks aiming for new yearly highs

Following a nearly three-month-long downward trend, Ripple’s XRP is back in the green. The cross-border remittances token broke above its 50-three-day moving average on July 17. Since then, its price has done nothing but shoot up. XRP hit a high of $0.25, representing a nearly 29% upswing.

The cryptocurrency was also able to turn its 100-three-day moving average into support within the same time frame. Moving past this hurdle suggests that this altcoin could advance further towards the next resistance barrier represented by the 200-three-day moving average. The resistance level currently sits around $0.28.

XRP/USD on TradingView

The optimistic outlook that the international settlement token presents has not gone unnoticed. Data reveals that large investors have been accumulating XRP over the past two weeks. If this trend continues, it could help propel the coin to higher highs.

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