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Digital Currency Regulation Around the World


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https://www.ripple.com/insights/digital-currency-regulation-around-the-world A conversation with Michelle Bond, Ripple’s Global Head of Government Relations. This is live right now.

Repeat after me:  "But I'm an American, so it makes me sad, personally, to see America, especially, potentially miss out on the next wave of innovation and the prosperity it will bring, by not having

I finally got the time to view the Monica and Michelle interview and then read through the reviews above. It never ceases to amaze me on the differences people have on what they read, watch or listen

Repeat after me:  "But I'm an American, so it makes me sad, personally, to see America, especially, potentially miss out on the next wave of innovation and the prosperity it will bring, by not having regulatory clarity.  The capital formation - and infrastructure investment - around this industry is going off-shore - and as we've seen, once it goes away, it's very hard to bring it back."

 

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1 hour ago, Nihilist said:

Michelle Bond: "We're actively engaging with 50 governments around the world, and I think regulators are hearing us."

Translated-

"We sent 50 emails to different governments and received an auto-reply acknowledging receipt of email"

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According to SEC Commissioner Hester Peirce, there is a need for policy makers to reduce to certainty issues surrounding blockchain regulations, to foster innovation and competition by borrowing the best practices and by allowing the laboratory of the many jurisdictions within the federal system to explore  solutions to the problems.

 

Uncertainty about what the rules in any particular country are makes a determination of which country’s rules apply even more difficult... I often have expressed my concern that the U.S. will fall behind other countries in attracting crypto-related businesses unless we are more forward-leaning in establishing a regulatory regime with discernible parameters.

 

This competition, and the opportunity to develop multiple regulatory solutions to a single problem, is a feature of the United States’ own system. As a federation of sovereign states, we have fifty states, plus several territories and the District of Columbia, that create their own laws and own regulatory regimes. In the U.S., we often refer to our states as “laboratories of democracy.” Instead of implementing all policy at the federal level, different states try different policies. Policies that prove to be highly effective can serve as models for federal-level policy, and can inform the development of policy by the other states.

Renegade Pandas: Opportunities for Cross Border ... - SEC.gov

 

https://www.sec.gov/news/speech/speech-peirce-073019

 

Edited by Sporticus
redundancy
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“Conversely, when asked what barriers enterprise respondents see in adopting blockchain technology, they see little consensus, with the most frequently cited choice garnering only 30 percent. In contrast, the emerging disruptors overwhelmingly (71 percent) chose regulatory issues as the greatest barrier to blockchain adoption, raising theoretical concerns about new rules that could hamper blockchain’s continued adoption…”https://www2.deloitte.com/content/dam/Deloitte/se/Documents/risk/DI_2019-global-blockchain-survey.pdf

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13 hours ago, Freaky said:

Thanks for the hug, just killing time until xrp makes me a millionaire.

xrp may or may not make you a millionaire.. xrp will probably make ripple shareholders millionaires.. Hedge your bets, and buy ripple stock in addition to xrp..

Edited by richxrp
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A long but interesting read. It leaves me wondering if she sees Ripple as being one of the Red Pandas?  What a regulatory mess to have to sort out and clarify. I still get the feeling that Ripple is considering moving operations to a country, such as Malta, Bermuda or Switzerland, if the U.S. doesn't soon come up with their own regulatory clarity. This was not only alluded to in the WSJ's open letter to Congress, but by Micelle Bond in the above interview. There's no way that super conservative banks are going to go "all in" with Xrapid and xrp until there are some clear rules in place. Not that Ripple is in any type of panic mode thus far, but I'm sensing that their frustration with this is growing by leaps and bounds.

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I finally got the time to view the Monica and Michelle interview and then read through the reviews above. It never ceases to amaze me on the differences people have on what they read, watch or listen to. Two very bright women. 

I see excitement at Ripple on the prospects of US regulatory clarity. I see them perceiving the US as finally getting motivated to take action. I think they’re smart enough to be helping US regulators behind the scenes by providing winning examples from abroad so US regulators can copy/paste and edit to put their own personal stamp on US regulations. I think we’re actually finally getting somewhere.

Perhaps the only real motivation for US regulatory action is seeing what good looks like first and figuring out how they can tax it second. Once those two needs are met we’re likely really close to being done.

I don't sense Ripple is ready to pull up anchor in the US and set sail to countries that have their crypto act together but, at the same time, I sure as heck wouldn’t blame them if they did. It’s got to be extremely frustrating and exhausting dealing with this lack of action and everyone has their breaking point...including organizations.

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