anyone think swift may be the ones holding back regulation in the USA?

[musclehog]

I was thinking about something today. I work in the medical field in Australia. We have relatively strict laws on big pharma lobbying and kickbacks for doctors. In the USA it is a totally different story. Is it possible a similar situation could be happening in the US with crypto regulation. Are the heavyweights of the financial industry who's best interests are in legacy technology possibly slowing down regulatory clarity intentionally?

There is absolutely no reason why regulators should be taking this long at this point. 

[peanut56]

Unfortunately, in the U.S. policy is sold to the highest bidder. I think that it is a combination of banks don't mind making money off of fees, and there is an 2020 presidential race starting up with the sitting president going through the impeachment process.

As much as regulation is needed, it seems regulators care more about themselves than the people they serve.

[Sharkey]

2 hours ago, peanut56 said:

Unfortunately, in the U.S. policy is sold to the highest bidder. I think that it is a combination of banks don't mind making money off of fees, and there is an 2020 presidential race starting up with the sitting president going through the impeachment process.

As much as regulation is needed, it seems regulators care more about themselves than the people they serve.

Agree completely!  There is no other imaginable reason for the endless delays of those responsible for taking appropriate action to provide regulatory clarity, whether it is the sluggishly inefficient SEC or the dinosaur lawmakers (Bradley Sherman for instance) who go on ill-informed rants that crypto is "bad" and needs to be "nipped in the bud."  There absolutely HAS to be a direct and substantial personal gain to them to be so impervious to progress. Let's see if Ripple's presence in D.C. is successful in opening productive lines of communication with those who may get some legislative traction and aren't bought and sold by the highest bidders. 

[mistatee2000]

Oh yes. I also believe that it's as much political as for financial rewards. The USA can control SWIFT as we have seen with Iran. How are they going to control XRP which is definitely decentralised, all arguments considered. It will be interesting to see where China goes with Bitcoin.

[MisterRipple]

https://www.swift.com/news-events/news/alibaba_com-joins-swift-gpi-for-corporates?utm_medium=organic_social&utm_source=linkedin&utm_campaign=event-apac-alibaba

Swift gaining traction with their GPI system.

[AlejoMoreno]

Regulatory clarity for digital assets is not a big priority in the United States. There isn't going to be some sweeping statement or all inclusive publication for some time yet.

The United States takes the position that they can strong arm there way around most situations and thus views the current system as dominating enough to not warrant thorough exploration of digital assets.

Smaller countries, or countries with less financial influence, don't have this same viewpoint and thus are eager to provide as much regulatory clarity as possible to try and beat the USA to the punch.

 

Edited November 12, 2019 by AlejoMoreno

[XRPto50dollars]

two main things are holding xrp back. one, we're just simply too early in the game. and two, XRP / Ripple will gain traction when those in power find a way to fill their pockets from the technology. it's like this with every new product. no car manufacturer wanted variable speed windshield wipers until they realized there was a market for it. back in the 70s, ken olson of compaq was quoted as saying 'no one will ever need a personal computer.' It wasn't until the tech world realized they were missing out on billion in profits that a market was formed. As of this post, we're looking at many years ahead of us before XRP becomes a powerhouse in the industry.

Edited November 12, 2019 by XRPto50dollars

[dr_ed]

In my view the banks are completely responsible for delaying crypto regs, in order to gain time to figure out their strategy...how to deal with a highly disruptive technology that is highly threatening...Not just a better way to make cross-border payments, but a new kind of money that seriously worries them. As of now, their best strategy is to use their clout to slow adoption....simply by making sure the regulatory process is very slow and deliberate, making it hard for both investors and potential end-users to make decisions, and making it impossible for banks to own XRP, even if they want to......

[itcdominic]

5 hours ago, AlejoMoreno said:

Regulatory clarity for digital assets is not a big priority in the United States. There isn't going to be some sweeping statement or all inclusive publication for some time yet.

The United States takes the position that they can strong arm there way around most situations and thus views the current system as dominating enough to not warrant thorough exploration of digital assets.

Smaller countries, or countries with less financial influence, don't have this same viewpoint and thus are eager to provide as much regulatory clarity as possible to try and beat the USA to the punch.

 

and they will beat the US to the PUNCH at this rate.

[WhtSno]

I hinted at it in the other thread about SWIFT not dying due to global power.   US does not govern their own financial system, nor control the regulations that get passed.   I have no doubt one day global regulation will come, but only after the families in control figure out how to move off SWIFT and control digital assets.  This isn't happening any time soon.

[ZzZerper]

What regulation are you waiting for in the US? Serious question. People can legally own, trade and be taxed on XRP. They can also (see Moneygram) use it as a bridging currency. We can’t blame lack of regulation for holding back the XRP price in the US.

there is also the little matter of whether XRP, under US law is an unregistered security. That is not a matter of the lack of regulation. That is a matter of interpreting state and federal law in relation to the specific case of the creation of XRP and subsequent sales.

ps what the UK FCA thinks about the legal status of XRP has impact on the status in the US

 

[Guest]

If China truly goes digital it's going to force a lot of hands to move very quickly here in the U.S.  I to agree that there are forces holding on to the old guard working behind the scenes but evolution waits on nobody you either evolve or you go extinct been proven time and time again.  Digital assets are the evolution of money, right now the playing field is full of pretenders but we know who the front runners are and what their niche will be based on utility.  Banks will either have to evolve or be ran out of business by companies like MoneyGram etc.  Pretty soon industry is going come calling such as the Auto industry which moves millions across border daily hell just the USA to Mexico for GM alone I would say is in the multi million dollar range per week.  GM has more the 15k workers in Mexico,  Chrysler  13k, and Ford a little over 8k just think of all that money flowing in and out of Mexico back to my home state of Michigan and back to Mexico, and then think of the friction being experienced now.  Remember the old Transformers cartoon theme song "Transformers Robots in disguise, Transformers More than meets the eye!!'  That Mexico corridor was open first for a good damn reason.   The Cross Border Payments going in and out of there outside of the financial sector is huge!!!  You really think the Big 3 are not standing in attention watching how this plays out down there and they don't need banks approval to move, once they feel comfortable with the cost benefits and efficiency "Game On!!"Ripple plays a clever game of chess which I like!!!  Banks will either be deeply involved or on the outside looking in.  We have this misconception that banking drives business when it's the total opposite.

Edited November 12, 2019 by Guest

[ZzZerper]

23 minutes ago, RikkiTikki said:

Ripple plays a clever game of chess which I like!!! 

Yawn. Don’t they have time limits per move in contests. Ripple seems to have taken 7 years to move one pawn forward.

[Guest]

1 minute ago, ZzZerper said:

Yawn. Don’t they have time limits per move in contests. Ripple seems to have taken 7 years to move one pawn forward.

Metaphorically speaking, you do know what a metaphor is right?  You are executive Board Member who? Majority Stock Holder who?  Were all in the same boat my friend and if time is of the essence for you I'm just going to suggest you may want to ride another horse in this race if you feel one will get you there quicker.  This isn't a get rich quick scheme.

[meegwell]

21 hours ago, ZzZerper said:

What regulation are you waiting for in the US? Serious question. People can legally own, trade and be taxed on XRP. They can also (see Moneygram) use it as a bridging currency. We can’t blame lack of regulation for holding back the XRP price in the US.

there is also the little matter of whether XRP, under US law is an unregistered security. That is not a matter of the lack of regulation. That is a matter of interpreting state and federal law in relation to the specific case of the creation of XRP and subsequent sales.

ps what the UK FCA thinks about the legal status of XRP has impact on the status in the US

 

The security laws you mention were written prior to the explosion of cryptocurrencies ad at a minimum need to be adopted after careful thought and interpretation.

Each country or international body representing multiple countries needs to address these (at a minimum) 10,000 foot categories, if they haven't explicitly already done so  This involves a lot of different agencies/commissions/etc.:

 

Regulatory Framework - Transactions and/or Mining and/or ICOs for Individuals, Corporations, Exchanges, etc

• Broad Participation Restrictions - Legal Status (consumer, corporation, exchanges): All activity disallowed, limited activity allowed, no broad-restrictions on participation, etc.
• Asset Class Designation: equity security, commodity, currency, etc.
• Anti Money Laundering/Counter-Terrorist Financing ("AMT/CTF") laws:  Know Your Customer (KYC), Suspicious Activity/Transaction Reporting (SAR/STR), etc.
• Tax Designation:  Income Tax, Capital Gains, Loss Offsets, etc.

So for example, tax designation, KYC, and asset class laws will be different for individual transaction vs. corporate or government ICO, vs. an exchange, etc....

There is a lot of work that needs to be done...

 

meegwell