The Ripple community, led by popular barrister, John Deaton, and Ripple head of policy, Susan Friedman, recently voiced criticism towards the US Securities and Exchange Commission's (SEC's) slow decision-making process. This comes in light of Coinbase's legal battle and petition for a writ of mandamus to ask the SEC to respond “yes” or “no” to whether it will undertake rulemaking for the crypto industry. Whilst the SEC eventually responded with a “maybe”, Grewal noted that the commission had predicted that the process could potentially take “years” - a statement that Friedman believes will reflect poorly on the US internationally.

Friedman noted that the Markets in Crypto-Assets Regulation (MiCA) proposed by the European Commission in September 2020 may be implemented as soon as 2024. MiCA is a forthcoming regulatory framework to establish a unified set of regulations for crypto assets across European countries. Friedman was concerned that if the SEC does not act with a sense of urgency and keep up with global regulatory frameworks, the US will be at an obvious disadvantage.

Deaton shared his sentiments, saying that it was “exactly why the work being done by Patrick McHenry, Congressman GT and Rep French Hill is so important”. He was referring to US Representatives who are encouraging the SEC to consider more suitable structures for the cryptocurrency industry in order to enable it to thrive.

In conclusion, the Ripple community agrees that the US is in danger of lagging behind the rest of the world if the SEC fails to provide crypto industry with clear and reasonable regulations. It is not a matter of preference, rather a need for clear guidance, especially in a highly volatile field such as cryptocurrencies. Furthermore, representatives from the US government are encouraging the SEC to create reasonable regulations for the crypto industry in order to help it flourish.



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