US regulators ‘need to get with the program’ on cryptocurrencies: Ripple exec
Step up your crypto game John and Jane Doe regulator, says one high-ranking executive at cryptocurrency Ripple.
“I think the U.S. regulators in particular need to get with the program and come up with more proactive regulation,” said Asheesh Birla, RippleNet general manager, at the Yahoo Finance/Decrypt crypto investing conference on Tuesday.
Birla pointed out that much of Ripple’s cross boarder payment volume is concentrated overseas, reflecting a better regulator framework.
“Countries like Singapore, Asia and Europe have come up with cryptocurrency regulation,” Birla said, adding “I think we are falling behind in crypto regulation.”
Birla’s comments echo the positive stance on regulation recently from Cowen CEO Jeffrey Solomon on Yahoo Finance Live.
“We have done amazing things in this country, in particular, around regulation that allows people to invest in financial assets without what I would call adverse risks,” said Solomon.
The likes of Ripple and others in the crypto space aren’t waiting for regulators to outline some form of framework to push their business models forward and capitalize on the boom.
For its part, Ripple unveiled Monday a new business it dubs Liquidity Hub.
Liquidity Hub will allow RippleNet clients access to cryptocurrency market makers, exchanges and over-the-counter trading desks. The service reflects the growing need for instant liquidity in the crypto market, explained Birla.
“Our enterprise customers were asking us since they source cross border FX liquidity from Ripple, is there a way to source bitcoin, ether and XRP liquidity for our customers,” said Birla.
Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
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