It is clear that Ripple will not wait for the conclusion of Judge Torres to establish its supremacy as a provider of financial services for businesses. Thus, the company of Brad Garlinghouse decided to extend its activities in Europe if the MiCA were to become a law. Zoom !
Is Ripple fleeing the United States?
Regulatory limbo in the crypto industry will scare away American businesses, Senator Cynthia Lummis warned at one point. For Brad Garlinghouse, voluntary departures from crypto companies were already happening at the same time.
Now that the MiCA standards have been promulgated, Ripple believes it is time to ” penetrate deeper » Europeprecise The Crypto Basics.
” Great interview with @sendiyoung on Ripple in Europe and CBDCs: ‘It’s actually a number of different currencies and CBDCs. They will all coexist and this ability to interoperate, to enter and exit, will be very important’. »
” Regulatory clarity in Europe is helping Ripple expand its business outside of the United States, as a lengthy legal battle with the SEC nears conclusion. »
During a recent interview on the sidelines of theMoney20/20 eventSeindi Young, Managing Director of Ripple for the United Kingdom and Europe, addressed this initiative of the American giant regarding Europe.
The choice of the old continent is explained by this: theunanimous adoption of the MiCA regulation in May. This ended with the signing of a related bill by the President of the European Parliament.
In the eyes of the company behind XRP, such an initiative from the 27 has what motivate a more serious conquest of the whole territory.
” I think that’s where we saw more mainstream adoption and where the real benefits of the usefulness of cryptocurrencies were realized. Without clear regulations, this is impossible. I consider this to be the first step towards wider adoption by the general public. said Mr. Young.
More and more interested in CBDCs
If we refer to the tweet of Anthony Welfare, CBDC adviser at Ripple, the crypto company has already accelerated in digital currencies and CBDCs. Its CBDC platform has become conducive to the development of digital currencies. In particular by the central banks and similar financial institutions from mid-May.
“ It is actually a number of different currencies and CBDCs. They all go coexistand this ability tointeroperateto enter and exit, will be very important “, had further underlined Seindi Young.
It is not known at this time whether Gary Gensler will be removed from his position or not. But the United States is currently suffering from the iron fist with which the SEC is regulating the crypto industry. Would we expect a mass exodus in the near future?
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