Ripple can’t exist in isolation or a vacuum. If anything, crypto and applicable laws must live in harmony with a symbiotic relationship ensuring the end user is protected.
This is precisely why laws around crypto continue to be formulated, and the SEC is on Ripple Lab’s case.
According to the SEC’s assessment, XRP is a security and Ripple Labs, the project’s creator, illegally raised $1.3 billion. Brad Garlinghouse and Chris Larsen are also accomplices, helping in the crowd-funding efforts.
Formulate Transparent Crypto Laws: Brad Garlinghouse
There is a court battle in progress, and both sides have strong arguments. Even so, recently, Brad Garlinghouse said Congress should fast-track the formulation of transparent crypto laws.
It comes amid agencies’ requests to Congress to create laws that give them more control in regulating stablecoins.
Taking to Twitter, Brad said:
@ChrisBrummerDr is right — there is a lot at stake here, which is why we need Congress to play a leading role in providing guidance and clarity for not just stablecoins as is recommended by the PWG report, but crypto broadly ASAP. https://t.co/QyFxT0y3dk
— Brad Garlinghouse (@bgarlinghouse) November 2, 2021
“There is a lot at stake here, which is why we need Congress to play a leading role in providing guidance and clarity for not just stablecoins as is recommended by the PWG [President’s Working Group on Financial Markets] report, but crypto broadly ASAP.”
There are concerns that the hesitation in the U.S. is causing other economies like the E.U. and Japan to grasp opportunities, placing them at a better advantage than the U.S.
For instance, the Japanese FCA has better laws governing crypto and is a preferred launching pad for firms looking to enter crypto and blockchain in the region.
Meanwhile, the E.U., through MiCA– Regulation of Markets in Crypto-assets–, continues to be refined since being proposed in 2018.
Ripple Price Analysis
The XRP/USD price is flying at writing, edging higher and building on the weekend’s gains.
With rampant bulls in the Asian session, the path of least resistance continues to be northwards. When writing, the XRP/USD price is within a bullish breakout pattern and trading at new November 2021 highs.
With the clearer and better-defined path printed above $1.20, there has been a confirmation of bulls of November 3, setting the next leg up towards $1.40 in a bull resumption pattern. As it is now, every low now present a loading opportunity for ambitious XRP traders angling for $1.40 or better in the days ahead.
Technical charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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