Ripple executive Susan Friedman has praised the European Union’s approach to cryptocurrency regulation as the EU Parliament passed the Markets in Crypto-Assets (MiCA) legislation. The global cryptocurrency industry is hailing the move as a landmark moment.
In a tweet, the Ripple executive noted that while the US is focusing on enforcement instead of clarity, the EU has taken a “sensible, progressive approach to crypto regulation.” She added that Ripple looks forward to building and growing in the European marketplace.
While the US continues to focus on enforcement instead of clarity, the EU has taken a big leap forward with a sensible, progressive approach to #crypto regulation. We look forward to building and growing in the European marketplace! 🇪🇺 https://t.co/0NW8vchHxA— Susan Friedman (@ss_friedman) April 20, 2023
The sentiment was echoed by Andrew Whitworth, Policy Director, EMEA at Ripple, who called the passage of MiCA a “real sign of progress” for the crypto industry.
However, Whitworth emphasized that this isn’t a case of “job done” and that it is now up to the European Supervisory Authorities and National Competent Authorities to develop specific rules and requirements for firms.
It’s a real sign of progress but this isn’t a case of ‘job done’. Now it is up to the European Supervisory Authorities and National Competent Authorities to develop the specific rules and requirements for firms. Consistency across markets will be key for innovation and growth.— Andrew_Whitworth (@AA_Whitworth) April 20, 2023
Whitworth emphasized that maintaining consistency across markets would play a crucial role in driving innovation and growth and that it would be necessary to develop MiCA rules in a proportionate manner as well. Retail vs. business-to-business use cases pose distinct risks, and final requirements should reflect this.
Despite the need for further development of MiCA. Whitworth expressed optimism that the legislation will give European crypto companies a platform to thrive and grow. Ripple looks forward to supporting the EU and national authorities, playing its part to help realize the industry’s potential.
Nevertheless, the passage of MiCA is a significant development for the crypto industry. In addition, it provides much-needed regulatory clarity for firms operating across Europe.
As the EU continues to take a progressive approach to crypto regulation, how other regions will respond is still pending. However, for now, the industry is celebrating a major win.
Mixed Community Response To Ripple Executive’s Tweet
Susan Friedman, a Ripple executive, recently tweeted in praise of the European Union’s progressive approach to cryptocurrency regulation. This tweet has generated a range of reactions from the community.
Some people were happy that they were making progress. Others recommended informing Warren Buffet and Charlie Munger about the developments. Despite their previous comments dismissing crypto as a scam.
However, the new regulations did not persuade everyone of their advantages. Some argued that it would only benefit bad actors in the crypto space, such as Coinbase, Tether, and Binance, and that the daily trading limits would deter pump-and-dump schemes.
Meanwhile, others pointed out that short-term investments may be the most suitable for those seeking to see benefits in the current economic climate.