As a researcher with a background in finance and experience following the crypto industry, I find Monica Long’s perspective on the current state and future potential of cryptocurrencies insightful. Her emphasis on regulatory clarity and the need for traditional financial institutions to adopt digital assets is crucial for the mainstream acceptance and growth of the crypto market.
At Money 20/20, Monica Long, the President of Ripple, engaged in a conversation with Arjun Kharpal, a Senior Correspondent from CNBC, about the essential framework required for integrating cryptocurrencies.
The topic of their discussion revolved around “Establishing Essential Foundations for Digital Assets,” exploring how conventional financial entities view and integrate digital currencies into their operations.
Long pointed out a major transformation in American legislation and the conventional finance sector, using the approval of the Bitcoin ETF in the U.S. as evidence of this shift. In his opinion, BlackRock’s entry into the crypto world was a pivotal event. Numerous financial institutions have been gradually embracing crypto technology, recognizing it as a modern financial structure, according to Long.
Clearer regulations
As a crypto investor, I’ve been closely following the news of Ethereum (ETH) and Bitcoin (BTC) ETF approvals. Exciting times, indeed! However, I can’t help but emphasize the importance of regulatory clarity in this space. It’s essential for the long-term growth and stability of digital assets.
As a researcher exploring the potential of emerging technologies in the financial sector, I would express it this way: “The foundational aspects of finance such as deposits, transactions, borrowing, credit, and capital markets could significantly advance with a more interconnected, transparent, and streamlined system.” Drawing parallels to the transformative influence of the internet on communication, blockchain technology holds immense promise in revolutionizing financial services.
As an analyst, I’d like to highlight that long referred to the European Union’s Markets in Crypto-Assets (MiCA) regulation as a model of transparent regulatory structure. Additionally, he suggested that the United States is making progress, albeit gradually, in its engagement with crypto assets.
Long expressed his reservations about entering the US market via the SEC, commenting that the process may not offer a welcoming or easy experience for them.
Expert: I’ve long held a hopeful yet prudent perspective regarding regulatory clarification in the US, believing that clear-cut regulations for stablecoins could mark a significant advancement.
Private vs. public blockchain
As a crypto investor, I’ve come across the ongoing discussion between private and public blockchains. While private blockchains continue to be relevant in specific areas like central bank digital currencies (CBDCs), it’s important to acknowledge the significant strides made in public ledgers.
For instance, Société Générale issued the first euro stablecoin on a public ledger. Ripple is also launching a regulated US dollar stablecoin.
Fraud
Long has consistently made it clear that the issue at hand is the dishonest actions of individuals, rather than the underlying technology, when addressing fallouts from scandals similar to FTX.
“Long clarified that there’s indeed fraudulent activity, as seen in the FTX finance incident. Compliance rules have been flagrantly disregarded. However, it’s important to note that not every player in the industry should be labeled as fraudsters or criminals based on these incidents. The technology itself is not inherently flawed.”
As a analyst, I would like to clarify that while FTX’s collapse and allegations of fraud are undeniably significant events in the crypto industry, it is essential to remember that not every application of blockchain technology follows the same path. Positive developments and innovations continue to emerge within this field.
I acknowledge that the past incidents cast a lingering shadow, but it’s crucial for us to distinguish between fraudulent activities and the authentic uses of the technology.
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2024-06-06 19:11