Blockchain giant Ripple has revealed its approach to cryptoasset regulation in the US. The company drew attention to clear communication and cooperation.
Ripple proposed a framework for crypto-asset regulation in the US. The bill the company is considering is the Innovation Barriers Act, which was passed by the US House of Representatives in late August. This bill aims to establish a joint cryptoasset working group for two prominent US financial regulators, the US Securities and Exchange Commission and the Commodity Futures Trading Commission (CFTC).
The company thinks that traditional regulations can be applied to crypto assets. According to Ripple, current regulations governing traditional markets in the US can be applied to cryptoassets. However, he underlines that they need to be adapted to be applied to their new technologies.
However, he also advocates implementing a regime that would allow crypto startups to sell tokens during a period of nonpayment, without complying with current securities laws. Last month, Senator Patrick McHenry and SEC Member Hester Peirce, nicknamed “crypto mom,” introduced a bill that looks after tokens in a similar situation.