Sunday, February 23, 2020

Ripple Believes That Confusion In Crypto Related Laws Has Been A Major Hindrance

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Babatunde Modupe
I am a freelance writer, Poet, blogger and cryptoenthusiast that is totally interested in blockchain technology and sharing it's Information with others.

A director of Ripple, Ryan Zagone stated that lack of clarity on Cryptocurrency is a major hindrance in its massive adoption. Ryan said this at the Fintech week in Washington recently while he also advocated for clarity of regulation on Ripple to aid its massive adoption.

Need For Clarity On Crypto Laws

Concerning this, Ryan mentioned that the major challenge facing crypto adoption is its policies. The uncertainty of policies regarding cryptocurrencies especially in the United States has been the major hindrance for the massive crypto adoption according to him.

Ryan based his arguments on the need for a crypto policy on the efficacy of Ripple’s function as a solution to the remittance industry. He continued speaking, saying Ripple and XRP, because it is an asset in use only charges half a cent per payment and it is free. He further noted that it scales and it is efficient with 1,500 transactions per second and with no energy burn. This, in essence, offers a solution to the major challenges the financial sector is facing today. Clarity of crypto policies would aid the massive adoption of Ripple according to him.

Ryan’s Advocacy For Proper Accordance To Ripple

Ryan also went further to advocate for proper accordance gave to Bitcoin and Ethereum by regulators in the United States to also be given to Ripple in the country.

He noted that today in the United States, policy certainty exists for Bitcoin and Ethereum even though the two platforms are China controlled. This makes activities related to these cryptocurrencies directed to China. In his opinion, the policy maker in the United States also needs to check into exploiting where there is uncertainty like the Ripple.

Further, he said the Ripple is like Bitcoin; decentralized, and open source. Also, the 7% validation power they have on it, unlike the small percent on others makes it better. To him giving same preference to Ripple as given to others will create a level playing ground for all cryptos.

Meanwhile, he mentioned in his statement that he is not in any way against Bitcoin or Ethereum, but a level playing ground for all cryptocurrencies in the market will bring distinctive qualities among cryptocurrencies.

Cryptocurrency and The U.S. SEC

Against the view of preference for Bitcoin and Ethereum, recently the U.S. SEC Corporate Finance director stated that he does not believe that Ethereum is a security and the SEC Chairman also stated that there is no need to change the definition of security for now, though a legislative effort is underway to address it.

However, last year, a report surfaced that the white house is taking a special interest in Ripple because of the proximity of Bitcoin to China.

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