There is a big gap in the crypto community between the supporters and the opponents of the idea regarding the increased regulators’ involvement in the maturing industry.
Cory Johnson, Ripple’s chief market strategist, in his recent interview with Fox Business, explained why the company was ‘thrilled’ to see regulators getting more involved, saying:
“One person’s regulation is another person’s protection. I believe it’s really important for investors to be protected. We’ve seen what happens when there aren’t investor protections. We’ve seen investors lose so much money, and we’ve seen it in the world of crypto. We’ve seen some real bad actors involved, so we’re thrilled that regulators are getting involved.”
Having offices worldwide, Ripple has engaged with regulators in a variety of different countries, with a range of stances on this cutting-edge technology.
According to Johnson, the U.S. is lagging behind its global peers when it comes to engaging with this growing field and providing a clear regulatory framework for companies seeking to operate in it.
“A lot of other countries are moving faster than the U.S. to try to provide really clear lanes of where businesses can act — what’s right and what’s wrong,” he stated.
He is not alone in that view. Many regulators have made similar comments by now.
Earlier this week, Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo said at a congressional subcommittee hearing that he believed the U.S. was “four years behind” on understanding and regulating blockchain technology and its manifold applications, the most prominent of which is cryptocurrency.