Crypto News- Slow Progress in the US Crypto Landscape
Crypto News– Fiona Murray, managing director of Ripple Asia Pacific, emphasizes that the United States is lagging in crypto regulation. Despite recent optimism, she suggests that the upcoming election is unlikely to bring significant changes in the short term.
Opportunity for Growth in Asia
Murray pointed out that most of Ripple’s innovation is occurring in Singapore rather than the US. She noted that a lack of open-mindedness in the US has driven many crypto founders to seek better conditions in Asia and other countries.
A Supportive Environment in APAC
According to Murray, the Asia-Pacific region offers a stable environment with robust infrastructure conducive to healthy crypto development. She highlighted Singapore’s banking partners, particularly DBS Bank, for their proactive approach to working with responsible Web3 companies.
Infrastructure and Community Support
Murray stresses the importance of a supportive banking community and infrastructure. She believes that the US is currently behind but has the potential to catch up if these elements are put in place.
Challenges Beyond Elections
While Donald Trump made headlines as the first former US president to make a purchase with Bitcoin, Murray is skeptical about the impact of the upcoming elections on the crypto industry. She argues that meaningful support for Web3 communities requires more than just electoral change; it demands systemic adjustments in banking support.
Future Clarity in US Regulations
Despite the current challenges, Murray is optimistic about the future of US crypto regulations. She anticipates that clarity will emerge, paving the way for major banks to enter the crypto space. Once that clarity is there and the infrastructure is in place, the potential for tokenizing and custodying assets will significantly increase, she stated.
Ripple’s Legal Battle and Industry Impact
Murray’s remarks come amid ongoing legal challenges for Ripple Labs. The US Securities and Exchange Commission (SEC) is preparing for a possible appeal in its case against Ripple, following a federal judge’s decision to impose a $125 million civil penalty on the company for allegedly using its XRP cryptocurrency as an unregistered security.
FAQs
What did Fiona Murray say about the US crypto landscape?
Fiona Murray expressed concerns that the US is lagging behind in crypto regulation, indicating that recent elections are unlikely to change this in the short term.
Why is Singapore leading in crypto innovation?
Murray highlighted that a “lack of open-mindedness” in the US has driven many crypto founders to Singapore and Asia, where they find more favorable conditions for development.
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