Ripple senior executives Andrew Whitworth and Susan Friedman have done just that praised the United Kingdom’s approach to the crypto industry, arguing that the country was behind the United States in terms of crypto regulation.
The executives made these statements in response to the royal assent of the Financial Services and Markets Bill, which made crypto trading a regulated financial activity in the country.
According to Friedman, the legislation represents an important milestone in global crypto regulation. The chief executive of the crypto payment company added that the bill shows the UK trailing the US in critical areas.
This view was also shared by Ripple’s Policy Director for EMEA, Whitworth, who described the move if the UK fulfills its pledge to become a crypto hub.
UK’s pro-crypto policy
The passage of the Financial Services and Markets Bill marked the end of a comprehensive regulatory process aimed at regulating the UK’s financial sector.
While the law focuses on other topics, it contains provisions regulating cryptocurrencies and stablecoins, allowing regulators to develop a legal framework for digital assets.
In addition, the bill recognizes stablecoins as a form of payment and makes crypto a regulated financial activity in the country. It also enforces strict monitoring of crypto ads and promotions.
Regulatory battles in the US
Meanwhile, the US approach to crypto regulation has drawn criticism from various crypto stakeholders.
Financial regulators, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), are vying to oversee the emerging space, confusing market participants.
In 2023, financial regulators have taken legal action against prominent crypto companies such as Binance and Coinbase. In addition, the two regulators lacked consistency in classifying certain crypto-assets as securities and commodities.
Ripple CEO Brad Garlinghouse noted that this regulatory ambiguity had prompted a number of US crypto companies to explore opportunities in foreign jurisdictions. For example, the uncertain regulations have led several crypto companies such as Bittrex, Paxful and others to leave the US
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