Riding The Wave News Summary 126
The crypto industry has ‘already started’ moving outside US, says Ripple CEO, Ripple survey: 97% of payment firms believe in the power of crypto, & more.
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The crypto industry has ‘already started’ moving outside US, says Ripple CEO
Ripple survey: 97% of payment firms believe in the power of crypto
Lido’s LDO Token Sinks 10% Following Rumors Crypto Staking Service Received SEC Notice
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The crypto industry has ‘already started’ moving outside US, says Ripple CEO
The United States Securities and Exchange Commission’s (SEC) regulation through “enforcement” is not a “healthy way” to regulate an industry, and may result in the U.S. being a less attractive location for crypto firms, suggests Ripple’s CEO.
In a March 3 Bloomberg interview, Brad Garlinghouse, CEO of blockchain-based digital payment network Ripple, suggested that the SEC’s regulation approach puts the U.S. at “severe risk” of missing out on being an attractive hub for the next evolution of blockchain and crypto innovation.
Garlinghouse noted that the SEC’s case against Ripple is the SEC simply playing “offense” and “attacking” the industry as a whole, adding that if the SEC is “able to prevail,” there will be “a lot of other cases.”
He suggested that the crypto industry has “already started moving outside” of the U.S., given its crypto regulation process is “behind” other countries like “Australia, the United Kingdom, Japan, Singapore and Switzerland.”
He commended these countries for taking “the time and thoughtfulness” to create “clear rules of the road,” adding that the approach taken by the U.S. is not a “healthy way to regulate an industry.”
He added that consumers are suffering from the “lag,” as they lack the “same protection” that regulatory frameworks “can provide.“
Ripple survey: 97% of payment firms believe in the power of crypto
Blockchain-based digital payment network Ripple, and the Faster Payments Council (FPC) payment organization, issued a report on March 2 covering the opportunities of crypto-enabled payments.
The report titled, “Transforming the Way Money Moves,” provides insights on global crypto payment trends based on a survey sent to over 950 FPC subscribers, including analysts and CEOs across 45 countries. The survey included 281 respondents addressing 25 questions on blockchain payment use cases and benefits, digital asset ownership and usage barriers. Fieldwork for the survey was conducted during the first half of 2022.
According to survey results, nearly every surveyed FPC subscriber — or 97% of respondents — believed that cryptocurrency and blockchain tech would have a significant role in enabling faster payments in the next three years. More than 50% of surveyed payment executives believe that most merchants will accept crypto payments within one to three years.
27% of respondents among Middle East and African executives believe that the majority of merchants will be crypto-friendly by 2024. According to Ripple and FPC, such optimism in these markets could stem from crypto-enabled solutions like mobile payments and central bank digital currencies (CBDCs).
Despite 52% of respondents considering crypto use for payments, only 17% of those supported crypto-enabled payments at the time of the survey, according to the report.
Lido’s LDO Token Sinks 10% Following Rumors Crypto Staking Service Received SEC Notice
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