Cryptocurrency regulations in the U.S. have been nothing but tough for both the SEC and the companies working on cryptocurrencies. Companies like Ripple, whose products involve the usage of cryptocurrencies, have regularly faced setbacks in terms of innovation due to a lack of regulatory clarity.
At the Fortune Brainstorm tech event, Ripple’s Asheesh Birla asked the SEC commissioner, Hester Peirce, about updates on the country’s regulatory framework, something that is contributing to the U.S. missing out on innovation, while other countries in the east enjoy improved clarity surrounding cryptos.
Hester Peirce aka Crypto Mom, acknowledged that there was a delay in pushing out regulations for cryptocurrencies. She said that the SEC would rather be late, but right, than be early and be blamed. She said,
“I’m thinking through a safe harbor approach I really urge anyone of you who is involved in this space to come talk to me”
Referring to the above, Peirce added that it would be a start, if anything. However, the SEC Commissioner conceded that things at the SEC take a lot of time, claiming that innovation doesn’t necessarily wait for anyone.
Ripple’s xRapid, a solution based on blockchain and leveraging the cryptocurrency, XRP, to facilitate cross-border payments, is facing a setback in the U.S. for obvious reasons. Contrarily, regulators in Asian countries such as Japan are already looking forward to the implementation of these technologies.
The Ripple and XRP communities have been waiting with bated breath for the price of the token to rise again, but that might take a little longer than expected. At press time, the price of XRP, the third-largest cryptocurrency in the world, was trading at a mere $0.29. This price point has been the coin’s support for quite a while now and if breached, things might get ugly for XRP holders.