<\/p>\n
Ripple senior executives Andrew Whitworth and Susan Friedman have commended<\/a> the United Kingdom’s approach to the crypto industry, arguing that the country was leaving the United States behind regarding crypto regulations.<\/p>\n The executives made these statements in reaction to the Royal approval<\/a> of the Financial Services and Markets Bill, which made crypto trading a regulated financial activity within the country.<\/p>\n According to Friedman, the legislation represents a significant milestone in global crypto regulation. The crypto payment company executive added that the bill shows that the UK was leaving the US behind in critical areas.<\/p>\n This view was also shared by Ripple’s Policy Director for EMEA, Whitworth, who described<\/span><\/a> the move as the UK fulfilling its promise of becoming a crypto hub.<\/p>\n The Financial Services and Markets Bill approval marked the end of a comprehensive regulatory process targeted at regulating the UK’s financial sector.<\/p>\n While the law focuses on other subjects, it includes provisions that govern cryptocurrencies and stablecoins, allowing regulators to develop a legal framework for digital assets.<\/p>\n Additionally, the bill recognizes stablecoins as a form of payment and makes crypto a regulated financial activity within the country. It also enforces strict monitoring of crypto advertisements and promotions.<\/p>\n Meanwhile, the US approach to crypto regulation has drawn criticism from various crypto stakeholders.<\/p>\n Financial regulators, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), are vying to <\/a>Oversee the emerging space, confusing market participants.<\/p>\n In 2023, financial regulators instigated legal action<\/a> against prominent crypto firms such as Binance and Coinbase. Besides, the two regulators have lacked cohesion over classifying certain crypto assets as securities and commodities.<\/p>\n Ripple CEO Brad Garlinghouse noted<\/a> that this regulatory ambiguity had prompted a number of US crypto firms to explore opportunities in foreign jurisdictions. For example, the uncertain regulatory environment has led several crypto firms like Bittrex, Paxful, and others to exit<\/a> the US<\/p>\n<\/p>\n The post Ripple executives applaud UK crypto regulations, claim US lags behind<\/a> appeared first on CryptoSlate<\/a>,<\/p>\nUK’s pro-crypto policy<\/h2>\n
US regulatory struggles<\/h2>\n