Stuart Alderoty, the chief legal officer (CLO) of American payments firm Ripple Labs Inc, has shared his take on the firm's new payment license tapped from the Monetary Authority of Singapore (MAS). Taking to his official Twitter account, Alderoty hailed the disposition of the MAS as it concerns the regulation of cryptocurrencies.
He said the apex financial regulator has built a "workable framework that truly unites consumer protection, market integrity and innovation." Alderoty also outlined how the MAS has "also outlined a clear taxonomy to classify and regulate digital assets – making it possible for companies like Ripple to build and offer compliant products."
Leaders in the digital currency ecosystem have always advocated for market regulators to set clear rules that are tailormade for the nascent crypto ecosystem. Many experts, including Alderoty, have bemoaned the unclear regulatory stance of the United States Securities and Exchange Commission (SEC), which has brought many firms a lot of legal bills.
The SEC has been cracking down on the key players in the digital currency ecosystem since the start of the year, with the latest firms being Binance and Coinbase exchanges. The SEC claims these exchanges were operating and supporting the trading of unregistered securities, including Cardano (ADA), Solana (SOL) and Polygon (MATIC), among others.
Fighting for regulatory equality in America
The crypto industry in the United States have been fighting for equal regulatory standing, likened to the Markets in Crypto Assets (MiCA) bill from the EU, which will help ward off crackdowns from the SEC, while also helping to boost competition in the region.
The SEC has often reiterated that the crypto ecosystem is covered by the extant provisions of the Securities and Exchange Act. In a bid to ascertain its authority, some members of Congress have been making moves to help redefine what is obtainable with votes on the pursuit of crypto regulation set for sometime in July.