- Two executives from Ripple and Coinbase are pushing for official regulations in the US in their recent conjoined statement.
- Coinbase's Rachel Nelson and Ripple's Breanne Madigan are now acting as co-chairs of the Market Integrity Working Group.
- The two believe that regulations would secure the functioning of the crypto market, and drive healthy consumer adoption of digital currencies.
Coinbase and Ripple’s officials are making an effort to bring greater transparency and smart regulations in the United States’ crypto space. Their hope is that regulatory clarity would help drive adoption in the country. The adoption of cryptocurrency and blockchain technology has been advancing slowly around the world, but even so, the US has been moving significantly slower than most other parts of the world that are trying to regulate the space.
Now, many are trying to encourage the regulators to advance the crypto industry by bringing greater transparency and regulatory clarity. The Market Integrity Working Group’s co-chairs wish to see it happen.
Crypto adoption requires regulation
Rachel Nelson, the Senior director and associate general counsel at Coinbase and Breanne Madigan, the head of global institutional markets at Ripple, joined forces for this specific purpose. The Group’s two co-chairs recently said in an official statement that they wish for market integrity to improve and to provide consumers with the confidence they deserve.
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According to them, Congress needs to enact legislation that would support and secure the order and functioning of the crypto market in order to ensure this. However, the two also believe that such legislation would be the first step to achieving wider regulation. In a continuation of their statement, they said that the legislation could increase the CFTC’s authority to include digital commodity exchange markets’ regulation and oversight.
As some may recall, the Working Group is a new organization which only launched around five days ago, on January 23rd, 2020. So far, it has already brought attention to problems that exchanges are facing, and it claims that state-specific regulations are the main issue. However, a regulatory framework on a federal level would improve market integrity, and consumer adoption of digital currencies would be encouraged properly, and in a healthy way.