Improve your crypto game. According to one high-ranking executive at cryptocurrency Ripple, John and Jane Doe regulator.
“I think US regulators, in particular, need to get with the program and come up with more proactive regulation,” Asheesh Birla, RippleNet general manager, said on Tuesday at the Yahoo Finance/Decrypt crypto investing conference.
Birla pointed out that a large portion of Ripple’s cross-border payment volume is concentrated overseas, indicating a stronger regulatory framework.
“Countries like Singapore, Asia and Europe have come up with cryptocurrency regulation,”
Birla said, adding “I think we are falling behind in crypto regulation.”
Birla’s remarks echo Cowen CEO Jeffrey Solomon’s recent positive stance on regulation on Yahoo Finance Live.
“We have done incredible things in this country, particularly in terms of regulation that allows people to invest in financial assets without what I would call adverse risks,” Solomon said.
Ripple and others in the crypto space aren’t waiting for regulators to lay out some kind of framework in order to advance their business models and capitalize on the boom.
Ripple, for its part, unveiled a new business called Liquidity Hub on Monday.
RippleNet clients will have access to cryptocurrency market makers, exchanges, and over-the-counter trading desks via Liquidity Hub. Birla explained that the service reflects the increasing need for instant liquidity in the cryptocurrency world.
“Our enterprise customers were asking us if there was a way to source bitcoin, ether, and XRP liquidity for our customers because they source cross-border FX liquidity from Ripple,” Birla said.