XRP Lawsuit News: In light of heightened U.S. investigation of the cryptocurrency market, Ripple CEO Brad Garlinghouse gave some encouraging updates on Friday. Commission for Securities and Exchange (SEC). However, in the XRP action, both parties—Ripple and the U.S. SEC—are awaiting a summary judgment from the court.
Ripple CEO Provides Good Updates
The CEO of Ripple emphasized the regulatory framework now in place in the U.S. against the cryptocurrency business. In spite of the falling cryptocurrency market, he cited some of the positive global regulatory clarity emerging.
Garlinghouse underlined Dubai's commitment to technological advancement. He said that Dubai has just released a comprehensive set of tech-neutral regulations for cryptocurrency market players. This includes requirements for compliance, advertising, issuance, and more.
The Australian Treasury, on the other hand, is attempting to enhance digital asset licensing and custody. This will support consumer protection, hopefully. Australia released a consultation on token mapping. Before changing current regulations, the Australian government is seeking feedback from the public.
South Korea Adopting Tough Stance
However, in the wake of the tragic collapse of Terra Luna Labs, South Korean financial institutions have chosen to adopt a harsher stance. The Financial Services Commission released guidelines to make the distinction between security tokens and payment tokens more clear.
The CEO of Ripple noted that while this list is lengthy, it is crucial to recognize the similarities between all of the choices. These key issues are being led by the aforementioned regulators. While the American government is not using this strategy.