Chief Market Strategist of Ripple, Cory Johnson recently gave an interview to Fox Business, where he spoke about the recent regulations in cryptocurrency world. In the interview with the reporter, Johnson confirmed that Ripple is more than happy about regulators getting more involved in the crypto world nowadays.
“One person’s regulation is another person’s protection. I believe it’s really important for investors to be protected. We’ve seen what happens when there aren’t investor protections. We’ve seen investors lose so much money, and we’ve seen it in the world of crypto. We’ve seen some real bad actors involved, so we’re thrilled that regulators are getting involved”, said Johnson.
Earlier it was reported that New York’s Department of Financial Services had authorized only in total of ten cryptocurrency firms to operate in the state. Eight of these companies were reported to receive a full BitLicense. Ripple is one of those eight firms while XRP II is one of its subsidiaries. Notably, superintendent of NYDFS, and ex-chief architect of the state’s controversial “BitLicense” framework is currently on Ripple’s board of directors.
At the same time Ripple currently has offices in different countries worldwide and hence has to deal with different lists of regulators in a variety of different countries.
According to Johnson, U.S. is currently starting to “lag behind its global peers when it comes to engaging with this burgeoning field and providing a clear regulatory framework for firms seeking to operate in it”. He continued, “a lot of other countries are moving faster than the U.S. to try to provide really clear lanes of where businesses can act — what’s right and what’s wrong”.
Even earlier, Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo also shared similar opinion regarding the matter stating that U.S. still needs to advance in understanding and regulating blockchain technology.