It must be a tough time for those who work at the Security and Exchange Commission (SEC). The regulatory watchdog is continuously being criticized. And now it is Ripple director of regulatory relations Ryan Zagone’s turn.
Ripple has made a lot of progress recently. Thus the Singapore-based crypto exchange Bitrue announced that they will soon add Ripple trading pairs. Besides, Euro Exim Bank, a UK based financial institution, is planning to utilize xRapid and XRP.
Despite these advances, XRP is still facing regulatory issues in the U.S, as the SEC has not yet clarified how it classifies the token. As a result, U.S. banks and other financial institutions have not fully adopted XRP yet. At least that is what Zagone believes.
Speaking at Fintech Week in Washington, DC, he emphasized that regulators need to elucidate the rules. Only then will XRP be able to move forward. He noted:
“The challenge for adoption comes back to policy. The policy uncertainty around some of the assets has limited adoption, particularly here in the US.”
The SEC has to step up its game
“And one place I’m speaking directly for me here is XRP, where it looks like Bitcoin. It’s decentralized. It’s open-source. We have a small 7% of the validation power on that. Rather small on there.”
Zagone made sure to stress that he is not anti-Bitcoin or anti-Ethereum and that these tokens have great potential. However, Ripple propounds that it is necessary “to have a level playing field so the market can pick which ones they want to use.”
The SEC is indeed facing a lot of pressure lately. While the crypto business is continuously growing and big players like Bakkt are entering the market, the authority and its satellites are failing to clarify regulatory rules. This creates a lot of uncertainty and has prompted some to accuse the Commission of conspiracy. Especially, since it continuously delays its decisions on BTC ETFs. The verdict regarding the VanEck/SolidX ETF, for instance, is expected in February.