Overview of the Article
- Ripple executives praised U.K.’s move towards regulating crypto trading.
- The Financial Services and Markets Bill made crypto trading a regulated financial activity in the U.K.
- The Ripple executives argued that the U.K. was leaving the U.S. behind regarding crypto regulations.
Ripple Executives Praise UK Crypto Regulations
Ripple senior executives Andrew Whitworth and Susan Friedman have praised the United Kingdom’s approach to the crypto industry, arguing that the country was leaving the United States behind regarding crypto regulation. The executives made these statements in reaction to Royal approval of the Financial Services and Markets Bill, which made crypto trading a regulated financial activity within the country. According to Friedman, this legislation represents a significant milestone in global crypto regulation, adding that it showed that the U.K. was leaving the U.S. behind in critical areas. This view was also shared by Whitworth who noted that other countries were currently pioneering innovation when it came to creating an environment conducive for digital asset growth and development while leaving America far behind due to its restrictive stance on cryptocurrencies and blockchain technology adoption.
SEC Actions Despite Rising Market Share
Coinbase’s market share is still growing despite recent action from SEC (Securities Exchange Commission). SEC has filed requests for information from Coinbase earlier this year over potential violations of securities law related to its listing process for ICO tokens on its platform (Initial Coin Offering). However, Coinbase’s market share is still increasing due to its highly secure platform, wide selection of cryptocurrencies offered, as well as its reputation for high liquidity levels among traders and investors alike which allows them to both buy and sell their assets quickly with minimal impact on prices or spreads
in between trades or orders executed inside of Coinbase’s ecosystem itself .
Impact on Spot Bitcoin ETF Applicants
A court decision between Grayscale Investments LLC and Securities Exchange Commission (SEC) could prove crucial for spot Bitcoin Exchange Traded Fund (ETF) applicants who are hoping to get their product approved by regulators soon enough so they can launch it out into markets where retail investors will be able to purchase shares directly through brokerages or even online exchanges like Coinbase Pro or Binance US if they choose . This case centered around Grayscale Investments LLC filing suit against SEC asking why their Bitcoin Trust wasn’t being granted approval after two years since filing initial paperwork , with lawyers from both sides making oral arguments during court hearing held mid-June 2021 . Final ruling expected sometime later this month — though outcome doesn’t appear favorable toward Grayscale at this point according .