Ripple executives Andrew Whitworth and Susan Friedman have praised the UK’s approach to cryptocurrency regulation, claiming that the country has surpassed the US in this regard.
Their remarks come after King Charles approved the Financial Services and Markets Bill (FSMB) on June 29, which, while focusing on a variety of topics, also includes provisions to regulate cryptocurrencies and stablecoins, making regulation Institutions can establish legal frameworks for digital assets.
The FSMB’s recognition of stablecoins as a form of payment and to facilitate regulated cryptocurrency activity within the UK has been hailed by industry leaders as a progressive measure.
Additionally, the bill imposes strict monitoring on cryptocurrency advertisements and promotions. In contrast, the U.S. has been criticized by stakeholders for its vague regulatory stance on cryptocurrencies, confusing market participants.
Ripple CEO Brad Garlinghouse highlighted uncertainty over U.S. regulations as a driver for many U.S. cryptocurrency firms exploring opportunities in foreign jurisdictions. Several well-known cryptocurrency companies such as Bittrex and Paxful have opted out of the U.S. market due to the unpredictable regulatory environment.