Monica Long, President of Ripple, joined Arjun Kharpal, Senior Correspondent for CNBC, at Money 20/20 to delve into the essential infrastructure for crypto integration.
Their discussion revolved around the topic of “Building Infrastructure Fundamentals,” focusing on how traditional financial institutions perceive and embrace digital assets.
Long highlighted a notable shift in U.S. legislation and traditional finance institutions, pointing out the approval of the Bitcoin ETF in the U.S. as a pivotal moment for crypto adoption. “BlackRock’s involvement was significant,” Long noted, indicating a growing acceptance of crypto technology among financial institutions.
Despite recent approvals for Ethereum (ETH) and Bitcoin (BTC) ETFs, Long stressed the necessity for clearer regulations. She emphasized the benefits of institutional decentralized finance (DeFi) in fundamental banking transactions like deposits, payments, lending, and credit.
Long commended the European Union’s Markets in Crypto-Assets (MiCA) regulation as a model for clear regulatory frameworks, while expressing some reservations about the U.S.’s regulatory landscape.
“Entering the U.S. market through the SEC doesn’t sound like a friendly door for us,” Long remarked, highlighting the challenges of navigating U.S. regulatory bodies.
In discussing blockchain technology, Long addressed the debate between private and public blockchains, noting advancements in both sectors. She mentioned examples like Société Générale issuing the first euro stablecoin on a public ledger and Ripple’s upcoming regulated US dollar stablecoin.
Regarding fraudulent behavior in the crypto industry, Long emphasized the distinction between fraudulent activities and the technology itself. She stressed that incidents like FTX’s collapse should not tarnish the entire industry, emphasizing the positive applications of blockchain technology amidst regulatory challenges.
“While there’s a lingering impact from such events, it’s crucial to differentiate between fraud and legitimate technology applications,” Long concluded, highlighting the resilience and potential of blockchain technology despite regulatory hurdles.
Summary Review: Monica Long’s insightful discussion at Money 20/20 sheds light on the evolving landscape of crypto regulations and infrastructure. As the President of Ripple, Long’s perspective offers valuable insights into the challenges and opportunities facing the crypto industry. Despite regulatory uncertainties and occasional setbacks like FTX’s collapse, Long remains cautiously optimistic about the industry’s future. Her emphasis on the need for clearer regulations, coupled with recognition of blockchain’s transformative potential, underscores the importance of continued dialogue and collaboration among industry stakeholders. As the crypto ecosystem continues to mature, Long’s remarks serve as a reminder of the importance of navigating regulatory complexities while harnessing the innovative power of blockchain technology for positive change.
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