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Ripple Wants to Work with Regulatory Authorities

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New steps forward towards regulation of the cryptocurrency sector. The CEO of Ripple, one of the most followed cryptocurrency projects in the world, has in fact invited the operators in their sector to collaborate with the regulatory authorities.

“It’s incredibly important that the entire industry recognizes that we have to work with regulators, we have to work with the system,” said Ripple CEO Brad Garlinghouse in an interview broadcast Wednesday on CNBC’s Fast Money. “The blockchain revolution is being implemented within the system, and not outside of it”.

Bitcoin fell below the level of $ 10,000 per unit on Wednesday evening, after the Securities and Exchange Commission said it would require digital resources exchanges to register with the federal agency. The statement of the SEC follows weeks of citations in court, and represents a sort of plan to control the sector of the “stock exchanges” of cryptocurrencies.

In this sense, Garlinghouse statement could also be read as “defensive” for the future of Ripple, thus demonstrating that the cryptocurrency and its system do not fear sector disciplines.

Ripple, based in San Francisco, is developing a network for rapid global financial payments, and XRP is the name of the digital token that financial institutions on the network can use to make transactions quickly. The digital currency, which was traded close to 88 cents on Wednesday evening, after the publication of SEC data, according to Coinmarketcap data, is listed in over 60 exchanges.

About Coinbase, Garlinghouse said: “Coinbase will have to decide what he wants to do based on what is most appropriate for them” –  adding that he would not “comment on this sort of thing”.

Garlinghouse then commented the acquisition of Poloniex by Cirlcle at the end of February and predicted further agreements as the asset class grows. “I think there will be more consolidation and I think operators will grow in size,” said Garlinghouse.

In the last six months, Ripple announced that a handful of financial companies are testing the use of XRP for cross-border payments. The global payments company Fleetcor and its subsidiary Cambridge Global Payments have effectively confirmed that they will test the use of XRP, thus following the decisions of MoneyGram, MercuryFX and IDT.

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