Ripple Regulator Speaks Up at Consensus 2019, Urges Government to Speed Up Crypto Regulations
- Ryan Zagone of Ripple says that regulation of crypto tech in US needs to be a national issue.
- Token Taxonomy Act would eliminate crypto assets from being classified as a security.
The Consensus 2019 conference has unveiled a lot of announcements in the cryptocurrency community, like the statements made by Ryan Zagone. Zagone, the director of regulatory relations at Ripple.
Zagone discussed technology in the industry today, commenting that the United States needs to make it a national issue to make cryptocurrencies and blockchain technology more known. In doing so, the US would become a leader in the tech space, without needing to rely on foreign innovators.
Zagone elaborated, pointing out the discussion that is presently happening in the capital, saying that 5G is “dominated by foreign firms,” and that the United States is primarily relying on the help of foreign entities with their technology. Considering that blockchain and crypto will definitely be a part of the future, the US needs to focus on this infrastructure “for both national security and from an economic perspective.”
The Token Taxonomy Act was recently reintroduced by legislators, which would ensure that crypto assets are not able to be considered a security. The act would also force the government to implement more certainty in regulation for businesses and for the blockchain industry as well. It would also ensure that conflicting state initiatives and regulatory rulings would be simplified and explained more efficiency.
With these announcements, it is clear that both the digital asset market and the blockchain industry are growing in Europe and China as well. If the US wants to be a competitor in the market, certainty in these regulations and the other details of the Act are crucial.
In March, Cointelegraph reported that the Capital was seeing three times the number of lobbies for blockchain technology, resulting in 33 total projects by the fourth quarter of 2018. During the same time in 2017, there were 12 lobbies.
Jerry Brito, who directs the Coin Center non-profit organization, says that the growth of these industries seems to be pushed forward as a result of securities regulation.