Coinbase And Ripple Executives Want To Drive US Crypto Adoption

The Coinbase news today show that two executives from Coinbase and Ripple are now leading a push for a smart regulation and transparency in the crypto sphere. According to them, this would arguably drive adoption and take blockchain technology mainstream.

The Market Integrity Working Group’s co-chairs want regulators to grasp how they can advance the crypto industry.
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As they said in an official company statement, the Coinbase senior director and associate general counsel Rachel Nelson along with Ripple’s head of global institutional markets Breanne Madigan, wrote:

“To improve market integrity and provide consumers the confidence they deserve, Congress may need to enact legislation to support the orderly and secure functioning of crypto markets.”

When it comes to regulations, the Coinbase and Ripple executives noted:

“Such legislation could expand the Commodity Futures Trading Commission’s (CFTC) authority to include the regulation and oversight of digital commodity exchange markets.”

They also expanded on the need for a regulatory framework and said that state-specific regulations are to blame now.

The Market Integrity Working Group has the Blockchain Association behind it. As these Coinbase and Ripple executives said in the crypto news today, exchanges are hobbled by many regulatory frameworks in the US and as a result of that, new exchanges find it hard to enter the market while existing ones have a hard time remaining compliant.

“Consumers and cryptocurrency exchanges deserve a clear regulatory framework, the establishment of which would ultimately enhance market integrity and drive consumer adoption of cryptocurrencies.”

The executives from Coinbase and Ripple now argue that the new exchanges face byzantine burdens while existing exchanges struggle against compliance requirements. However, a regulatory framework would help them bolster market integrity and would encourage consumer adoption of cryptocurrencies.

Before this, we saw that Coinbase announced Dogecoin (DOGE) and Stellar (XLM) support on their wallet and developed a new asset listing process. On the other hand, Ripple’s XRP token was in the news for trading high and reaching new monthly highs. Right now, the altcoin is at $0.2329 with a 2.17% increase on the day and a market cap of $10.18 billion.

Speaking of which, the market has returned to its previous highs and is now stable at $247 billion and preparing to cross the major psychological barrier at $250 billion.