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US regulators ‘need to get with the program’ on cryptocurrencies: Ripple exec

US regulators 'need to get with the program' on cryptocurrencies: Ripple exec
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Your crypto game entrepreneur John and Jane Doe has stepped up, says a high-ranking Cryptocurrency executive at RippleNet.

“I think US regulators in particular need to get involved in the program and come up with more proactive regulations,” he said. Ashish BirlaRippleNet CEO, RippleNet, at the Yahoo Finance/Decrypt crypto investment conference on Tuesday.

Birla noted that Ripple’s cross-border payments are concentrated abroad, which reflects a better regulatory framework.

“Countries like Singapore, Asia, and Europe have come up with regulation for cryptocurrencies,” Birla said, adding, “I think we are behind in regulating crypto.”

Birla’s comments reflect the recent positive stance on regulation from Coin CEO Jeffrey Solomon on Yahoo Finance Live.

“We have done amazing things in this country, in particular, in terms of regulating that allows people to invest in financial assets without what I call downside risk,” Solomon said.

The likes of Ripple and others in the crypto space are not waiting for regulators to define some form of framework to drive their business models forward and capitalize on the boom.

For its part, Ripple on Monday unveiled a new business called Liquidity Hub.

Liquidity Hub will allow RippleNet clients to access cryptocurrency market makers, exchanges and OTC trading desks. Birla explained that the service reflects the growing need for instant liquidity in the cryptocurrency market.

“Our clients have been asking us since they are Ripple’s cross-border FX liquidity source, is there a way to provide our clients with Bitcoin, Ether and XRP liquidity,” Birla said.

Brian Suzy It is a comprehensive editor and Announcer at Yahoo Finance. Follow Suzy on Twitter Tweet embed and on LinkedIn.

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