Ripple executives Andrew Whitworth and Susan Friedman praised the UK’s strategy to cryptocurrency regulation, arguing that the UK outperforms the US on this regard.

Their remarks got here after King Charles authorized the Monetary Providers and Markets Invoice (FSMB) on June 29. Whereas the invoice focuses on quite a lot of subjects, it additionally consists of provisions to control cryptocurrencies and stablecoins, permitting regulators to determine a authorized framework for digital property. .

The FSMB’s recognition of stablecoins as a way of fee and to facilitate regulated cryptocurrency exercise throughout the UK has been hailed as a progressive step by trade leaders.

Moreover, the invoice imposes strict scrutiny on cryptocurrency promoting and promotion. In distinction, the USA has been criticized by officers for its ambiguous regulatory stance on cryptocurrencies, which has confused market members.

Ripple CEO Brad Garlinghouse has pressured that uncertainty over U.S. regulation is driving many U.S. crypto corporations to discover alternatives in international jurisdictions. . A number of well-known cryptocurrency firms similar to Bittrex and Paxful have exited the US market citing the unpredictable regulatory atmosphere.