Monica Long at Money 2020 SEC represents a challenging entry point for us in the US
Monica Long, the President of Ripple, engaged in a discussion with Arjun Kharpal, Senior Correspondent for CNBC, at Money 20/20 regarding the necessary infrastructure for the implementation of cryptocurrency.
The focal point of their conversation revolved around the theme of “Building Infrastructure Fundamentals,” which delved into how traditional financial institutions perceive and adopt digital assets.
Long highlighted a significant shift in U.S. legislation and the acceptance of digital assets by traditional finance institutions, specifically pointing to the approval of the Bitcoin ETF in the U.S. as a pivotal moment for the adoption of crypto. She mentioned that BlackRock’s involvement was a significant milestone in this regard, with many financial institutions gradually embracing crypto technology as a modern financial framework.
Despite recent approvals of Ethereum (ETH) and Bitcoin (BTC) ETFs, Long stressed the importance of clearer regulations. She emphasized the benefits of institutional decentralized finance (DeFi) in basic banking transactions when discussing the real-world applications of digital assets.
Long drew parallels between blockchain’s potential impact on finance and the internet’s impact on communication, highlighting the need for a more global, open, and efficient financial system for services like deposits, payments, lending, credit, and capital markets.
The European Union’s Markets in Crypto-Assets (MiCA) regulation served as an example of a clear regulatory framework, while Long hinted at the United States’ improving relationship with crypto, albeit slowly.
Long expressed cautious optimism about regulatory clarity in the U.S., noting that stablecoin legislation could be a positive development. She also delved into the private versus public blockchain debate, noting that private blockchains are still prevalent for technologies like central bank digital currencies (CBDCs), despite significant advancements in public ledgers.
Ripple’s upcoming launch of a regulated US dollar stablecoin was also highlighted, along with notable advancements such as Société Générale issuing the first euro stablecoin on a public ledger.
In discussing fraud, Long emphasized the distinction between fraudulent activities and the technology itself, particularly in light of scandals like FTX. She stressed that fraudulent behavior in specific cases does not represent the entire crypto industry, and it is essential to recognize the positive applications of blockchain technology amidst such events.
Long concluded by underscoring the importance of separating fraud from legitimate technology applications, emphasizing that despite setbacks like FTX’s collapse, the positive aspects of blockchain technology continue to endure.
