Monica Long at Money 2020 states that the SEC is not a welcoming gateway for us in the United States
Monica Long, the President of Ripple, sat down with Arjun Kharpal, a Senior Correspondent for CNBC, at Money 20/20 to delve into the essential infrastructure required for the implementation of cryptocurrencies.
Their discussion revolved around the concept of “Building Infrastructure Fundamentals,” focusing on how traditional financial institutions perceive and adopt digital assets. Long highlighted a significant change in both U.S. legislation and the attitudes of traditional financial institutions, pointing to the approval of a Bitcoin ETF in the U.S. as a pivotal moment for the adoption of cryptocurrencies. She specifically mentioned BlackRock’s involvement as a major milestone in this shift.
While acknowledging the recent approvals of Ethereum (ETH) and Bitcoin (BTC) ETFs, Long stressed the importance of clearer regulations in the cryptocurrency space. She emphasized the benefits of institutional decentralized finance (DeFi) in basic banking transactions, highlighting how services like deposits, payments, lending, credit, and capital markets could be enhanced by a more global, open, and efficient system – drawing parallels between blockchain’s potential impact on finance and the internet’s impact on communication.
Long also discussed the European Union’s Markets in Crypto-Assets (MiCA) regulation as a model for clear regulatory frameworks, hinting at the gradual but improving relationship between the United States and cryptocurrencies. She expressed some optimism about regulatory clarity in the U.S., particularly regarding stablecoin legislation.
In addition, Long touched on the ongoing debate between private and public blockchains, noting that while private blockchains are still utilized for technologies like central bank digital currencies (CBDCs), there have been significant advancements in public ledgers. For example, Société Générale issued the first euro stablecoin on a public ledger, while Ripple is preparing to launch a regulated US dollar stablecoin.
When it came to addressing fraud in the industry, Long made a clear distinction between fraudulent behavior and the technology itself. She highlighted that incidents like FTX’s collapse should not tarnish the entire crypto industry, emphasizing that positive blockchain applications still exist despite such setbacks.
Long underlined the importance of separating fraudulent activities from the legitimate uses of blockchain technology, emphasizing that while there may be a lingering impact from such events, it is crucial to recognize the positive potential of blockchain technology beyond these isolated incidents.
