Regulation in the crypto space is an essential matter because it can help the main goal of the crypto industry become a reality – the mass adoption of digital assets.
The mainstream adoption of digital assets has been one of the main goals that the crypto industry has and there have been a lot of moves made towards the achievement of this important goal.
Ripple CEO Brad Garlinghouse said he’s considering China ahead of the US as both countries are wading the regulatory waters of the crypto space.
Garlinghouse expresses admiration for China
The online publication Cointelegraph revealed that during the Chamber of Digital Commerce’s Parallel Summit on July 17, Garlinghouse expressed admiration for China’s approach to the crypto space. “In some ways I’m in awe of it,” he said.
It’s been also revealed that China’s position comes from the fact that the country appreciates the high potential of cryptos, according to Garlinghouse.
“I think they’re realizing that some of these technologies may in fact be very foundational for the future of how financial systems work, and they want to make sure that they have capabilities at the heart of them,” he said.
Bitcoin and Ethereum regulation
He highlighted the fact that regulation is giving entities more confidence and he mentioned Bitcoin and Ethereum regulatory classification as an example.
The US regulating bodies addressed the subject back in 2018 and 2019 and they classed BTC and ETH as commodities and not securities.
Garlinghouse made sure to highlight the fact that such rulings now give companies and individuals more confidence in participation around those coins.
“Today, because of the mining control of Bitcoin and Ether in China, these are technologies controlled by China,” Garlinghouse added.
“Twenty-five years ago the U.S. was a leader in making the internet what it is today, but part of that came from regulatory clarity,” he said.