{"id":50850,"date":"2021-10-07T20:12:40","date_gmt":"2021-10-07T17:12:40","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=50850"},"modified":"2025-09-02T20:32:01","modified_gmt":"2025-09-02T17:32:01","slug":"gemini-and-ripple-executives-criticise-the-secs-approach-to-regulating-the-crypto-industry","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/gemini-and-ripple-executives-criticise-the-secs-approach-to-regulating-the-crypto-industry\/","title":{"rendered":"Gemini and Ripple executives criticise the SEC’s approach to regulating the crypto industry"},"content":{"rendered":"

During a panel discussion at Token 2049, Ripple’s Europe managing director Sandy Young and Blair Holliday, head of Gemini’s UK division, agreed that the SEC’s approach to regulating the digital-asset industry is unclear. Decrypt<\/a> reports.<\/p>\n

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\u201cYou have two extremes: a direct ban in China and El Salvador, which has recognised Bitcoin as legal tender. Then there is the US approach \u2014 regulation through coercion,\u201d Young noted.<\/p>\n<\/blockquote>\n

She added that countries such as Japan, Singapore and the United Kingdom are doing a better job of this task, creating regulatory frameworks that provide regulatory clarity.<\/p>\n

Mary Beth Buchanan, chief legal officer of the analytics platform Merkle Science, agreed with Young.<\/p>\n

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\u201cI remember back in 2014 in New York I participated in a discussion, and we couldn’t reach a consensus on what cryptocurrency is \u2014 property, income, or commodity? I think in the US we have advanced only a little further. We still lack clear regulation that exists in other parts of the world,\u201d she said.<\/p>\n<\/blockquote>\n

SEC Chair Gary Gensler disagrees with this statement. Testifying before Congress on October 5, he said that the agency does not plan to ban cryptocurrencies<\/a>. He also noted that the Commission has the authority necessary to regulate the digital-asset market, and securities laws \u201care quite clear\u201d.<\/p>\n

Unlike the US, participants in the discussion spoke positively about the UK regulatory regime. According to Holliday, FCA<\/span> \u201cmade it very clear\u201d that a license is a \u201cprivilege and a gift,\u201d and that companies must continually work on building trusting relationships with regulators.<\/p>\n

In 2020, the FCA added two Gemini subsidiaries to the register of accredited companies<\/a>: Gemini Europe Ltd and Gemini Europe Services Ltd. The former handles financial settlements, the latter custody of cryptocurrencies and platform operations.<\/p>\n

Meanwhile, Binance clashed with the regulator<\/a>. In June 2021, the FCA banned the company’s local unit from any regulated activity without prior written approval from the agency.<\/p>\n

Earlier in September, Ripple chief Brad Garlinghouse accused the SEC of inaction regarding cryptocurrency regulation<\/a>.<\/p>\n

Follow ForkLog’s bitcoin news on our Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sandy Young, Ripple’s European managing director, and Blair Holliday, head of Gemini’s UK division, agreed that the SEC’s approach to regulating the crypto industry is unclear.<\/p>\n","protected":false},"author":1,"featured_media":50851,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[719,112,128],"class_list":["post-50850","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-gemini","tag-ripple","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"36","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/50850","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=50850"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/50850\/revisions"}],"predecessor-version":[{"id":50852,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/50850\/revisions\/50852"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/50851"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=50850"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=50850"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=50850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}