XRP Ripple news today: Ripple CEO contributes to World Economic Forum Crypto Regulation publication
If we havent met before my name is frank, cho and im here to help you live a richer life on this channel. We talk about cryptocurrency, personal finance and investing if you havent hit that subscribe button. Do it now that way, i can keep you informed of all the latest news and updates and dont forget to drop a like if you find any value in anything. We discuss here in this video now this is day three, as we lead up to my birthday, which is tomorrow so im, sharing a few photos and maybe a story or two. So the decade im going to talk about this morning is the 20s. So in my 20s i did a lot of traveling. I went you can see here in new york, city, radio, city music hall. I have actually been to all 50 u.s states and ive been to puerto rico. The us virgin islands so im trying to get all the territories as well, but on one very nice trip i did go to new york, city and upstate new york, niagara falls and so uh. This video – or this photo is from that particular occasion. But comment down below what is your favorite state id love to know your thoughts now im from texas, so im always going to be biased, but i will say that one of my favorite places to visit was maine, which is in the very opposite direction, but a Very beautiful place and the food is amazing, so that is one big occasion that happened in my 20s, but my first daughter was born in my mid 20s madison and then my second as well, and you can see them there uh around that time, when i was In my late 20s and now, youve seen photos of the two of them theyve both grown up quite a bit, but this is still one of my favorite pictures of them when they were young.
Now lets take a quick look at the crypto market before we dive right in. We are up to 2.29 trillion slightly up from yesterday uh with bitcoin back over 50 000 ethereum has regained that ’00 mark still short of the 4k and cardano at 287, with xrp at a dollar 29 so still holding around that dollar 30, but cant seem to Get a breakaway quite yet now on twitter weve got warren davidson, who weve talked about quite a bit from the house of representatives who has shared our forbes article remember this is from rosalind leighton, and this was the article that the channel got the nice reference in. So again much appreciation to her, but he says theres a solution to this problem. The token taxonomy act which he has proposed and we still dont, have a final answer on. But i think that he definitely makes a very valid point that this would be a great solution to the problems that we face with the regulation by enforcement. And, of course, the confusion coming out of the united states sec at the current time. If you havent seen this article before, i will link it down below again and the video where we actually went through it uh check that out. If you havent already ill link it below for you as well now the one thing that i thought was going to be the most impactful to share with you here today is this publication from the world economic forum.
So i saw this yesterday and then i realized uh this morning, uh that tony on the thinking crypto channel had made a video uh talking about this as well so props to him uh for getting that information out. There first make sure youre subscribed to his channel great information. Great interviews, hes interviewed brad garlinghouse hes interviewed hester purse. Hes uh been able to talk to some really powerful people in the crypto space, so check out his channel because hes got great content there, but he did briefly discuss this yesterday. I wanted i wanted to bring it to your attention as well, though, because i think its important and you may not have seen it elsewhere yet so i did want to at least share it plus. It gave me an excuse to use that m m based thumbnail, which i have been waiting to use for quite some time. So if we look at the contributors for this publication, you can see – and let me find it here – that brad garlinghouse is one of the co authors. Of course, we know him as the ceo of ripple and you can see the other contributors from various uh companies that are big players in payments in crypto and its very uh, interesting that you know you see diverse companies coming together here you can see stellar stripe, Uh some big names, so this, of course, the world economic forum weve talked about before you hear about them all the time with the great reset and um.
You know many powerful people backing it um and they have their conferences and all these things where they discuss the financial future of the world, and this, i think, is a major part of it. The future of cryptocurrencies so lets talk about what this publication is and why it might be important to take a look at its lengthy, so im not going to go through everything in detail here its about 31 pages. If you look, though, as you get towards the end, its mainly just the citations of the documents and then who the authors are and everything so in reality, the document itself is about 25 pages and theres, some nice images and things along the way, but lets go Through really quickly here so navigating crypto regulation, this is giving the perspective of the industry on whats needed to be able to have balanced regulation across the globe. As we see right now, things are very uh scattered. You have different approaches in different countries. No unified approach globally, you have the us where theyre, you know doing the regulation by enforcement. Where were seeing these lawsuits like what were seeing against ripple – and we just dont – have the clarity yet and so thats whats, causing frustration and delays in implementation and integration of kryptos, and so with this theyre trying to address some of the underlying issues. Uh talk about possible solutions as well as give some insight on you know, whats happening and where so here is just the high level summary im not going to go through the cryptocurrency basics, if youre watching this channel im.
Assuming that you understand just the basics of crypto and then well talk more here on the regulatory considerations, because this is, i think, what uh impacts us the most in the crypto space. So as you can go through here again just quick background that theyre giving. But these are what we need to know the concerns about the regulatory clarity. So here we go. Regulators and policy makers around the globe are continuously evaluating how to best address the specific and sometimes novel issues posed by cryptocurrencies. Cryptocurrencies have rapidly evolved from expressions of alternative ideals and systems to well known assets of interest to investors, private firms and, to some extent, nation states. So when you look at that, youre thinking, individual investors, like us retail investors, youve got the big whales. Youve got investment firms, youve got companies and banks that come out and say they want to put money into crypto and you have nations such as what were seeing in latin america with bitcoin in particular, and then youve got other countries exploring cbdcs or cbdcs. So theres a lot of interest globally its just. How is this coming to fruition and what rules are coming around these, as well as the implementations are ongoing. Okay, the regulatory landscape for cryptocurrencies continues to evolve as there is increased interest in the usage of the asset class building on earlier eras of innovation in distributed computing and cryptography. Cryptocurrencies in the underlying blockchains contribute a new paradigm for many kinds of secure data and value transmission, storage and access more broadly, much like the development of internet communication protocols.
The vast potential for its uses and applications is difficult to predict and the technological and economic particularities of cryptocurrencies render it difficult to automatically apply existing legal frameworks and definitions. How we test, looking at you as such a clear, constructive and adaptive regulatory environment for cryptocurrencies, would lay a foundation for sustainable innovation, competition and transparency and allow customers and businesses to safely realize the benefits they may offer. As would be expected, significant differences exist in the scope and breadth of regulatory oversight and expectations, especially between jurisdictions. These challenges could be addressed by a greater level of international cooperation and information sharing between regulatory bodies. This is the big thing you know having a global standard. Having cooperation having you know, a very clear picture for everyone to be able to play by the same rules would go a long way, and i think the example of the internet is really good in that you know it was a revolutionary. You know totally game changing technology and we had to understand from a regulatory standpoint how to govern this new system, and so i think crypto could be addressed in the same way where you have policy makers. You know, working together with experts and being able to build out some kind of framework with clarity to an extent and uh, with at least some uniformity, and i think that would be really helpful now well go through just some of the headlines here, because i dont Want to go into every single detail again, if you want to know more check out the fold document, but since were time limited lets, just keep it high level on the next couple points so macro level and multi jurisdictional risk.
Again from like we talked about just a second ago, the top level, you know looking down here saying what are the big picture items and then what are the risks, especially as you look across multiple jurisdictions, not just the us, but also in all the many nations Of the world, how does this work? How do they play and communicate one with another? How are the treatments for taxation? You know all of these things when you have payments and transactions happening across borders. You know what are the rules of the road and how do we make sure that its clear for all parties in the transactions we talked about compliance risks? Compliance is really difficult because compliance when you think about a business or say a government entity, theres rules, and then you have to enforce those rules, thats your compliance and then you have to audit and follow up, and everything like that. So i work for a corporation uh in a finance department as a director of finance, and one thing that is very key when were looking at compliance is making sure you have everything documented, making sure that you can trace it out and that youre following the rules And when you have an audit that you can prove uh what youve done and justify any decisions that were made, and so there are risk to compliance when you dont understand the rules clearly – and this is one of the things theyre addressing here – is you know what Are these record keeping requirements we dont know because the rules arent clear you can see.
You know theyre talking here, tax record keeping requirements, thats important for an individual uh retail investor. You know as youre transacting cryptos. What do you need to have to be able to prove that you made this transaction? How do you show you know your holding periods when youve made a transaction to what amount? What was the uh value at the time of the sale? What was the value when you purchased it? How are all of these things tracked when you have a stock brokerage, they have all that and its pretty automated. So can you use that similar type system to be able to um? You know pull that in for your kryptos or do you need something else entirely and thats, where we kind of lack clarity there, operational risks, of course, as well from the actual process standpoint. What risks exist with kryptos and you know when is a settlement final? All of these things are going to have to be addressed from a regulatory standpoint clearly, so that everyone gets the picture and we can all play by the rules you cant play by the rules. If you dont know what the rules are, so someone has to, you know, come out clearly the sec. You know this is really your job to be able to clearly articulate to people who uh. You know what youre looking for when youre enforcing these now the senate and the house, you know congress as a whole is going to be passing rules, but the sec is going to be enforcing them.
So you know what are you looking for? What are your parameters? Give us the clarity and then well seek to abide by the those rules. When you look at the sec versus ripple, i dont believe anybody at ripple was trying to break the rules. Theyre a big company. They have investors theyre, trying to be a business, a global business uh acting in the digital asset space and providing value to their customers. I just cant see them trying to actively you know, break these rules, and so i it goes back to that lack of fair notice. Um now well skip the consumer protection. I think that we get the idea that you want to be able to have protections so that you dont have people get scammed. This is a place that is rife for scams. Theres crypto scams all the time. You have to be very careful. What kind of protections can be put in place that needs to be discussed and understood, and then, of course, the crypto infrastructure thats underlying everything, custody safekeeping. So on really good information here you can tell that the people who contributed to this publication were very knowledgeable uh. You see brad garlinghouse as an example, but youve got a lot of people who have knowledge, experience and work in this space and also work with regulators across the board so that they can explain. You know whats happening in these different places and one thing i really like in here and im scrolling down, so i apologize its going kind of quickly here on your screen, but they look at the global regulatory approaches.
Uh regulatory approaches as they currently exist and as they could be, so they talk about the different approaches that could happen in the space. So you know theres this wait and see, approach where were just gon na see how everything develops out and then we wont issue anything until we see what other peoples do or other people. Other countries do uh theres a public private partnership where you actually are working together and collaborating with business and the government to try and you know, make things happen. Do you have a task force? Do you have research projects um, you know what are you doing to work together, theres, a more comprehensive regulatory approach where you have um, you know a nation or a state, providing you know very clear, delineations or you can have a very restrictive approach where youre, just Like nope not doing it, you can see they have a nice map here and then they give some case studies by country which i really like, and so you can see that this is um a really strong way to demonstrate. You know whats happening as far as how they define crypto assets, uh, how they set up text rules and so on. So youve got the uk singapore, switzerland, japan, uh all kind of the more forward thinking nations when it comes to kryptos and definitions of you know what their regulations are. So if they have an actual act, thats been passed and then what their tax rules might be.
So this is really helpful. I think, and can provide some clarity for other regulators. I think thats part of the reason why they publish this is so that this can be distributed to other countries as they are considering their own crypto regulation, especially as you have you know, smaller countries are wanting to get ahead of this, so that it can be A tool for them to sort of catch up to the already existing big players in the global economy and crypto can definitely be a major tool to help uh developing nations uh catch up quickly and provide their citizens with the benefit of being on a more um Technology, technological uh footing with the bigger players in the world, so i will link everything that we looked at here below for you, because it is really good information and if you do have the time uh take a few minutes read through it. You can sort of skim through the highlights and you dont have to you know, read the whole thing you can, even if you just skip to the key takeaways, because i think that that will really inform you that hey cryptos, evolving uh its a big challenge, thats, Not just focused on one country but its a global challenge. Some countries are being more reactive, but others are being very proactive and looking at the benefits and weighing the risks and making decisions right now and over regulating is a problem but so is under regulating, because then that allows space for bad actors to come in.
So you have to strike that right balance so really good stuff. Here. I hope that you found this information to be helpful and if you did please make sure to hit a like on the video, it helps the channel a lot and make sure that you get the information thats going to be most helpful. For you. Dont forget to hit that subscribe button this coming week.