Bianews on Friday this week, Ripple (ripple coin)and several startups announced on September 27 that they have set up an Internet alliance to ensure US value, to unite to lobby for cryptocurrency legislators and regulators, and plan to pay digital currency to supporters in Washington.
As the bills used by Congress and the US SEC for digital currency and blockchain technology are yet to be decided, they want regulators and legislators to recognize emerging concepts in the financial technology arena.
In August, there was a wave of cryptocurrency regulation in the community, and the global regulation of cryptocurrency and ICO projects began to strengthen. In this regulatory storm, the entire cryptocurrency market was bleak, bitcoin prices fell to nearly 6,000 US dollars, Ethereum prices even fell below 200 US dollars, Ripple is relatively stable. The market was once panicked, and some investors even lost confidence in the market, so there was a panic selling situation.
Ripple joins startups to form an alliance to lobby for cryptocurrency regulators is precisely to deal with the storm. Whether cryptocurrencies need regulation or not has always been a controversial topic. The party that supports supervision believes that if the cryptocurrency is not regulated, it will certainly disrupt the existing economic system; the party that opposes regulation says that excessive regulation will limit the development of blockchain.
In March of this year, a meeting of the G20 central bank governors and finance ministers was held in Buenos Aires, where the discussion on matters ranging from international trade to global infrastructure investment was held. Since then, the G20 has begun to delve into ways to reduce the risk of cryptocurrency markets and to develop regulatory rules that will not stifle the innovation potential of blockchain. While many entrepreneurs and investors in the field are concerned that government compliance will hinder future growth, the reality is that participation in cooperation provides the best way to turn for potential turning points, accelerating the adoption of blockchain technology by major enterprise users and more institutional investors, with far-reaching implications.
It is difficult to predict whether the regulation of cryptocurrency will have a positive or negative impact on the industry. However, despite the government’s increased control over the encryption market, I really believe that they cannot greatly hinder the development of blockchain technology.
I personally think that cryptocurrency regulation should not hinder the development of this technology, but it is necessary to adopt “fair” and “transparent” supervision of the new cryptocurrency industry.
Perhaps the August is not the best time to make important decisions, but at the same time, the continued lows also seem to indicate the beginning of a strong rebound. In fact, some countries and regions have expressed their intention to optimize the supervision of the cryptocurrency industry, and may receive a lot of good news this fall. I hope that this ripple news will give investors a little confidence in the market and expect ripple to bring better news by doing this.