- Adrienne Harris leads a team focused on improving cryptocurrency laws.
- Ripple’s RLUSD stablecoin is set to take off on multiple systems soon.
- The upcoming U.S. presidential election may influence crypto decisions.
Adrienne Harris, Superintendent of the New York State Department of Financial Services , shared important insights on virtual asset’s governance at the Ripple Swell event in Miami. She spoke with Ripple’s Chief Legal Officer, Stuart Alderoty, about the different regulatory approaches at state and federal levels. This discussion comes as the cryptocurrency industry seeks clarity to navigate its complex regulatory environment.
Key Announcements at Ripple Swell
Ripple hosted its annual conference on October 15 and 16 and attracted numerous partners and clients. During the event, Ripple announced that its RLUSD stablecoin would be available through various platforms like Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish. Ripple CEO Brad Garlinghouse said that developing RLUSD took over a year and the focus remains on trust, liquidity, and regulatory compliance.
The coming 2024 U.S. presidential election adds importance to digital currency policy discussions. Initially, many thought the election could serve as a referendum on crypto rules. However, both presidential candidates have shown positive views toward the sector. This change has created a divide among supporters, with some favoring Donald Trump for his criticism of President Biden’s regulatory pace while others support Kamala Harris for her progressive stance on economic issues related to digital currencies.
NYDFS Commitment to Regulatory Clarity
During the conference, Harris highlighted the NYDFS’s proactive measures in cryptocurrency regulation. She announced the formation of a dedicated team of about 60 professionals who will focus on cryptocurrency oversight. This initiative shows the NYDFS’s commitment to tackling the unique challenges of the rapidly evolving crypto market.
Experts have noted that the U.S. lags behind Europe and other regions regarding comprehensive cryptocurrency regulations. The NYDFS’s efforts aim to bridge this gap and provide clarity for industry stakeholders. Such clarity will help businesses operate confidently within the regulatory framework.
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Anticipation for RLUSD Launch
XRP holders are eager for updates on Ripple’s RLUSD stablecoin. The stablecoin has been in private beta since August on Ethereum and the XRP Ledger . Although Ripple has minted millions of RLUSD tokens, it has not announced an official launch date for its mainnet.
The anticipation surrounding RLUSD’s potential launch remains high. Ripple Swell typically serves as a platform for important announcements. As the market evolves, the successful rollout of RLUSD could significantly impact the broader cryptocurrency ecosystem.
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