Monica Long, the president of Ripple, recently spoke with The Block about her thoughts on blockchain technology, cryptocurrency laws, and Ripple’s vision for the future. The discussion covered Ripple’s legal battles, business growth, and the global regulatory landscape.
Read CRYPTONEWSLAND onMonica Long started off by outlining important changes that had occurred since their previous open discussion. In July 2023, Ripple obtained a favourable ruling from the court in their SEC case, making it clear that XRP is not regarded as a security. Ripple now has the clarity they need to grow their business operations in the US owing to the court decision.
Long stated that Ripple’s focus has shifted from cross-border payments to a comprehensive enterprise blockchain infrastructure provider. They have developed the necessary infrastructure to facilitate the connection of blockchains with conventional financial systems, allowing them to provide services to more than 80 markets worldwide. Their capacity to offer custody services has been strengthened by the acquisition of Medico, now known as Ripple Custody.
Long discussed the current state of the American regulatory landscape, characterizing the SEC‘s strategy as a ‘war on crypto’ that is based more on enforcement than on clear regulations. Despite this, she stated that Ripple has experienced growth in regions where governments have established clear regulations, such as Europe, Singapore, and Brazil.
The decision by Ripple to introduce a USD stablecoin occupied quite a bit of the discussion. Long clarified that XRP and stablecoins complement one another and serve distinct use cases within their respective ecosystems. Stablecoins are used in transactions where cost-effectiveness and stability are essential, like USD to EUR flows, whereas XRP serves as a bridge asset for cross-currency or cross-token settlements.
Monica Long’s insights reveal Ripple’s strategic focus on business growth, regulatory compliance, and exploring new blockchain technology opportunities. The future of blockchain technology is likely to be greatly influenced by Ripple’s innovations in infrastructure and the clarity of regulations as the company expands.
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