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Monica Long, the senior vice president of marketing at Ripple, thinks the United States government needs to rapidly move towards regulating digital assets.
In an interview with Bloomberg TV on Monday, Long lays out what smart regulation could do for the country.
“We are at a critical crossroads here in history where regulation in the U.S. that ensures responsible actors can use these technologies in a way that continues innovation will set the U.S. up for global leadership much like our regulatory frameworks did in the 90’s with the internet.”
Long says ideal regulation should be more principles-based instead of restrictive. She also notes that regulation should classify cryptocurrencies “in a way that recognizes their fundamental differences.”
Echoing semi-critical remarks made by Ripple CEO Brad Garlinghouse on CNBC earlier this month, Long distanced Ripple from Facebook’s Libra project.
While agreeing that the Libra project brings attention to blockchain technology, she cautions that it “remains to be seen” whether Facebook is a bad actor or a responsible actor in terms of the crypto space.
Says Long,
“Facebook shouldn’t speak for the industry.”
Ripple recently delivered a direct message to Congress via the Wall Street Journal, where the San Francisco-based fintech firm took out a full-page advertisement highlighting the promise of cryptocurrencies and blockchain technology and calling upon lawmakers to act constructively.