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Cassie Craddock, managing director for the U.K. and Europe at San Francisco-based enterprise crypto company, stated that the U.S. continues to be "a big challenge" for the company during a recent interview.
It is worth noting that Ripple is still engaged in a bitter long-lasting legal battle with the U.S. Securities and Exchange Commission.
Brad Garlinghouse, the company's chief executive, has repeatedly bemoaned the regulatory uncertainty in the U.S., as well as the hostility of the SEC toward the industry.
Excitement surrounding MiCA
At the same time, Craddock says that Ripple is "really excited" about the Markets in Crypto-Asset Regulation (MiCA) framework coming into play in the EU. The EU's groundbreaking cryptocurrency law is set to provide industry players with much-needed regulatory clarity.
Brussels has raced ahead of Washington and other jurisdictions when it comes to introducing clear-cut crypto rules.
The trailblazing framework, which initially entered into force on June 30, 2023, two months after being approved by the European Parliament. It will be fully applied starting from Dec. 30. However, some of the MiCA provisions will come into effect starting from this Sunday.
While Ripple's Craddock is optimistic about the adoption of new crypto rules in Europe, not everyone shares her sentiment. Some industry executives are still confused by some ambiguities in the MiCA provisions. Marina Markezic, founder of the Brussels-based European Crypto Initiative, recently told Euronews that a lot of crypto companies are still not sure exactly how the law will work.