According to U.Today, Ripple, the San Francisco-based enterprise crypto company, is facing significant challenges in the U.S., according to Cassie Craddock, the firm's managing director for the U.K. and Europe. The company is currently embroiled in a protracted legal dispute with the U.S. Securities and Exchange Commission. Ripple's CEO, Brad Garlinghouse, has frequently expressed frustration over the regulatory uncertainty in the U.S. and the SEC's antagonism towards the industry.
Despite the difficulties in the U.S., Craddock revealed that Ripple is enthusiastic about the implementation of the Markets in Crypto-Asset Regulation (MiCA) framework in the EU. This pioneering cryptocurrency law, which aims to provide much-needed regulatory clarity to industry players, has put Brussels ahead of Washington and other jurisdictions in terms of clear crypto regulations. The MiCA framework initially came into effect on June 30, 2023, following approval by the European Parliament two months prior. It will be fully implemented from Dec. 30, with some provisions taking effect from this Sunday.
However, not everyone in the industry shares Craddock's optimism about the new crypto regulations in Europe. Some industry executives are still puzzled by certain ambiguities in the MiCA provisions. Marina Markezic, founder of the Brussels-based European Crypto Initiative, recently expressed that many crypto companies are still uncertain about how the law will operate.
