The long running legal battle between Ripple and U.S. Securities and Exchange Commission (SEC) has led to several hopes and implications for the crypto industry. However, Ripple’s top executive in the latest speculations expected a transformative shift in the cryptocurrency landscape during 2024.
Ripple’s outlook for 2024
Monica Long, President of Ripple, predicts that the crypto industry is set to go beyond the speculative hype cycles that have historically characterized its trajectory. This will set the stage for a new era of real-world utility.
At the core of Long’s predictions, she provided a notion that the industry will break the cycle of booms and busts by laying the groundwork for applicability. She highlighted the urgent need to address compliance, usability, and integration with an existing system. However, she asserted that these elements will play a crucial role in the industry’s evolution.
She anticipates several major developments in 2024, with a focus on compliance for decentralized finance (DeFi). Meanwhile, she argued that a compliance-first approach is crucial for rebuilding trust within the crypto community. This comes following setbacks that have resulted in major blowback.
According to Long, the key lies in the industry’s ability to develop tools to fit in a decentralized environment. This will mark the next frontier of innovation in blockchain.
Big bulls in the game
Ripple’s president addressed the issue of integration. She mentioned the recent trend of traditional financial players. This includes Fidelity, BlackRock, PayPal, and Visa, partnering with crypto-native companies.
Long highlights the importance of increasing usability. However, in order to achieve mainstream recognition. Ripple’s executive argued that the crypto revolution should not burden users with the complexities of self-custodying assets or navigating decentralized exchanges.
Rahul Advani, Policy Director, APAC, revealed that regulatory clarity for crypto has been the focal point for APAC regulators in 2023. He added that guidelines addressing consumer protection, retail investor safeguards, market integrity, and business conduct are underway. However, these initiatives are expected to persist into 2024, particularly emphasizing retail protections.
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