Ripple Survey Concludes that Payments Firms are Bullish on Crypto

Payments company Ripple recently conducted a survey which led to the conclusion that over 97% of the global payments companies are bullish on cryptocurrencies. However, the lack of regulatory oversight presents the biggest obstacle to the adoption of crypto-enabled payments on a global scale. 

The report called, “Transforming the Way Money Moves,” surveyed over 950 subscribers of the Faster Payments Council (FPC) payment organization. 25 blockchain questions were asked and the conclusion was that 97% of the respondents believe that blockchain and crypto tech will prove to be a major source of faster payments in the next three years.

Ripple CEO on Crypto Scene in the US

According to the CEO of Ripple, the Securities and Exchange Commission (SEC) is not a “healthy approach” to manage a business and may make the United States less desirable for crypto companies to operate.

CEO of blockchain-based digital payment network, Brad Garlinghouse, claimed in a March 3 Bloomberg interview that the SEC’s regulatory strategy puts the U.S. at “severe risk” as a desirable centre for the upcoming evolution of blockchain and cryptocurrency innovation.

Garlinghouse stated that the SEC’s lawsuit against Ripple is merely the SEC acting on “offence” and “attacking” the market as a whole. 

As United States’ crypto regulation system is “behind” that of other nations like “Australia, the United Kingdom, Japan, Singapore, and Switzerland,” he asserted that the crypto business has “already started moving outside” of the country. He noted that the U.S. approach is not a “healthy way to regulate an industry” and praised these nations for taking  “the time and thoughtfulness” to establish “clear rules of the road.”

Garlinghouse noted that there were suggestions to outlaw the internet owing to “illicit activity” when he “first got into the tech industry in the late 90s,” but the government rejected the notion and chose to “build a framework.”

He stressed “the benefits” that having “Amazon’s and Google’s” situated in the U.S. offered on a “geopolitical basis,” implying that the same potential is currently on the table with developing a framework for cryptocurrencies.

Recently, Kristin Smith, CEO of Blockchain Association, claimed in an interview with Bloomberg on February 22 that the U.S. regulatory procedure for cryptocurrencies is taking place “behind closed doors.”  Moreover, Blockchain Association backed Ripple Labs in its continuing legal dispute with the SEC in October of last year.