On the 15th of November 2022, Susan Friedman, head of public policy at Ripple tweeted on Tuesday about their vision to expand into the UK to turn it into a hub for responsible crypto innovation.
We’re at an inflection point for #crypto in the UK and there’s no time to waste in agreeing the local framework so the UK can achieve its vision of becoming a hub for responsible crypto innovation. Read more in our #policy recommendations, released here ➡️ https://t.co/c1ZMwsCWir
— Susan Friedman (@ss_friedman) November 15, 2022
In the early months of 2022, the UK government through the then Chancellor and Economic secretary announced a series of initiatives toward its goal of making the country a preeminent global hub for the crypto asset industry.
The UK is a host for one of the world’s leading financial centres, and today it has the opportunity to build on the many foundations at its disposal, to capitalize on the next wave of global financial innovation. By making the country a global centre for crypto technology and investments.
A thriving crypto asset sector will drive the UK enormously, it can promote wider economic and social benefits, and further enhance UKs reputation as a front runner on the world stage.
The primary initiative is to help ensure firms can invest, innovate and scale up their businesses. It will achieve this by connecting financial and commercial key players more efficiently and offer cheaper, faster and more secure payments for SMEs and retail users especially with respect to cross border transactions.
This mission can be achieved in a sustainable way that protects consumers, given the right regulatory framework and public environment. Since different parts of the ecosystem perform different economic functions, are built on different technologies, and different benefit-to-risk profiles.
By recognising the potential of this technology and putting regulations in place, the government can ensure financial stability and high regulatory standards, so this new innovation can be used reliably and safely.
However, considering the ongoing SEC-Ripple case, one would wonder about the odds and fate of this desired expansion as the future does not appear too bright for the said endeavour.
If Ripple is yet to rectify a major case involving the United States government, a case that continues to make local and international media rounds, it is not unrealistic if some speculate that the same might occur in their move to expand into the UK.