Ripple, ETN-Network, cLabs call on regulators to create legal frameworks that foster financial inclusion and innovation

Ripple, cLabs, and the ETN-Network agreed that financial watchdogs worldwide must focus on developing balanced cryptocurrency regulations that allow innovation to flourish while protecting crypto enthusiasts from fraud, scams, and market manipulation.

“Regulators have just got to get their heads around the fact that this (crypto-blockchain) is the future,” said ETN-Network CEO and Founder Richard Ells. He said he’d like to see a “bit more understanding from the regulators of where the unbanked really genuinely sit” so they can implement a system that helps foster financial inclusion without stifling innovation.

Ripple Head of Public Policy Susan Friedman said she believes “regulators are correct to focus on consumer protection and making sure that they are not subject to fraud and manipulation in the crypto markets. But that has to be balanced with creating frameworks that allow innovators to grow products, to develop them to be able to reach the populations that they’re looking to benefit.”

The panel moderator, Anca Bogdana Rusu, cLabs Head of Partnerships, Policy, and Advocacy, asked regulators worldwide to do their best to ensure they are not blocking innovation or social impact. “Whenever the social impact blockchain concept” comes up, “hold a mirror and ask if you’ve done everything in your power to promote regulation, both for innovation as well as real impact.”

The joint call for sound and compatible crypto regulatory frameworks by financial authorities from around the globe was made during the Blockchain for Europe Summit 2021 panel debate entitled “Social Impact via blockchain on a global scale — how the technology is affecting humanity.”

Founded in late 2018, Blockchain for Europe is a non-profit organization representing international blockchain industry players at the EU level. The group proactively contributes to the regulatory debate by supporting European decision-makers to make blockchain technology a success.