The Importance of Cryptocurrency Industry Presence at Davos
Monica Long, president of Ripple, believes that it is critical for the cryptocurrency industry to have a presence at the Davos forum meetings organized by the World Economic Forum (WEF). She argues that mature players in the industry can help dispel the hype and showcase the real work being done. This is why Ripple continues to attend Davos for the third time.
The Promise for the Crypto Industry in 2024
Long acknowledges that last year was challenging for the crypto industry. However, she sees promise in 2024 as traditional finance institutions are becoming more interested in blockchain and its applications, such as payments, custody, and tokenization. The recent approval of a spot bitcoin EFT product has further heightened this interest.
The Need for Collaboration and Regulation
In order to achieve mainstream adoption, Long believes that traditional and decentralized finance must work together to serve a large number of users effectively. This means that crypto must adhere to existing laws and regulations. Long emphasizes the importance of engaging with governments to establish sound policy and regulatory frameworks for the industry.
The Legal Battle of Ripple
While attending Davos, Ripple is also involved in a legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC is seeking a court order to acquire financial statements on the institutional sales of XRP. However, despite this ongoing legal battle, Ripple continues to be a strong advocate for the cryptocurrency industry at Davos.
Hot Take: The Cryptocurrency Industry’s Presence at Davos
Monica Long’s perspective on the presence of the cryptocurrency industry at Davos highlights the need for mature players to showcase the real work being done and dispel the hype. She believes that this engagement with traditional finance and collaboration with governments is crucial for the industry’s mainstream adoption. This year presents promise for the industry as interest from traditional finance institutions grows. Despite ongoing legal challenges, Ripple remains committed to representing the cryptocurrency industry at Davos.
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