XRP Lawyer Doubts UK FCA Follows US SEC Crypto Law

Amid discussions regarding the crypto market’s decoupling from the traditional market, the wind is now shifting toward significant regulatory changes in the space.

This is even though there are clear indications that people’s faith in banks is diminishing in the middle of a financial crisis that is causing markets all over the globe to shake. On the other hand, the values of cryptocurrencies have experienced a fantastic climb as the financial crisis has continued to worsen throughout the preceding few weeks. This is because increased demand has led to a decrease in supply.

Unless legislators overcome the obstacles that are now in the way, this circumstance does not portend a reduction in regulatory requirements for the crypto asset ecosystem in the United States.

The KBW Nasdaq Bank Index, which is an assessment of the performance of the major public banks in the United States, has dropped by as much as 28 percent over the last three weeks.

This index is a measurement of the performance of the greatest public banks in the United States. At the same time frame as the preceding phrase, this was equivalent to an increase in the price of bitcoin of 18%.

Gary Gensler, chairman of the United States Securities and Exchange Commission (SEC), is rumored to have lobbied his counterparts in the United Kingdom and Canada to maintain a common action plan for crypto regulation.

In response to this news, XRP attorney John Deaton discussed how US and UK regulators have historically operated differently, using Ripple’s (XRP) token as an example.

According to reports, the Financial Conduct Authority (FCA) of the United Kingdom was attempting to announce this.

“It will be very interesting to see if the U.K.’s FCA plays ball with Gary Gensler and the SEC. To place in perspective just how far apart the two agencies are: the FCA labeled XRP a non-security token and called it a hybrid token — part exchange token and part utility token.”

In the past, Gensler was heavily criticized for stating that all cryptocurrencies except Bitcoin are securities. Earlier in the week, the SEC issued a Wells notice to the leading US-based cryptocurrency exchange, Coinbase.