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Ripple’s operations gear up in Europe and Asia despite an ongoing lawsuit with the U.S. Securities and Exchange Commission. Cryptocurrency payments service provider Ripple continues to see global adoption of its payment services despite a long-winded legal battle with the United States Securities and Exchange Commission (SEC) over its XRP (XRP) token. In a wide-ranging interview with Cointelegraph at Money 20/20 in Amsterdam, Sendi Young, Ripple’s managing director for Europe and the United Kingdom, unpacked the firm’s growing remit worldwide, despite ongoing regulatory scrutiny in the United States. Cryptocurrency exchanges and businesses have clashed with U.S. regulators over the past year, with a lack of regulatory clarity threatening to stifle innovation and adoption of blockchain-based services, systems, and cryptocurrencies. Meanwhile, the European Union is well on its way to instituting a set of requirements and standards for the cryptocurrency industry across the continent af...

The stablecoins with the largest market cap are pegged to the U.S. dollar, so what risk does de-dollarization pose to stablecoin users? It is an empirical fact that the United States dollar is continuing to lose its dominant role as the global reserve currency, but what might happen to the stablecoin market should it be superseded? According to data from the International Monetary Fund, the U.S. dollar now accounts for just over 58% of global foreign exchange reserves, a considerable decrease from the 71% share it had in 2001. Global foreign exchange reserves from 1999 to 2021. Source: IMF Jeremy Allaire — the CEO of USD Coin (USDC) issuer Circle — highlighted this shift at the April 26 Consensus 2023 conference, arguing that the U.S. must implement stablecoin legislation and digitize the U.S. dollar to remain competitive amid the “very active de-dollarization taking place.” De- dollar ization refers to the process of reducing the use of the U.S. dollar in a country’s economy, and ...

The European Data Act, currently under negotiations will conclude by the end of June and seeks to regulate data shared between smart devices using IoT networks. The DeFi sector has shared concerns over the lack of clarity on the regulation of smart contracts underpinning DeFi. advertisement Advocates of DeFi such as the European Crypto Initiative have asked policymakers to address the concerns of spillover of the Data Act to other blockchain developers. The European Crypto Initiative notes that such a spillover could potentially kill DeFi. Speaking to DL News, Marina Markezic, executive director of the European Crypto Initiative, said: “The worst-case scenario is whether we would even be able to use public blockchains for using smart contracts while complying with the Data Act requirements. Europe shouldn’t shoot itself in the foot by inadvertently damaging innovation and technological development in the broader blockchain industry”. EU Giving M...