Investing.com – Brad Garlinghouse, CEO of , has been optimistic about US regulatory approaches for 2023. He believes a breakthrough will be achieved in this sector, which will ultimately benefit the entire industry .
He expects bipartisan cooperation, as the FTX turmoil has proven the urgency for action. There have already been some promising bills. They ranged from stablecoins and central crypto exchanges to the issue of defining digital securities.
Politicians therefore have a basic framework to put in place regulations that benefit everyone. But chances are there will never be a rule that works for everyone, Garlinghouse noted. According to him, the proposals already presented constitute a good basis for discussion on which we can rely.
Garlinghouse also pointed out that other parts of the world are ahead of the United States when it comes to cryptocurrency regulation. From his point of view, the lack of regulation is as bad as over-regulation, which ultimately leads to the leakage of innovation to other countries.
In Europe, disclosure requirements, among other things, will help make crypto transactions more transparent. Oversight of the new rules will be taken over by a new authority, while in the US the SEC and CFTC are at odds over who is responsible for which area of the crypto market.
Britain is on a mission to become a hub for crypto investors. Spurred on by Finance Minister Rishi Sunak, it was decided that foreign crypto investors would not be subject to the UK tax system.
Technical benchmarks for Ripple
Ripple is heading towards one at $0.3482 today, the price is up 0.83%, while the weekly loss amounts to -2.95%.
On the 4-hour chart, the cryptocurrency continues to struggle to clear the 20-day MA resistance of $0.3494. Should the bulls manage to sustainably break this level, attention will shift to the 50 percent Fibo retracement of $0.3558. Beyond that, the next resistance will be the 61.8% Fibo retracement at $0.3654.
As long as the 38.2% Fibo retracement at $0.3462 offers support, the bulls have a chance. But if this support falls, the short-term focus will shift to the 23.6% Fibo retracement of $0.3343. This level has already resisted the downward pressure on December 19 and 30.
Below this level, we should expect further losses to the low of $0.3151.
By Marco Oehrl