Monica Long, president of financial and cryptocurrency services company Ripple, has given her take on the presence of cryptocurrency industry actors at the World Economic Forum (WEF) event at Davos. Long stated she considers it “critical” for the cryptocurrency industry to be represented at Davos by mature players to show what is being done and separate it from the hype.
Ripple’s Monica Long: ‘The Industry Needs to Engage With Governments’
Monica Long, president of Ripple, a financial and cryptocurrency services provider, has justified its continued presence at the Davos forum meetings organized by the World Economic Forum (WEF). According to Long, the presence of people linked to the cryptocurrency industry is necessary for bridging the traditional finance world with this new paradigm.
In an interview, Long stated:
It’s critical for our industry to be represented at Davos by mature players who can help dispel the hype that often distracts from the real work being done.
Long explained this is why Ripple will be present this year for the third time in the Davos meetings. Nonetheless, other crypto companies will attend this year, including U.S.-based cryptocurrency exchange Coinbase, stablecoin company Circle, and cryptocurrency projects Stellar and Hedera.
Long sustains that while last year was a disaster for the industry, this one presents promises, given that traditional finance institutions are getting close to the blockchain and its possible applications, including payments, custody, and tokenization. The recent approval of a spot bitcoin EFT product might have also contributed to this newfound interest in the industry.
However, Long stressed that to achieve mainstream adoption, traditional and decentralized finance must amalgamate to serve efficiently the largest number of users possible, meaning that crypto must also adhere to current laws.
She concluded:
The industry needs to engage with governments to ensure that sound policy and regulatory frameworks are established.
Ripple is engaged in a legal battle against the U.S. Securities and Exchange Commission (SEC) that saw a limited resolution in July 2023. However, the commission is now seeking a court order to acquire the financial statements on the institutional sales of XRP.
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