Ripple President Monica Long has outlined compliance and institutional adoption as key areas to watch out for in the crypto industry going into the new year.
As 2024 approaches, the cryptocurrency industry appears on the cusp of institutional adoption, with the first spot, Bitcoin ETF, all set to launch in the United States. However, in her 2024 crypto predictions, Ripple President Monica Long envisaged several other possible focus areas for the industry going into the new year.
Among other things, the seasoned crypto entrepreneur expects that the coming year will be the one that breaks the “speculative hype cycles” which has historically marked the crypto market. She believes the industry is now mature enough to deliver utility at scale and will make a breakthrough in pioneering compliance within the decentralized finance sector in 2024.
#2024Predictions — We've asked leaders at Ripple to weigh in on what they think 2024 holds. Today we continue with @MonicaLongSF. pic.twitter.com/IxPOgD22XG
— Ripple (@Ripple) December 19, 2023
After the fallout of key players such as FTX and Binance’s multi-billion dollar settlement, the Ripple President earmarked the coming year as one that will see the industry regain the trust it lost due to these blowbacks. However, she reiterated that a compliance-first approach would be critical to achieving such an outcome and urged the industry to work on developing compliance tooling for the DeFi sector.
Blockchain Will Not Replace Banks, Says Ripple President
Another notable prediction from Ripple President Monica Long going into 2024 is that blockchain will not replace banks. Instead, she foresees the continuation of a trend that has seen major traditional financial institutions such as Blackrock, Fidelity, and Visa integrate various forms of blockchain-based payment solutions.
Monica Long expects this “happy marriage” between the old and new to continue. The appeal of low fees and near-instant transfers will continue to appeal to the top financial institutions who will tap crypto for this *unparalleled utility,” she wrote.
Finally, the Ripple President expressed a conviction that 2024 would bring greater usability of digital assets. Yet, in an apparent allusion to Ripple’s custody business through sister company Metaco, Long shared that such greater usability will not come from requiring billions of users to self-custody their crypto assets.
Instead, she foresees a world where traditional firms will rely more on their crypto-native partners, such as Ripple, to manage their operations while harnessing the power of blockchain.
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