- Ripple to Broaden its Team With U.S. Financial Regulators
- Mutual Understanding and Recognition Between Ripple and U.S. Regulators
Mid October, Ripple opened its office in Washington D.C close to Regulators. For some reason, this development excited the crypto community. The closeness of the office to regulators will aid the interaction of Ripple with regulatory bodies and prominent blockchain teams. As Telegram’s ICO has been put to a pause by SEC and also the pressure that is being put on Facebook’s Libra, Ripple does not want the same fate to befall them. Also, it shows Ripple is growing and accomplishing its aim of easing transactions and aiding adoption of the coin globally.
To accomplish a successful interaction with regulatory bodies that Ripple started in 2008, the company has brought in a couple of prominent and financial officers to its team. These officers include: Sue Friedman from the Treasury Department, Ron Hammond, one of the authors of “The Token Taxonomy Act,” and Craig Phillips, a former counselor to the U.S. Treasury Secretary has all joined Ripple’s Board of Directors.
Mutual Understanding and Recognition Between Ripple and U.S. Regulators
The U.S.A. has recognized Ripple as an actual cryptocurrency, previously, The XRP community was filled with joy after a U.S. Congressman from the Republican Party Ted Budd of North Carolina called XRP an actual cryptocurrency together with Bitcoin’s BTC and Ethereum’s Eth, during a congressional testimony with Mark Zuckerberg on Facebook’s Libra project. Budd’s ranking is per their market cap. “Unlike those, said the Congressman, Libra is not crypto.”
The mutual recognition between Ripple and U.S. financial regulators is a good thing for Ripple as this is a very rare Occurrence for cryptocurrencies. This recognition has thus far influenced the sale and adoption of the coin positively.
XRP (XRP) Price Today – XRP / USD
# Name Price 24H % 3 $0.220
Currently. A group of entrepreneurs and investors that includes Ripple’s Executive Director, Chris Larsen, announced the launch of a new initiative known as the Alliance for Innovative Regulation (AIR). The structure is aimed at linking the blockchain teams, government bodies, and financial institutions to manage their efforts to create a fair and modern economic system. The Alliance for Innovative Regulation (AIR) will also add to the mutual understanding between all parties involved in the Fintech game. The co-founder of the Fintech start-up Petal, David Ecrich stated that “AIR’s mission is to help regulators understand new technologies and migrate from a mostly analog model to a system of digitally-native design”. Before AIR was launched, it raised about $3M in seed investments from top VC foundations such as Flourish, a venture of the Omidyar Group.