Ripple hopes the Biden administration will introduce more crypto-friendly regulation
Ripple general counsel Stu Alderoty predicted that the Biden administration will „help create a level playing field for all“ in the crypto world
The late 2020s have certainly not been a good time for Ripple: the US Securities and Exchange Commission, under Donald Trump’s administration, has filed a lawsuit against the company for unauthorised securities issuance. Ripple’s leadership, however, is looking to 2021 and the new US President in the hope that they will introduce more Immediate Bitcoin favourable regulations for the company.
According to a post on Ripple’s website, which features comments from key executives, the company expects the Biden administration to bring „renewed focus on regulation and enforcement“ to the crypto world:
„As we have seen, the lack of a clear regulatory framework in the US over the past four years has left fintech and blockchain companies in limbo. […] Other countries such as the UK, Switzerland, Singapore and Japan are far ahead.
Both Ripple’s CEO, Brad Garlinghouse, and its co-founder, Chris Larsen, had already criticised the SEC’s policy of „regulating through enforcement“ before the lawsuit.
Stu Alderoty, the company’s general counsel, was quoted within the article: he believes that the Biden administration will make crypto regulation a top priority over the next four years because it „understands the implications for public and private sector innovation“.
„Smart, well-designed regulations, effectively communicated and uniformly enforced, can help level the playing field so as to spark innovation and further mainstream adoption here in the United States.“
Garlinghouse reiterated these remarks yesterday, praising Biden’s nominee for SEC chair, Gary Gensler, as being very knowledgeable about blockchain and cryptocurrency:
„Congratulations to Gary Gensler! We look forward to working with the SEC and the Biden administration for the future of crypto and blockchain innovation in the US.“
Incidentally, it should be noted that co-founder Jed McCaleb has resumed his sale of XRP
He owned as much as 9.5 billion of it, which he received before leaving the company in 2014. Crypto analyst Leonidas Hadjiloizou reported that McCaleb sold 28.6 million XRP yesterday, about $8.5 million at the time of publishing this article, after a 25-day absence following news of the lawsuit between Ripple and the SEC.
In December, Whale Alert reported that in 2020 McCaleb had liquidated 1.2 billion XRP, earning $400 million: this brought the total number of tokens in his possession to around 3.25 billion.
The first act in the lawsuit between Ripple and the SEC is expected to take place on 22 February, when a pre-judgment virtual conference is scheduled. At the time of publishing this article, the price of XRP is hovering around $0.28, down 5.8 percent from yesterday.