Regulation
Ripple President Criticizes SEC Crypto Regulation on Money20/20
- Ripple President Monica Long criticized the SEC’s approach to the cryptocurrency industry during the Money20/20 conference.
- Ripple increased contributions to Fairshake PAC by $25 million, with similar donations from a16z and Coinbase.
Ripple President Monica Long sharply criticized the US Securities and Exchange Commission (SEC) and its regulatory attitude towards the cryptocurrency sector at the Money20/20 fintech conference in Amsterdam. Long highlighted how the industry is frustrated with the SEC’s enforcement-based regulatory process, which she called ineffective and harmful to progress.
Long detailed how the cryptocurrency industry as a whole and the Fairshake Super Political Action Committee (PAC) have supported political candidates who support laws that benefit the cryptocurrency business.
He emphasized that Fairshake is bipartisan and only supports politicians who share the industry’s regulatory preferences. With matching investments from Andreessen Horowitz (a16z) and Coinbase, Ripple simply lifted up $25 million for Fairshake, echoing previous Crpto News Flash coverage.
Ripple’s legislative influence in the context of regulatory oversight
Aware of growing political and regulatory scrutiny, the Bitcoin industry is aggressively attempting to shape American law. For alleged violations of securities laws, the SEC has sued numerous large cryptocurrency companies, including Ripple, Coinbase, and Kraken; Ripple alone has been sued for a $2 billion fine.
Congress just passed a resolution to rescind the SEC’s controversial Staff Accounting Bulletin 121 (SAB 121), which establishes rules that could be harmful to the cryptocurrency industry, in response to these issues. However, President Joe Biden vetoed the resolution, thus maintaining the regulatory environment as it is.
Long said he was optimistic about the U.S. cryptocurrency industry’s potential to influence legislative decisions despite regulatory hurdles. He called the recent SEC moves on a “warpath” against the cryptocurrency sector, but is nevertheless optimistic about a change in the regulatory stance.
Market trend and upcoming developments
CoinMarketCap estimates the price of XRP at $0.5241below 0.80% in the last day but showing a bullish trend with a 1.32% increase compared to the previous week. Monica Long also confirmed the upcoming release of a XRP ETFs, according to a CNF report. Additionally, to improve cross-border payment capabilities in Europe, Ripple has partnered with Clear junction.