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Ripple pushes forward worldwide regulation of cryptocurrencies

  • Ripple will establish another subsidiary in Washington D.C. to work even more closely with local regulators.
  • As a result, Craig Philipps, a former advisor to the US Treasury Department, joins Ripple’s board of directors.

The American startup Ripple and its CEO, Brad Garlinghouse, have been publicly criticizing for some time that there is still a lack of uniform regulation and a clear legal framework for cryptocurrencies worldwide. In order to intensify cooperation and communication with political decision-makers and institutions, Ripple will set up a team at a new location.

Ripple establishes regulatory team in Washington D.C.

The San Francisco-based company will assemble a large team of professionals from a variety of backgrounds to work with regulators. As a result, the banking industry will be better introduced to the topic of blockchain-based platforms, new concepts and protocols, so that the understanding and the associated challenges can be better understood and further steps derived from it.

Craig Philipps, former advisor to the US Treasury Department, joins Ripple’s board of directors. His primary task is to provide Ripple’s management team with comprehensive advice on regulatory issues. This is primarily intended to establish contact with political decision-makers so that Ripple’s products and services can find their way into current discussions and financial policy issues more quickly.

Ripple will also be supported by Susan Friedman as Internationaly Police Counsel and Ron Hammond as Manager of Government Relations. Friedman was Senior Advisor to CFTC Chairman Heath Tarbert and has extensive experience in dealing with political actors. She has advised the Ministry of Finance in particular on the regulation of global financial services and investment security.

Mr. Hammond has worked for Warren Davidson, a Democratic U.S. Member of Parliament, for many years with key policy makers. An important area was the updating of the Token Taxonomy Act. The Token Taxonomy Act contains all important issues to ensure regulatory clarity in the digital asset market.

The new “regulatory team” will be led by Michelle Bond, who will take up the position of Global Head of Government Relations. She has long served as Global Head of Policy at Blockchain.com and as Global Regulatory Affairs and Public Policy at Bloomberg. The new team will be instrumental in driving progress in the regulation of digital assets such as XRP.

Ripple joins Blockchain Association

Ripple announced in a recent blog post that they are now a member of the Blockchain Association. This association has a key role to play in shaping the digital future. The Blockchain Association is committed to building long-term partnerships between technology leaders and policy makers.

Furthermore, the association aims to create trust, transparency and security as well as to ensure the continuous further development of innovations in the field of blockchain technology. The main aim is to determine the opportunities and potential of future cooperation and to establish appropriate contacts between companies and politicians.

In line with the current market trend, the price of XRP has fallen by – 3.00% to a price of $ 0.28 within the last 24 hours. Nevertheless XRP is the only cryptocurrency within the top 10 by market capitalization, except Tether, which shows a positive development of + 3.23% over the last 30 days.

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Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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