Regulation
Ripple Chairman Slams SEC Crypto Regulations to Money20/20
- Ripple President Monica Long criticized the SEC’s approach to the crypto industry during the Money20/20 conference.
- Ripple increased its contributions to Fairshake PAC by $25 million, with similar donations from a16z and Coinbase.
Ripple Chairman Monica Long harshly 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 rulemaking process, which she called ineffective and detrimental to progress.
Long detailed how the crypto industry as a whole and Fairshake’s Super Political Action Committee (PAC) have supported political candidates who support laws that will benefit the cryptocurrency industry.
She emphasized that Fairshake is bipartisan and only supports politicians who share the industry’s regulatory preferences. With corresponding investments from Andreessen Horowitz (a16z) and Coinbase, Ripple has just raised $25 million for Fairshake, echoing earlier Crpto News Flash coverage.
Ripple’s Legislative Influence Amid Regulatory Scrutiny
Aware of increasing political and regulatory scrutiny, the Bitcoin industry is aggressively attempting to shape U.S. law. For alleged securities law violations, the SEC has sued many major cryptocurrency companies, including Ripple, Coinbase, and Kraken; Ripple alone is being sued for $2 billion in fines.
Congress has just passed a resolution to rescind the SEC’s controversial Staff Accounting Bulletin 121 (SAB 121), which establishes regulations that could be harmful to the cryptocurrency industry, in response to these issues. President Joe Biden, however, vetoed the resolution, leaving the regulatory environment as it is.
Long was optimistic about the potential of the U.S. cryptocurrency industry to influence legislative decisions despite regulatory hurdles. She called the recent SECOND launches a “warpath” against the cryptocurrency sector, but remains optimistic about a change in regulatory stance.
Market performance and upcoming developments
CoinMarketCap estimates that the price of XRP is at $0.5241down 0.80% the last day but presenting an upward trend with a 1.32% up from the previous week. Monica Long also confirmed the imminent release of a XRP ETF, according to a CNF report. Additionally, to improve cross-border payment capabilities in Europe, Ripple has partnered with Clear junction.