Monica Long, the President of Ripple, delivered a scathing critique of the U.S. Securities and Exchange Commission (SEC) during the Money20/20 conference in Amsterdam. Long expressed frustration with the SEC’s enforcement-focused approach to regulating the cryptocurrency industry, which she believes is hindering its progress.
Long highlighted the efforts of the cryptocurrency sector and the Fairshake Super Political Action Committee (PAC) in supporting political candidates who advocate for laws beneficial to the industry. Fairshake, a bipartisan organization, only endorses politicians who align with the regulatory preferences of the sector. Ripple, along with contributions from a16z and Coinbase, recently bolstered Fairshake with a $25 million donation.
As the SEC intensifies its regulatory scrutiny, the cryptocurrency industry is actively engaging in shaping American legislation. Ripple, Coinbase, and Kraken have faced lawsuits from the SEC for alleged securities law violations, with Ripple facing a $2 billion fine. In response to these challenges, Congress attempted to overturn the SEC’s Staff Accounting Bulletin 121 (SAB 121), which could negatively impact the industry. However, President Joe Biden vetoed the resolution, maintaining the current regulatory landscape.
Despite the regulatory hurdles, Long remains optimistic about the cryptocurrency sector’s ability to influence legislative decisions. She described the SEC’s recent actions as a “warpath” against the industry but believes there is potential for a shift in regulatory stance.
In terms of market performance, XRP is currently priced at $0.5241, showing a slight decrease of 0.80% in the last day but a bullish trend with a 1.32% increase over the previous week. Long also confirmed plans for an XRP ETF and announced a partnership with Clear Junction to enhance cross-border payment capabilities in Europe.
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