Monica Long, the President of Ripple, did not hold back in her criticism of the U.S. Securities and Exchange Commission (SEC) during her speech at the Money20/20 conference in Amsterdam. Long expressed frustration with the SEC’s approach to regulating the cryptocurrency industry, which she believes is hindering progress rather than facilitating it.
Long highlighted the efforts of the crypto industry to support political candidates who are in favor of regulations that will benefit the sector. She emphasized that the Fairshake Super Political Action Committee (PAC) is bipartisan and only supports politicians who align with the industry’s regulatory preferences. Ripple, along with a16z and Coinbase, recently made a $25 million contribution to Fairshake, as reported by Crpto News Flash.
In the midst of increasing regulatory scrutiny, the cryptocurrency sector is working to influence American legislation. The SEC has taken legal action against several major players in the industry, including Ripple, Coinbase, and Kraken, with Ripple facing a $2 billion fine. Despite efforts to overturn regulations like Staff Accounting Bulletin 121 (SAB 121), President Joe Biden vetoed the resolution, maintaining the current regulatory environment.
Long remains optimistic about the cryptocurrency sector’s ability to impact regulatory decisions, despite what she described as the SEC’s “warpath.” The price of XRP is currently at $0.5241, showing a bullish trend with a 1.32% increase over the past week, according to CoinMarketCap. Long also hinted at the upcoming release of an XRP ETF and Ripple’s partnership with Clear Junction to enhance cross-border payment capabilities in Europe.