Monica Long, the President of Ripple, did not mince words when criticizing the U.S. Securities and Exchange Commission (SEC) during her speech at the Money20/20 fintech conference in Amsterdam. Long expressed frustration with the SEC’s enforcement-heavy approach to regulating the cryptocurrency industry, labeling it as ineffective and hindering progress.
Long emphasized the support of the crypto industry and the Fairshake Super Political Action Committee (PAC) for political candidates who advocate for laws beneficial to the sector. Fairshake, a bipartisan organization, aligns itself with politicians who share the industry’s regulatory preferences. With contributions from Andreessen Horowitz (a16z) and Coinbase, Ripple recently raised $25 million for Fairshake, as reported by Crypto News Flash.
In the face of increasing regulatory scrutiny, the cryptocurrency sector, including Ripple, Coinbase, and Kraken, is actively working to influence American legislation. The SEC’s lawsuits against these companies for alleged securities law violations, particularly Ripple facing a $2 billion fine, have prompted Congress to reverse the SEC’s Staff Accounting Bulletin 121 (SAB 121). However, President Joe Biden vetoed the resolution, maintaining the current regulatory environment.
Despite the challenges, Long remains optimistic about the industry’s ability to impact legislative decisions. She acknowledged the SEC’s aggressive stance but believes there is potential for a shift in regulatory attitudes.
On the market front, XRP’s price is currently 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 past week. Long also hinted at the upcoming release of an XRP ETF and announced Ripple’s partnership with Clear Junction to enhance cross-border payment capabilities in Europe.
For more insights on Ripple (XRP) and the latest news, visit our recommended links below:
– Buy Ripple (XRP) Guide
– Ripple XRP Wallet Tutorial
– Check 24-hour XRP Price
– More Ripple (XRP) News
Explore the potential of Ripple (XRP) and stay updated on developments in the cryptocurrency industry.