Monica Long, the President of Ripple, did not hold back when criticizing the U.S. Securities and Exchange Commission (SEC) and their handling of the cryptocurrency industry during the Money20/20 fintech conference in Amsterdam. Long expressed frustration with the SEC’s enforcement-heavy approach to regulation, which she believes is hindering progress within the sector.
Long highlighted the collaborative efforts of the crypto industry and the Fairshake Super Political Action Committee (PAC) in supporting political candidates who are aligned with the interests of the cryptocurrency business. Emphasizing Fairshake’s bipartisan nature, Long mentioned that they only endorse politicians who understand and support the regulatory needs of the industry. Ripple, along with a16z and Coinbase, recently boosted contributions to Fairshake PAC by $25 million, following similar investments from other major players in the field.
Amidst increasing regulatory scrutiny, the cryptocurrency sector is actively working to influence legislative decisions in the United States. Long acknowledged the challenges posed by recent SEC lawsuits against prominent crypto companies like Ripple, Coinbase, and Kraken, with Ripple facing a $2 billion fine. Despite setbacks like President Joe Biden’s veto of a resolution to reverse the SEC’s Staff Accounting Bulletin 121, Long remains hopeful for a shift in regulatory attitudes towards the industry.
Looking at market performance, XRP’s price stands at $0.5241, showing a slight decrease of 0.80% in the last day but an overall bullish trend with a 1.32% increase over the past week. Long also hinted at the forthcoming launch of an XRP ETF and announced a partnership with Clear Junction to enhance cross-border payment capabilities in Europe.
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