Monica Long, the President of Ripple, delivered a scathing critique of the U.S. Securities and Exchange Commission (SEC) and its regulatory approach towards the cryptocurrency industry during the Money20/20 fintech conference in Amsterdam. Long expressed frustration with the SEC’s enforcement-heavy rule-making process, which she deemed counterproductive and hindering progress within the sector.
Long highlighted how the cryptocurrency industry, along with the Fairshake Super Political Action Committee (PAC), has been supporting political candidates who advocate for legislation favorable to the cryptocurrency business. She emphasized Fairshake’s bipartisan nature, only endorsing politicians who align with the industry’s regulatory preferences. Ripple, along with contributions from Andreessen Horowitz (a16z) and Coinbase, recently raised $25 million for Fairshake, as reported by Crypto News Flash.
As regulatory scrutiny intensifies, the cryptocurrency sector is actively working to influence U.S. legislation. In response to SEC lawsuits against major cryptocurrency companies like Ripple, Coinbase, and Kraken for alleged securities law violations, Congress attempted to overturn the SEC’s controversial Staff Accounting Bulletin 121 (SAB 121), which could adversely impact the industry. However, President Joe Biden vetoed the resolution, maintaining the current regulatory landscape.
Despite the challenges posed by regulatory hurdles, Long remained optimistic about the cryptocurrency sector’s ability to shape legislative decisions. She criticized the SEC’s recent actions as a “warpath” against the industry but expressed hope for a shift in regulatory perspective.
In terms of market performance, XRP is currently priced at $0.5241, showing a slight decline of 0.80% in the last day but demonstrating a bullish trend with a 1.32% increase over the previous week. Long also confirmed plans for the upcoming release of an XRP ETF, as reported by CNF. Additionally, Ripple has partnered with Clear Junction to enhance cross-border payment capabilities in Europe.
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