At the Money20/20 conference, Ripple’s President, Monica Long, strongly criticized the U.S. Securities and Exchange Commission’s (SEC) regulatory approach towards the cryptocurrency industry. Long highlighted the frustration within the sector over the SEC’s enforcement-heavy rule-making process, which she deemed as ineffective and hindering progress.
Long emphasized that the crypto industry, along with the Fairshake Super Political Action Committee (PAC), has been supporting political candidates who advocate for laws beneficial to the cryptocurrency business. Fairshake, a bipartisan PAC, only backs politicians who align with the sector’s regulatory preferences. Ripple, along with contributions from Andreessen Horowitz (a16z) and Coinbase, recently raised $25 million for Fairshake, as reported by Crpto News Flash.
Amid increasing regulatory scrutiny, the cryptocurrency sector, including Ripple, Coinbase, and Kraken, has faced lawsuits from the SEC for alleged securities law violations. Ripple, in particular, is facing a $2 billion fine. In response to these challenges, Congress attempted to reverse the SEC’s controversial Staff Accounting Bulletin 121 (SAB 121), but President Joe Biden vetoed the resolution, maintaining the status quo in the regulatory environment.
Despite the regulatory hurdles, Long expressed optimism about the cryptocurrency sector’s ability to influence legislative decisions in the U.S. She acknowledged the SEC’s aggressive stance towards the industry but remained hopeful for a shift in regulatory perspective.
On the market front, XRP’s price is currently at $0.5241, showing a 0.80% decline in the last day but a bullish trend with a 1.32% rise over the past week. Long also confirmed the upcoming release of an XRP ETF and announced Ripple’s partnership with Clear Junction to enhance cross-border payment capabilities in Europe.
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