Monica Long, the President of Ripple, expressed strong disapproval of the SEC’s treatment of the crypto industry during the Money20/20 conference. Ripple, along with a16z and Coinbase, made significant contributions totaling $25 million to the Fairshake PAC.
Long criticized the SEC’s enforcement-focused approach to regulation in the cryptocurrency sector, labeling it as ineffective and hindering progress. She emphasized the frustration within the industry and highlighted the support for political candidates who advocate for favorable laws for cryptocurrencies.
Fairshake, a bipartisan PAC, aligns with the regulatory goals of the crypto sector and recently received a substantial boost in funding from Ripple, a16z, and Coinbase. This $25 million injection echoes earlier reports from Crypto News Flash.
Despite facing regulatory challenges, the cryptocurrency industry is actively engaging in shaping legislation in the U.S. In response to SEC lawsuits against major players like Ripple, Coinbase, and Kraken, Congress attempted to overturn the SEC’s SAB 121, but President Biden vetoed the resolution.
Long remains optimistic about the industry’s ability to influence legislative decisions, even in the face of regulatory hurdles. She criticized the SEC’s aggressive stance against cryptocurrencies but sees a potential shift in regulatory approach.
The current price of XRP stands 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 launch of an XRP ETF and announced a partnership with Clear Junction to enhance cross-border payment capabilities in Europe.