Ripple looks to new administration to take U.S. blockchain industry forward
2 min readTeam Ripple lets us know what to expect from cryptocurrency and blockchain technology going into 2021.
The latest post from the San Francisco-based fintech giant covers multiple topics, including the ever blurring lines between crypto and banking, as well as expected changes in the DeFi market structure.
But perhaps most pressing, in light of the looming SEC legal action, is their statement on regulatory clarity. The report itself didn’t address the SEC issue directly. Ripple hopes the Biden administration will be more sympathetic to the crypto cause.
Biden inauguration marks a fresh start for the crypto industry
Joe Biden will take office today to become the 46th president of the United States. Biden is in the process of selecting his new cabinet. Already confirmed for the SEC Chairman’s role is former Head of the Commodity Futures Trading Commission, Gary Gensler.
On the appointment, IOHK CEO Charles Hoskinson remarked that Gensler, as a professor of blockchain at MIT, is at least knowledgeable about the crypto industry. Adding, nothing suggests that Gensler will take a hardline approach.
“There is no indication at the moment that there is going to be a very anti-crypto SEC.”
With that, the stage is set for Ripple to forge a collaborative relationship with the new administration.
Ripple CEO Brad Garlinghouse tweeted his congratulations to Gensler at the start of the week. He said he is open to working with the new administration to take the U.S. crypto industry forward together.
Congrats to Gary Gensler! We’re ready to work with SEC leadership and the broader Biden administration to chart a path forward for blockchain and crypto innovation in the US. https://t.co/EEloq4lwrG
— Brad Garlinghouse (@bgarlinghouse) January 18, 2021
Ripple optimistic about working with regulators
In the weeks before the SEC’s filing against Ripple, both Garlinghouse and Ripple Chairman Chris Larsen had been vocal about their frustrations over a lack of regulatory clarity.
This even led to talk of Ripple upping sticks and leaving for overseas.
However, Team Ripple’s latest post shows they hold high hopes of thrashing out an understanding between regulators and the crypto industry.
“Ripple’s General Counsel Stu Alderoty predicts that crypto regulation will be a top priority for a Biden team that understands its implications for public and private sector innovation. This could lead to a unified framework and a streamlined application process for fintechs seeking crypto licenses.”
How this pans out for Ripple, and U.S. crypto as a whole, is still a mystery at this point. Earlier this week, Janet Yellen, Treasury Secretary nominee, revealed her position by drawing parallels between illicit activity and cryptocurrency.
Ripple’s exoneration is far from being a done deal.
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