2020 saw Ripple and its founders undergoing a lawsuit from the U.S. Securities and Exchange Commission under Donald Trump. This year, they are looking forward to more changes brought in the administration with a new US President. Interestingly, they have pinned all their hopes on Joe Biden to bring about some newer regulations that would see them through.
Ripple Will Undergo Certain Changes With the Change in SEC
Several posts on the official Ripple website featured comments from several executives. They were predicting that the Biden administration would definitely bring about changes- with a focus on enforcement and regulation in the cryptocurrency sphere. The post claimed that an absence of a regulatory framework in the last four years had led to a crash of several crypto farms, with blockchain and fintech players currently undergoing a limbo state.
Incidentally, other countries like Japan, Switzerland, Singapore, and the UK were considerably ahead in this field. Brad Garlinghouse, and Chris Larsen, the CEO, and Co-founder respectively, have been quite outspoken in their criticism about the lack of regulations from the SEC. They have noted the policy of the SEC to regulate through enforcement which took place before the lawsuit was enacted.
Ripple’s general counsel, Stu Alderoty mentioned that this administration would definitely pay greater heed to crypto regulation and make it a priority. This is simply because they would be understanding the implications that cryptocurrency has on the private and public sectors.
Garlinghouse reiterated the same- where he believed that the nominee for the SEC from Biden- Gary Gensler- was considerably more sympathetic towards Ripple. Also, he ought to bring several newer developments in the field as a whole. Ironically, the news about newer changes came in immediately after Jed McCaleb went on his spree of selling portions of around 9.5 billion XRP- something which he received when being the co-founder of Ripple.
