According to Ripple, it looks like the upcoming Biden administration will most likely bring a renewed focus on regulation and enforcement in the cryptocurrency market. It seems that Ripple is expecting that a new President of the United States will introduce a change in regulations that is more favorable to the company.
Ripple leadership is looking to a new U.S. President will bring a change in regulations more favorable to the firm
“As we’ve seen, a lack of a clear regulatory framework over the last four years in the U.S. especially has left fintech and blockchain players in a state of limbo. Other countries like the UK, Switzerland, Singapore, and Japan are miles ahead.”
Both Ripple CEO Brad Garlinghouse and co-founder Chris Larsen have voiced their criticism of the SEC’s enforcement policy ahead of the lawsuit.
Stu Alderoty, the company’s general adviser, was quoted in the article saying that he believes the Biden administration will make crypto regulation a top priority within the next four years because of understands its implications for public and private sector innovation.
“Intelligent, well-thought-out regulations communicated effectively and uniformly applied can help level the playing field and unleash innovation and further mainstream adoption here in the U.S.”
Garlinghouse echoed this sentiment yesterday, praising Biden’s nominated candidate for the SEC president, Gary Gensler, as an individual who is more likely to be more Ripple friendly, as well as the entire industry. cryptocurrency and blockchain industry.
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
McCaleb still has billions of XRP available in his wallet. In December, Whale Alert reported that the Ripple co-founder liquidated 1.2 billion XRP in 2020 for over $ 400 million, bringing his total remaining XRP tokens to around 3, 25 billion at the time of publication, or $ 970 million. Ripple is currently facing an SEC lawsuit filed in December alleging that the company sold XRP tokens in violation of US securities laws. The case is scheduled for a virtual pretrial conference on Feb. 22.
RippleNet General Manager Asheesh Birla: Fintech firms will emerge as serious competitors to traditional banking institutions in 2021
Birla even goes as far as predicting that a cryptocurrency company could soon acquire a legacy financial institution.
“The tide is turning. It’s possible that we could even see a fintech or cryptocurrency company acquire a traditional financial institution this coming year.”
This will be achieved with the help of more robust regulations in this sector. In the end, regulating cryptocurrencies will be a hot-button issue for the Biden administration.