Ripple President Slams SEC’s Crypto Regulation at Money20/20

• Ripple President Monica Long criticized the SEC’s approach towards the crypto industry at the Money20/20 conference.
• Ripple increased contributions to Fairshake PAC by $25 million, with similar donations from a16z and Coinbase.

President of Ripple Monica Long harshly criticized the U.S. Securities and Exchange Commission (SEC) and its regulatory attitude toward the cryptocurrency sector at the Money20/20 fintech conference in Amsterdam. Long underlined how the sector is frustrated with the SEC’s enforcement-based rule-making process, which she called ineffective and harmful to advancement.

Long went into detail on how the crypto industry as a whole and the Fairshake Super Political Action Committee (PAC) have backed political candidates who support laws that will benefit the cryptocurrency business.

She underlined that Fairshake is bipartisan and only supports politicians who share the regulatory preferences of the sector. With matching investments from Andreessen Horowitz (a16z) and Coinbase, Ripple just raised $25 million for Fairshake, echoing earlier coverage by Crpto News Flash.

Ripple’s Legislative Influence Amid Regulatory Scrutiny 

Aware of growing political and regulatory scrutiny, the Bitcoin sector is aggressively attempting to shape American law. For purported securities law infractions, the SEC has sued numerous large cryptocurrency companies, including Ripple, Coinbase, and Kraken; Ripple alone is being sued for $2 billion in fines.

Congress just enacted a resolution to reverse the SEC’s contentious Staff Accounting Bulletin 121 (SAB 121), which establishes regulations that could be detrimental to the cryptocurrency industry, in reaction to these issues. President Joe Biden vetoed the resolution, though, therefore keeping the regulatory environment as it is.

Long was upbeat about the potential of the U.S. cryptocurrency sector to affect legislative decisions despite the regulatory obstacles. She called the recent SEC moves a “warpath” against the cryptocurrency sector, but she was still optimistic about a shift in regulatory stance.

Market Performance and Upcoming Developments 

CoinMarketCap estimates that the price of XRP is at $0.5241, down 0.80% in the last day but exhibiting a bullish trend with a 1.32% rise over the previous week. Monica Long has also confirmed the impending release of an XRP ETF, according to a CNF report. Also, to improve cross-border payment capabilities in Europe, Ripple has teamed with Clear Junction.