Ripple and Coinbase lead the big fight as US crypto firms advocate for regulatory overhaul
|- Ripple has brought in former White House staff Lauren Belive as head of public policy and government.
- Belive will lead Ripple’s engagement locally and nationally, putting the firm at the forefront of regulatory campaign with clarity and purpose.
- It comes as crypto firms push for regulatory clarity by reinforcing advocacy efforts in Washington DC.
- Coinbase is part of the fight, organizing a meeting with innovators, entrepreneurs, developers, legislators, and government officials on September 27.
Ripple Labs, the company behind the XRP token, is standing shoulder-to-shoulder with US-based cryptocurrency exchange Coinbase as crypto firms in the US push for a regulatory overhaul in the country. It comes amid growing concerns that stringent and unclear regulatory structures in the US continue to drive business away from the country.
Also Read: Coinbase finds acceptance in Spain; continues to struggle in the US at the hands of the SEC
Ripple brings in former White House staff for public policy and government role
In a recent post on LinkedIn, former US White House staff Lauren Belive, who served during the Barack Obama administration, announced that she is coming in as Ripple’s new Head of Public Policy and Government.
Belive has over ten years’ experience as a policy director, head of federal government relations, head of US Government relations, and director of government affairs working with different organizations, according to her LinkedIn profile.
Based on the post, Belive will spearhead Ripple’s engagement with the changing regulatory landscape in Washington and countrywide.
Coinbase meeting on September 27
On Ripple’s flank, Coinbase exchange has a meeting scheduled for September 27 in Washington DC, at which innovators, entrepreneurs, and developers are expected to attend and engage with legislators and government officials.
The theme of the meeting is “A Call To Action: Mobilizing 52 Million Crypto Owners Into An Army of One Million Advocates For Change,” with an excerpt from the announcement stating:
…we’re launching an effort to mobilize 52 million crypto owners – younger and more diverse than the US population as a whole – into a powerful force heading into the 2024 elections with an intense focus on nine key states. If you care about crypto, take one minute to call your congressperson.
The organizers of the event intend to challenge how “the system unfairly favors powerful interests,” stating that the status quo is reliant on an enforcement only approach to sustain a financial system that most people want changed. Coinbase is therefore advocating for a space that is more open, more participatory, and more democratic.
Advocating for clearer and more sensible regulation, Coinbase challenges that the current “enforcement-only approach puts jobs, innovation, and global leadership at risk.” Regions like Hong Kong are actively advancing with responsible crypto-friendly regulatory frameworks as part of their goal to strategically position themselves as “crypto hubs” and possibly attract new innovative companies, jobs and revenue.
Meanwhile, the US regulatory system is showing signs of pulling in the opposite direction. This has driven Coinbase to leverage its platform to to mobilize crypto owners into single-issue crypto advocates.
Ripple FAQs
What is Ripple?
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
What is XRP?
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
What is XRPL?
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
What blockchain technology does XRP use?
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
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