A team of senior executives from Ripple, led by CEO Brad Garlinghouse, will discuss cryptocurrency bills with members of the US Congress. The critical meeting comes just months after a court ruling reopened Ripple’s ways of doing business in the United States.
Ripple team heads to discuss crypto laws in Washington DC
In July 2023, US judge Analisa Torres ruled that Ripple did not violate US securities laws and approved the sale of the company’s XRP token on crypto exchanges. US regulator SEC is currently awaiting approval to appeal this decision. Still, the case will likely go before a jury in the second quarter of 2024.
Having achieved a partial victory in the SEC case, Ripple aims to continue this success by meeting with members of Congress to discuss cryptocurrency legislative proposals. Also attending the meeting are General Counsel Stuart Alderoty and Vice President of Public Policy Rob Grant. Ripple CEO Brad Garlinghouse emphasized the need for direct negotiations with members of the legislature. In their statement, “You can’t get regulatory clarity without actually communicating with the elected officials who propose the bills!” said.
Back in D.C. today to meet with members of Congress alongside @s_alderoty, @RobGsix and our global policy team. Can’t get regulatory clarity without actually engaging with the elected officials who are proposing bills! pic.twitter.com/Yv0N4lpMBk
— Brad Garlinghouse (@bgarlinghouse) September 19, 2023
In July 2023, after summary judgment, U.S. House Republicans considered the Financial Innovation and Technology for the 21st Century Act. However, the ‘Payment Stablecoins Openness Act of 2023’ has not yet received sufficient support from members of the US Congress.
A shift in regional priority?
The Ripple team’s trip to Washington DC is an important development that will reignite the company’s interest in the mainstream economy. Before this, Ripple officials had almost no interest in US-based customers and partners due to the SEC lawsuit. The judge’s decision opened ways to re-engage with players in the US ecosystem.
This development is seen as a big step for the cryptocurrency ecosystem. It raises the possibility of Ripple reviving its operations in the US. The company is known to be pursuing strategies aimed at bringing greater regulatory clarity with lawmakers. This meeting of Ripple CEO and his team with members of the US Congress to discuss upcoming legislative proposals represents an important milestone for the crypto industry.
Ripple achieves partial victory in SEC case in July
As we reported as Kriptokoin.com, on July 13, a decision was made in favor of Ripple in the case that has been ongoing since 2020. The XRP price gained almost 100% in value on this date. Ripple CEO predicted that they would successfully overcome the appeal process that came up after the victory. His company is in close contact with the US Congress at the time of writing.
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