Ripple’s Coalition Formation
In an intriguing development, Ripple has stepped up to lead a coalition of crypto startups, seeking to engage directly with lawmakers and financial regulators in Washington D.C. This strategic move underscores a growing desire within the industry for clearer regulations and a more supportive government stance on crypto innovation.
Meet the Securing America’s Internet of Value Coalition
Dubbed the Securing America’s Internet of Value Coalition, this group is not just a random assortment of crypto enthusiasts. It includes heavyweights like Ripple, its philanthropic arm RippleWorks, and companies such as Coil and Yaka. Even PolySign, a startup geared towards crypto custody, is part of this ambitious initiative. The coalition’s mission? To ease government apprehensions about cryptocurrencies and encourage a healthy competitive environment within the global crypto ecosystem.
Chopping Through the Red Tape
The coalition is aiming to tackle challenges head-on, particularly with significant entities like the SEC and IRS. Their planned monthly expenditure of approximately $25,000, in addition to 10,000 XRP, to the bipartisan Klein/Johnson Group seems like a small investment for what they hope to achieve. The goal? To have regulators listen when they talk about the need for support from the government.
A Complicated Narrative
As Chris Larsen, Ripple’s executive chairman, aptly put it, the conversation around cryptocurrency is notably complex. With a swirl of misinformation surrounding the industry, it’s no surprise that there’s a burgeoning interest in the topic among lawmakers. Recent correspondence from Congress to the SEC, pushing for clarity on the designation of digital tokens as securities, highlights the urgency of these discussions.
Ripple’s Position Amidst Regulatory Scrutiny
Despite the prevailing uncertainty, Ripple is confident in its position. Back in April, their chief market strategist Corey Johnson stressed that Ripple is not considered a security, citing its foundation in legal precedent. This assertion aligns with recent statements from SEC officials concerning Bitcoin and Ethereum, indicating a cautious acceptance from regulatory bodies towards major cryptocurrencies.
