Monica Long, the President of Ripple, did not hold back in her criticism of the U.S. Securities and Exchange Commission (SEC) during her speech at the Money20/20 fintech conference in Amsterdam. She expressed frustration with the SEC’s enforcement-focused approach to regulating the cryptocurrency industry, which she believes is hindering progress.
Long highlighted the efforts of the crypto sector, including Ripple and the Fairshake Super PAC, in supporting political candidates who understand and advocate for laws that benefit the industry. The Fairshake PAC, which is bipartisan and aligns with the regulatory goals of the sector, received a $25 million boost from Ripple, a16z, and Coinbase.
Despite facing regulatory challenges, Ripple and other cryptocurrency companies continue to push for legislative changes in the U.S. political landscape. The SEC’s lawsuits against companies like Ripple, Coinbase, and Kraken, for alleged securities violations have sparked a response from Congress. However, President Joe Biden vetoed a resolution that sought to reverse the SEC’s controversial Staff Accounting Bulletin 121, maintaining the current regulatory environment.
Long remains optimistic about the cryptocurrency sector’s ability to influence regulatory decisions, despite the challenges. She described the recent actions by the SEC as a “warpath” against the industry but believes that a shift in regulatory stance is possible.
In terms of market performance, XRP’s price is currently at $0.5241, showing a slight decrease of 0.80% in the last day but a bullish trend with a 1.32% increase over the past week. Long also announced the upcoming launch of an XRP ETF and a partnership with Clear Junction to enhance cross-border payment capabilities in Europe.
For more information on Ripple (XRP), including buying guides, wallet tutorials, and the latest news, visit the official Ripple website.