Monica Long, the President of Ripple, strongly criticized the SEC’s approach to the cryptocurrency industry during the Money20/20 conference. Long emphasized the frustration within the sector towards the SEC’s enforcement-focused regulatory process, which she deemed as ineffective and hindering progress.
She elaborated on how the crypto industry, along with the Fairshake Super PAC, has been supporting political candidates who advocate for laws beneficial to the cryptocurrency sector. Long highlighted that Fairshake is a bipartisan organization that only endorses politicians aligned with the sector’s regulatory preferences. Ripple, along with contributions from a16z and Coinbase, recently raised $25 million for Fairshake, as reported by Crypto News Flash.
In the midst of increased regulatory scrutiny, the cryptocurrency sector is working vigorously to influence American legislation. The SEC has taken legal action against several major crypto companies, including Ripple, Coinbase, and Kraken, with Ripple facing a $2 billion lawsuit for alleged securities law violations.
Despite facing regulatory challenges, Long remains optimistic about the U.S. cryptocurrency sector’s ability to influence legislative decisions. She criticized the SEC’s recent actions as a “warpath” against the industry but expressed hope for a shift in the regulatory landscape.
In terms of market performance, XRP’s current price is estimated 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 Ripple’s partnership with Clear Junction to enhance cross-border payment capabilities in Europe.
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