US Government’s Tough Stance Against the Crypto Industry

Overal ter wereld kampen crypto-bedrijven met strenge maatregelen van overheden. Niet iedere maatregel is even constructief, zeker als je kijkt naar het beleid in de Verenigde Staten. Ripple (XRP) zet zijn beste beentje voort en heeft een voormalig leidinggevende van de directie van het Witte Huis aangenomen.

The ongoing battle with the US Government

It is no secret that Ripple has been facing issues with the US government. The Securities and Exchange Commission (SEC) filed a lawsuit against Ripple almost three years ago for alleged securities law violations.

Nearly three years later, this lawsuit is still unresolved. Moreover, there are indications that the US government continues to be indecisive and maintains some peculiar regulations. Initially, the SEC was confident about the clarity of the rules in its lawsuit against Ripple. However, it now argues that the case involves “complex issues” related to regulation.

The SEC is not only targeting Ripple but also initiating legal actions against other crypto companies. Coinbase recently took a stance against the US market and decided to expand its focus on other international markets. And this is just the SEC; even the Biden administration has shown anti-crypto sentiment. Earlier this year, there were discussions of imposing an additional tax on crypto miners, but this proposal did not materialize.

Lobbying for Ripple

To counteract these hostile regulations, Ripple has taken a strategic approach by hiring Lauren Belive. In a LinkedIn post, she discusses her new role within the company.

Prior to joining Ripple, Belive served as the head of communications at the White House during Barack Obama’s presidency. She later became the head of government relations at Zoom and also worked with the investment firm Softbank. With her extensive experience, she is well-positioned to manage Ripple’s relationship with the government.

Interestingly, Belive only mentions contact with the US government, suggesting that Ripple may be specifically focused on strengthening its ties with the US government. It is possible that Ripple is not planning to leave the US, despite previous threats made by top Ripple executives.

Conclusion

Although crypto companies worldwide face regulatory challenges imposed by governments, the restrictive measures implemented by the US government have been particularly tough. Ripple’s decision to hire a former White House executive is a strategic move to advocate for more favorable regulations and maintain a positive rapport with the US authorities. By navigating the complexity of regulations while engaging in lobbying efforts, Ripple aims to secure a promising future in the US market.