Ripple sees itself as so much more than a currency. That much is obvious, but the company is now making waves in the regulatory space.
Ripple Is Heading Into New Territory
Ripple has opened a new office in Washington D.C., making it the only crypto venture to have devoted itself to government affairs according to an official press release. Craig Phillips, the former counselor to the secretary of the U.S. Treasury Department, is also joining Rippleâ€™s board of directors alongside Michelle Bond, which will serve as Rippleâ€™s new global head of government relations.
In a recent interview, Bond expressed why itâ€™s so important that cryptocurrency companies try to “get along” with government regulators, claiming that this is the best way for the industry to stay alive. She explains:
Blockchain and digital assets are going to have a global impact when it comes to payments, but theyâ€™re still relatively new and complex to understand. We believe itâ€™s the responsibility of industry leaders to work together to help policymakers as they review the regulatory landscape and shape conditions that will enable this technological innovation to thrive.
One of the main things, according to Bond, that Ripple is trying to accomplish, is setting the record straight when it comes to cryptocurrencies and what they can do for fiat. Right now, she says, thereâ€™s a lot of fear that crypto will somehow replace fiat and somehow disrupt the present financial system.
She says that this isnâ€™t necessarily what digital currencies are designed to do. Rather, theyâ€™re built instead to “complement” fiat. Thus, granted the United States remains open to digital currency, the country can remain ahead of the game in terms of digital finance and monetary leadership.
There are thousands of digital currencies out there, and it would be a mistake to paint them all with the same broad brush… While many are concerned that the Libra whitepaper would compete with fiat currencies, other digital assets like XRP are intended to complement them. We want to make sure that policymakers have access to the information and resources they need so they can continue to make decisions that will allow the U.S. to lead the industry.
In conclusion, she believes that now was the perfect time for setting up a new Washington-based office given that regulation and hype surrounding Libra and related projects are hogging the spotlight. She states:
25 years ago, the U.S. was a leader in making the internet what it is today, and with clear regulations, we have that same opportunity in front of us with blockchain technology and digital assets. Ripple has worked with regulators from the beginning, and we are deepening our commitment by expanding our global regulatory team and opening a dedicated government relations office in D.C.
Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.
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