Ripple’s chief executive officer, Brad Garlinghouse, alongside a team of top-tier executives, is scheduled to meet with members of the U.S. Congress to discuss proposed crypto bills.
This visit comes more than two months after Ripple achieved a landmark victory in the lawsuit filed by the U.S. Securities and Exchange Commission (SEC). The executives are seeking to engage directly with lawmakers, emphasizing the importance of gaining regulatory clarity for the cryptocurrency industry.
Read Also: Ripple CEO: XRP To Become Next Bitcoin Once This Multi-Trillion Dollar Problem Is Solved
Background: Ripple’s Legal Battle
On July 13, 2023, US judge Analisa Torres delivered a ruling that Ripple did not violate US securities law with the programmatic sales of XRP. This ruling reopened the gates for Ripple’s business in the United States, enabling it to resume its operations. While the SEC is awaiting approval of its interlocutory appeal request, a potential jury trial in the case might commence in the second quarter of 2024.
Ripple’s Delegation to Washington D.C.
Against the backdrop of Ripple’s partial triumph in the SEC lawsuit, CEO Brad Garlinghouse and his team are actively engaging with Congress members to discuss the implications of the proposed crypto bills.
The delegation includes Stuart Alderoty, the company’s Chief Legal Officer, and Rob Grant, Vice President and Global Head of Public Policy. Garlinghouse stresses that direct interaction with elected officials is crucial for achieving regulatory clarity. “Can’t get regulatory clarity without actually engaging with the elected officials who are proposing bills!” he stated.
Back in D.C. today to meet with members of Congress alongside @s_alderoty, @RobGsix and our global policy team. Can’t get regulatory clarity without actually engaging with the elected officials who are proposing bills! pic.twitter.com/Yv0N4lpMBk
— Brad Garlinghouse (@bgarlinghouse) September 19, 2023
The Ripple team’s visit to Washington D.C. presents a positive development for the broader crypto ecosystem, potentially reigniting the company’s engagement with the US economy.
Prior to the Summary Judgment, Ripple officials had limited involvement with US-based clients and partners due to the ongoing SEC lawsuit. However, the judge’s ruling has paved the way for re-establishing relationships and collaborations within the US ecosystem.
Read Also: Ripple CEO Brad Garlinghouse: “It’s Time for That Proper Victory Party”
Prospects for Crypto Bills in Congress
In July 2023, the US House Republicans revised the Financial Innovation and Technology for the 21st Century Act, reflecting the evolving landscape of digital currencies. Additionally, the ‘Clarity for Payment Stablecoins Act of 2023’ seeks to address concerns surrounding stablecoin regulations.
However, this bill has yet to garner sufficient support from Congress members, highlighting the importance of discussions with Ripple’s executives to shape comprehensive and practical cryptocurrency legislation.
As Ripple’s CEO and team engage with Congress members, it remains to be seen how their discussions will influence the proposed crypto bills.
The outcome of these deliberations has the potential to reshape the regulatory environment for cryptocurrencies and impact Ripple’s operations in the United States. With the crypto ecosystem eagerly watching, the path toward regulatory clarity and industry growth hangs in the balance.
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