Ripple’s Political Engagement: Shaping U.S. Crypto Support
Ripple’s Global Co-Head of Policy, Lauren Belive, credits the company’s active political participation in Washington for influencing a shift in U.S. leadership towards supporting cryptocurrency. Belive emphasizes the significance of engaging directly with policymakers, stating that Ripple’s decision to invest in the political process during the 2024 election cycle was strategic.
During a challenging period under SEC Chair Gary Gensler, Ripple faced over 100 enforcement actions against crypto firms. In response, the company ramped up its political efforts to educate lawmakers on blockchain technology and advocate for fair regulation.
Ripple’s outreach extended to both the Democratic and Republican national conventions, the presidential inauguration, and the White House Crypto Summit. Belive believes these efforts played a role in electing a more crypto-friendly Congress and president. Currently, Ripple is actively engaged in bipartisan discussions in Congress to shape long-term crypto legislation.
In a separate development, Ripple and the U.S. SEC have sought court approval to finalize a $50 million settlement agreement, reducing Ripple’s penalty from $125 million and lifting a previous injunction on XRP sales. If approved, the dispute between the parties would be fully resolved.
Meanwhile, reports suggest that lobbyist Brian Ballard may have influenced former President Donald Trump’s decision to include XRP in the U.S. Crypto Strategic Reserve. Despite controversy surrounding the nature of Ballard’s payment from Ripple, analysts believe that XRP’s inclusion in the strategic reserve is unlikely to be reversed due to Ripple’s substantial political contributions to Trump’s campaign and inauguration.
In conclusion, Ripple’s proactive political engagement has been instrumental in shaping U.S. crypto support and regulatory outcomes. As the company continues to advocate for responsible innovation, its influence in Washington remains a key factor in the evolving landscape of cryptocurrency regulation.
Disclaimer: The information provided in this article is for educational purposes only and should not be construed as financial advice. Readers are advised to exercise caution and conduct their own research before making any investment decisions.