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The San Francisco-based company behind the XRP cryptocurrency has opened offices in the United States capital. This makes Ripple Labs the first company focused on blockchain technology to have a regulatory team in Washington, DC.
In addition to the announcement, Ripple will be joining the lobbying group, the Blockchain Association. The firm has also made added former member of the US Treasury Department, Craig Philips, as an independent director.
Ripple Makes Big Moves in Washington
According to a report in Forbes, the blockchain company Ripple Labs has just opened new offices. Brad Garlinghouse, the firm’s CEO, described the move as an important step towards negotiating for favourable regulation of the industry.
The company’s Global Head of Government Relations, Michelle Bond, will lead the new DC offices. Ripple looks to be creating a regulatory team of as high qualification as possible in the capital. Legal specialist Ron Hammond and Sue Friedman, formerly of the US Treasury Department, will be part of the Ripple DC team.
Ripple is officially in D.C. We’re also glad to welcome @CraigPhillipsDC to the board and are honored to join the @BlockchainAssn. https://t.co/F1QBotmMxo
— Brad Garlinghouse (@bgarlinghouse) October 22, 2019
In response to a question about Ripple being the first company to boast such Washington representation, Garlinghouse stated:
“I can’t speak to what other companies are doing, but Ripple has welcomed conversations with regulators and governments from the beginning – we sat on the Federal Reserve Faster Payments Task Force, are part of the IMF’s Fintech Advisory Board, hosted a summit for central banks to learn about blockchain and we continue to engage with 50+ governments worldwide – and establishing an office here is a natural extension of that work.”
In addition to the new offices Ripple announced that it will be joining the Blockchain Association. The DC-based group has welcomed Bond to its executive board.
As mentioned, Craig Phillips will also be part of Ripple’s Washington DC operation. The former Counselor to the Secretary at the US Treasury Department will reportedly provide guidance to the company’s leadership with regards to strategic regulatory opportunities. Phillips stated:
“It feels like a natural fit to share my experience in both the private and public sector with Ripple at a time when all eyes are on the blockchain and crypto industry. Ripple has made it a priority to work with regulatory bodies to develop a safe and predictable compliance environment, and I look forward to the opportunity to contribute to that effort.”
The XRP market has barely reflected Ripple’s Washington announcements today. The number three digital asset by market capitalisation saw its price rise by 1.14 percent over the last 24 hours. Although Bitcoin (BTC) and Ether (ETH) saw neither gains or losses over the same period, other top ten altcoins such as Bitcoin SV (BSV) and EOS rose by greater percentages.
Related Reading: Crypto Tidbits: Fidelity Expands Bitcoin Ops, Ripple’s XRP Sales Fall, Grayscale Sees Growing Altcoin Demand
Featured Image from Shutterstock.
