- Ripple intends to inform policymakers on the good of blockchain
- The firm has widened its leadership team
- The new team brings a wealth of legislative and policy experience
Ripple has announced its opening of a new office in Washington DC, the US Capitol. The move is intended to strengthen the firm’s efforts to build closer ties with lawmakers.
The blockchain-based global money transfer company announced on Tuesday, October 22, 2019, their new office that’s a heartbeat away from the heart of the United States’ government has happened simultaneously with the expansion of their regulatory team as the firm increases its effort to inform policymakers on the positive side of the blockchain technology.
The expansion has come at a time when a former leading aide to the US Treasury Secretary Steven Mnuchin, Craig Phillips becomes joins Ripple’s board of directors. According to Phillips, Ripple is enhancing its leadership team to advise on “strategic regulatory opportunities” as the company grows.
Ripple has also joined the Blockchain Association with Michelle Bond, Ripple’s Global Head of Government Relations sitting at the board. Commenting on the significance of being in the heart of the US Capitol, Ripple CEO Brad Garlinghouse noted:
“Every federal regulator is looking at this space and trying to figure out how to regulate it and having a DC presence is essential to smart and effective regulation. We’re focused on maintaining a dialogue with Washington regulators and policymakers and being a resource to the Hill allows us to be easily accessible at all times.”
Increased Attention to Blockchain Technology
Other prominent persons that have joined Ripple’s regulatory board include Susan Friedman, the former senior adviser to CFTC Chairman Heath Tarbert when he was assistant secretary for International Markets at the Treasury former legislative assistant and Ron Hammond. Hammond has formerly worked as a legislative assistant to Rep. Warren Davidson and worked on the Token Taxonomy Act, per the announcement. The firm explained the importance of the new development saying:
“In the U.S. and abroad, it’s important for policymakers to be armed with industry knowledge to help them shape conditions that will enable technological innovation to thrive. At Ripple, we look forward to continued conversations with policymakers and are building a team that brings a wealth of legislative and policy experience.”
The move by Ripple comes at a time when there is increased attention to blockchain technology in general and cryptocurrencies, in particular, following the ongoing tussles between Facebook’s proposed Stablecoin Libra and regulators. Ripple expects to work with policymakers and regulators to ensure that the United States leads from the front as far as this important emerging sector is concerned. Brad Garlinghouse added:
“We are opening an office in D.C. because right now this industry has the Hill’s attention, and every federal regulator is looking at this space and trying to figure out how to regulate it and we want to be a resource to those who are shaping the future policy.”