Ripple, the company behind the popular, banking-centric XRP cryptocurrency, has just opened up an office in Washington D.C., reports Forbes. On top of this, the company’s Global Head of Government Relations is representing the company in the Blockchain Association. Worth noting even more is the fact that Craig Phillips has joined the Ripple Board of Directors, who was once the Counselor to the Secretary at the United States Treasury Department, the publication states.
Speaking on the matter is Ripple CEO Brad Garlinghouse, stating:
“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.”
The company also brought on a few more members to its regulatory team with Michelle Bond, including Ron Hammond and Sue Friedman. Hammond was once working on the Token Taxonomy Act while Friedman was once part of the Treasury Department.
Ripple’s Outstanding Partnerships
“I can’t speak to what other companies are doing,” continues Garlinghouse, “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.”
Overall, Ripple is expanding to Washington D.C. to help facilitate regulations in favor of cryptocurrencies and blockchain. As of now, governments across the world struggle to properly regulate the technology, due in part to the fact that it was created to circumvent such regulation. However, the group joining up with the Blockchain Association should be able to influence that a little, according to Garlinghouse, who says to Forbes:
“This is also why we’re excited to join the Blockchain Association, the most credible crypto/blockchain trade association on the Hill. It’s important for the industry to come together and work with regulators in a proactive and productive manner to push the industry forward.”