Ripple places his hopes in Biden’s administration, while his co-founder sells 28.6 million XRPs

Ripple’s general counsel, Stu Alderoty, predicted that Joe Biden’s administration would probably „help level the playing field“ for the cryptomorphs

Ripple places his hopes in Biden’s administration, while his co-founder sells 28.6 million XRPNOTÍCIAS

After closing 2020, facing a lawsuit from the US Securities and Exchange Commission under Donald Trump, Ripple’s leadership is looking to the new year and a new US president to bring about a change in regulations more favourable to the company.

According to a posting on Ripple’s website with comments from key executives, the company is predicting that the next Biden administration will likely „bring a renewed focus on regulation and enforcement“ in the cryptomorph market.

„As we have seen, the lack of a clear regulatory framework over the last four years in the US in particular has left fintech and blockchain players in a limbo state,“ the post said. „Other countries like the UK, Switzerland, Singapore and Japan are far ahead.

Both Ripple CEO Brad Garlinghouse and co-founder Chris Larsen expressed their criticism of the SEC’s policy of „regulation through coercion“ ahead of the process.

Stu Alderoty, the company’s general counsel, was quoted in the article as saying that he believes Biden’s management will make regulation of cryptomites a priority over the next four years because he „understands its implications for public and private sector innovation.

„Smart, well thought-out regulations communicated effectively and uniformly applied can help level the playing field and trigger innovation and greater mainstream adoption here in the U.S.“.
Garlinghouse echoed that sentiment yesterday, praising Biden’s SEC President nominee, Gary Gensler, as an individual more likely to be friendly to Ripple and the crypto and blockchain industry as a whole:

The news comes at the same time that Jed McCaleb has resumed his extraordinary sale of portions of the 9.5 billion XRP he received as co-founder of Ripple before leaving the company in 2014. The analyst, Leonidas Hadjiloizou, reported that yesterday McCaleb sold 28.6 million XRP – about US$8.5 million at the time of publication – after 25 days of no apparent activity following the news of the Ripple SEC case.

McCaleb still has billions of XRP tokens available in his portfolios. In December, Whale Alert reported that Ripple’s co-founder liquidated 1.2 billion XRP in 2020 for over US$400 million, reducing its total XRP tokens to around 3.25 billion at the time of publication, or US$970million.

Ripple is facing an SEC case opened in December alleging that the company has been selling XRP tokens in violation of US securities laws. The case is scheduled for a pre-trial virtual conference on February 22.

At the time of publication, the price of XRP was R$0.30, up 2.9% in the last 24 hours.