Ripple Labs is hoping for the new incoming Biden administration to bring regulatory changes that could be more favorable for the company. The firm had previously faced a lawsuit from the U.S. Securities and Exchange Commission under the administration of Donald Trump. Both Ripple CEO Brad Garlinghouse and its co-founder Chris Larsen have criticized SEC’s regulation through enforcement policy prior to the lawsuit.
Biden Administration to Bring Clarity in Crypto Regulations
On Jan. 19 Ripple published in a blog post highlighting that the incoming Biden administration will most likely bring a renewed focus on regulation and enforcement in the cryptocurrency sector.
For instance, Ripple’s general counsel remarked that he believed the Biden era will make crypto regulation a top priority over the next four years. According to him, the new administration understands the implications for public and private sector innovation. This could lead to a unified framework and a streamlined application process for fintech companies looking for crypto licenses. He adds:
“Intelligent, well thought-out regulations communicated effectively and uniformly applied can help level the playing field and unleash innovation and further mainstream adoption here in the U.S.”
Other Countries Ahead of Crypto Regulations: Ripple Labs
According to Ripple, as cryptocurrencies are gaining mainstream awareness, G20 countries have no choice but to consider these technologies on their list of financial regulatory priorities. The post noted:
“As we’ve seen, a lack of a clear regulatory framework over the last four years in the U.S. especially has left fintech and blockchain players in a state of limbo. Other countries like the UK, Switzerland, Singapore, and Japan are miles ahead.”
Ripple is currently charged under lawsuit from the SEC filed in December, 2020 alleging the firm has been selling XRP tokens in violation of U.S. securities laws. Subsequently, the lawsuit case is scheduled for a virtual pretrial conference on Feb. 22. At the time, the price of XRP is $0.30, having risen 2.9% in the last 24 hours.