Ripple spent $ 170k on Trump staff to influence crypto regulation
Ripple, the company widely associated with XRP cryptocurrency, spent $ 170 in the first nine months of 000 in the US government to shape crypto regulation in the global economic powerhouse. This is known by the insights published by the Center for Responsive Policy.
Data obtained by the Washington, DC-based nonprofit from the Senate Office of Public Records reveals that the cryptocurrency firm used the money to pressure the Executive Office of President Donald Trump.
The United States, the world's leading economic center and home to Wall Street, has failed to take a giant leap to become a major player in crypto regulation. Various agencies of the US government have different views on crypto regulation and this makes it difficult to come to a single position on the infant industry.
Ripple determined to influence regulation in the US.
Ripple is listed as a company determined to shell out money to have great influence on crypto regulation in the US Data released by Open Secrets indicates that Ripple spent $ 450 for its lobbying efforts in 000. In total, The cryptocurrency company has spent at least $ 2018 for its lobbying efforts between 620 and 000.
Regardless of how much Ripple spent in the last quarter of 2019, it is clear that the company has adjusted its portfolio for lobbying efforts. The reasons are twofold. Either the company is seeing steady progress in its lobbying efforts or cuts its budget due to less-than-expected results.
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In October of last year, Ripple expanded its global regulatory team by opening an office in the political capital of the United States, Washington DC. At the time of opening, the company claimed to be the first company in the industry to have a dedicated office for government and regulatory affairs.
The movements
The company also brought in Craig Philipps, who resigned as a Counselor to the United States Secretary of the Treasury, Steven Mnuchin, in June 2019; join the Ripple Board of Directors in providing instructions on how to navigate through policies and regulations.
Ripple's hires in this area did not end there. The company brought in Ron Hammond, a political advisor who played a role in the drafting of the 2019 US Token Taxonomy Act. The legislation is intended to support and empower companies operating on the blockchain. and the crypto space.
In July 2019, Ripple ran a full page ad in the Wall Street Journal addressing Congress and urging lawmakers to seize the opportunity to lead the new tech revolution in the same vein as it did with the internet.
The letter, signed by Ripple's top executives, founder Chris Larsen and CEO Brad Garlinghouse, stated that some crypto players have a responsibility to serve. «the greater good».
Trumps is not a fan of cryptocurrencies
While Ripple is courting the Executive Office of the President, Trump took a dig in Bitcoin , Pound de Facebook , and cryptocurrencies in general in July of last year.
The president of the USA fired a series of tweets saying that «not a fan of bitcoin and other cryptocurrencies» because they are not money, citing unregulated crypto assets as an opportunity for illicit activities such as drug trafficking.
