That Ripple is engaged in a massive lobbying campaign in the United States to encourage the adoption of a regulation that allows the spread of cryptocurrencies in the country has been known for several months, at least since it has decided to open a new office in Washington ( capital and nerve center of US political choices); however, more recent news is the close synergy between Ripple itself and the exchange of Gemini cryptocurrencies to make this action more effective.
As reported by Cointelegraph with an article published a few hours ago, in fact, the two companies intend to advance the entire crypto ecosystem in the USA by sponsoring a regulation that favors the adoption of crypto in the country.
In a joint statement by Rachel Nelson, (senior director and associate adviser of Coinbase), and the head of global institutional markets of Ripple, Breanne Madigan, (coincidentally, two women, just to send to extend the vulgarity on male chauvinism in the world of crypto) have stated that:
To improve market integrity and provide consumers with the confidence they deserve, Congress may need to adopt legislation to support the orderly and safe functioning of cryptocurrency markets. Such legislation could expand the authority of the Commission for commodity futures trading (CFTC) to include regulation and control of crypto asset exchange markets.
That of Ripple, of course, is not simple altruism, the company is in fact doing nothing other than protecting its own interests; as is known, in fact, XRP (the native currency of ripple) is likely to be equated to a security and several cases are currently underway which see it sued precisely on the charge of having released its own token, eluding the legislation that regulates l issue of securities.
If the judges were to decide that XRP is a security at that point, the currency would end up under the clutches of the SEC and this would imply a series of enormous burdens for the company, in terms of regulatory adjustments, as well as the payment of millionaire compensation; in fact, if the judges were to vote in favor of the plaintiffs, it is very likely that in the USA a class action against ripple would start and at that point the costs to be incurred for the R3 consortium would become astronomical.
Also for this reason, on January 23rd Ripple, in partnership with Gemini, wanted to launch a working group whose purpose is precisely to highlight, on the one hand, how the management of an exchange in the USA has become an obstacle race and, from the other, such as companies and operators in the sector (including traders) need a regulatory framework capable of strengthening the market, consumer confidence and the adoption of cryptocurrencies in the country.
