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Over two months after grabbing a landmark win in the lawsuit filed by the U.S. Securities and Exchange Commission (SEC), a full fledged team of top tier Ripple executives led by chief executive officer Brad Garlinghouse is visiting Washington D.C. to meet US Congress members over the proposed crypto bills.
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On July 13, 2023, US judge Analisa Torres re-opened the gates for Ripple’s business in the United States with her Summary Judgment ruling that the company did not violate US securities law with the sale of XRP token on crypto exchanges. Currently, the US SEC is awaiting approval to appeal the ruling. However, a jury trial in the case could likely begin in the second quarter of 2024.
Ripple Team In Washington D.C.
In the context of Ripple gaining a partial victory in the SEC lawsuit, CEO Garlinghouse to meet with members of the Congress to discuss the proposed crypto bills. The company’s Chief Legal Officer Stuart Alderoty and Vice President, Global Head of Public Policy Rob Grant are among those visiting D.C. The Ripple CEO emphasized on the need for direct deliberations with the lawmakers in the cause for gaining regulatory clarity. “Can’t get regulatory clarity without actually engaging with the elected officials who are proposing bills!,” he said.
Following the summary judgment, the US House Republicans have revised the Financial Innovation and Technology for the 21st Century Act, CoinGape reported in July 2023. Another important bill, the ‘Clarity for Payment Stablecoins Act of 2023’ is yet to gain enough support from the members of the US Congress.
Shift In Regional Priority?
The Ripple team’s trip to D.C. marks a welcome development for the crypto ecosystem, as it could re-ignite the company’s interests in the key economy. For context, prior to the Summary Judgment, the company’s officials were barely engaged in US based clients and partners due to the ongoing SEC lawsuit. In a radical shift, the Judge’s ruling paved way for re-engaging with players in the US ecosystem.
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