Ripple management, which closed the year 2020 with a lawsuit filed by the US Securities and Exchange Commission under Donald Trump, hopes that the new year and the new administration will bring more beneficial changes to the regulations for the company.
Ripple thinks that the Biden administration, which will take over the seat today, will “bring a new perspective to regulation and sanctions” in the crypto space, according to the post posted on the company’s website.
“The lack of clear legal framework in the US over the past four years has left fintech and blockchain players in an uncertain position. Countries such as the UK, Switzerland, Singapore and Japan are far ahead of us,” the post noted.
Ripple General Counsel Stu Alderoty said he believes the Biden administration will make crypto regulations a priority for the next four years.
“Cleverly thought-out, effectively interconnected, and properly enforced regulations can support innovation and mainstream diffusion in the United States.”
Garlinghouse from made similar statements and announced that it was positive that Biden appointed Gary Gensler as SEC chief. Gensler can be more friendly to Ripple individually and to the crypto and blockchain industry as a whole:
Congrats to Gary Gensler! We’re ready to work with SEC leadership and the broader Biden administration to chart a path forward for blockchain and crypto innovation in the US. https://t.co/EEloq4lwrG
— Brad Garlinghouse (@bgarlinghouse) January 18, 2021
Ripple is grappling with the US Securities and Exchange Commission’s lawsuit filed last December for violation of securities laws. The preliminary hearing of the case is scheduled for February 22nd.
XRP, which has lost 3 percent in the last 24 hours, is trading at $ 0.30 as of the time of translation broadcast.