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Can Craig Phillips Help Ripple with XRP's Regulatory Status?
Will Ripple's New Board Member Be an Ace Up Their Sleeve?
The greatest concern many cryptocurrency projects face is unclear U.S. regulation. Should a cryptocurrency be labelled as a security by the U.S. Security & Exchange Commission (the SEC) it could have disastrous results. This could lead to fines by U.S. authorities, a potential ban on trading within U.S. territories and/or worse.
So far only Bitcoin & Ethereum have been referred to as non-securities by the SEC. Amid unclear regulations many cryptocurrency projects and exchanges are taking measures to self-regulate. By self-regulating and collaborating with U.S. authorities' projects hope to curry favor with regulators.
It seems that Ripple is the latest company to make an effort to influence regulators.
Introducing Craig Phillips Ripple's New Board Member
In a recent blog post, Ripple have unveiled a few major updates that might swing regulators in Ripple's favor. The first, a dedicated office in the Capitol, Washington D.C. & the second, two members, the third a notice that they have joined the blockchain association.
The Washington D.C. dedicated Ripple office was launched to build closer ties with U.S. lawmakers. It will likely be used to attempt to educate government officials on blockchain, XRP, and cryptocurrencies. It is likely located in or close to Capitol Hill.
Ripple has also added three new team members with D.C. experience. Both Susan Friedman and Ron Hammond have joined the global regulatory bench. Friedman served as Senior Advisor to the CFTC Chairman's previous role as Treasury Assistant Secretary. Hammond has served as a Legislative Assistant.
The third addition to the team is Craig Phillips who has joined Ripple's Board of Executives. Phillips is a seasoned D.C. veteran and former Counselor to the Secretary at the U.S. Treasury Department.
Ripple also became a member of the Blockchain Association, a coalition of companies including Coinbase and Circle.
Why Craig Phillips Matters to Ripple
By on-boarding Craig Phillips as a Board Member, Ripple might be able to avoid difficult regulatory issues. The new team members as well as a D.C. office will likely be used to lobby different U.S. politicians and regulators.
By combining these efforts, Ripple hopes to achieve "non-security" status for XRP along with Bitcoin & Ethereum.