Ripple Hopes That The Blockchain Industry Will Move Forward With Biden

Ripple hopes that with the new US administration, the blockchain industry will move forward and will get into the mainstream. We are reading more about it in today’s ripple news.

The latest post from the San Francisco-based company covers a few topics including the blurring lines between banking and crypto as well as the expected changes in the DeFi market structure. What’s even more pressing in light of the SEC legal action against Ripple, is that statement on regulatory clarity as the report didn’t address the SEC issue right away but Ripple hopes that the new Biden administration will be more sympathetic to the cause of crypto. Joe Biden has become the 46^th President of the United States and he is in the process of selecting his new cabinet. He already confirmed the US SEC Chairman role for the Head of The Commodity futures Trading Commission will be Gary Gensler.

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

The IOHK CEO Charles Hoskinson commented that Gensler who is a professor of blockchain at MIT and it has plenty of knowledge about the industry and added that Gensler will take a hardline approach:

 “There is no indication at the moment that there is going to be a very anti-crypto SEC.”

With that said, the stage is set for Ripple to enter a new collaborative relationship with the new presidential administration. Ripple’s CEO Brad Garlinghouse congratulated Gensler and said he is open to working with the new administration to take the US Crypto industry forward. In the weeks before the SEC filing against Ripple, both Chris Larsen and Brad Galringhouse were quite vocal about the frustrations of the lack of clarity which even led to ripple into leaving overseas. However, Ripple’s team shows that they have high hopes of getting regulatory clarity:

 “Ripple’s General Counsel Stu Alderoty predicts that crypto regulation will be a top priority for a Biden team that understands its implications for public and private sector innovation. This could lead to a unified framework and a streamlined application process for fintechs seeking crypto licenses.”

How this will turn out for Ripple and the entire crypto sector is still a mystery for now. previously this week, Janet Yellen who is the Treasury Secretary nominee revealed her position on connecting crypto to illegal activity.