Ripple's President Monica Long expressed hope during the Money20/20 fintech conference in Amsterdam that the crypto industry's lobbying efforts, including Ripple's substantial support for the Fairshake super PAC, would yield positive outcomes in the upcoming U.S. elections.
The focus of this bipartisan PAC is clear: to advocate for candidates who support regulations favorable to the crypto sector. Long emphasized the frustration within the industry over the slow pace of regulatory clarity in the U.S., noting the counterproductive nature of rule-setting through enforcement actions.
Long's optimism stems from the belief that the industry's collective voice will eventually be heard by U.S. lawmakers. This optimism is crucial as the crypto sector faces increased scrutiny from regulators and politicians, particularly following notable bankruptcies and legal challenges. Ripple itself has been embroiled in legal battles with the SEC over alleged securities law violations, adding to the urgency of regulatory clarity.
Despite the significant financial backing from crypto firms and venture capitalists, there are challenges ahead. Public opinion, as reflected in surveys, indicates a level of skepticism and negativity towards cryptocurrencies among U.S. voters, which may complicate lobbying efforts. Additionally, recent actions by the Biden administration, such as vetoing resolutions aimed at restricting the SEC's oversight of crypto assets, highlight ongoing regulatory tensions.
Long's remarks underscore the desire within the crypto industry for a more collaborative and constructive approach from regulators, moving away from what some perceive as an adversarial relationship. As the industry navigates these challenges, there is a collective hope for a shift in the SEC's approach towards crypto, from what has been described as a "war path" to a more balanced and inclusive regulatory framework.