Ripple Co-founder Sells 28M XRP, Company Awaits Biden’s Administration

According to reports, Stu Alderoty, general counsel for Ripple has said that Biden’s administration will be the next big thing for the cryptocurrency. A post on the company’s website which included comments from key executives revealed that Ripple is predicting a “renewed focus on crypto regulation and enforcement” from the incoming Biden administration. 

The post also criticized the lack of a clear regulatory framework in the crypto space in the United States which has slowed the development of fintech and blockchain projects.“Other countries like the UK, Switzerland, Singapore and Japan are miles ahead,” it read. 

The latter stages of last year as well as the early part of this year hasn’t been great for XRP and Ripple. The lawsuit from the SEC has thrown the cryptocurrency and its community into a pool of uncertainty as investors and major players associated with the company await the next course of action. 

Leonidas Hadjiloizou, a crypt analyst reported on January 19 that Jed McCaleb, co-founder of Ripple had again sold a large portion of his 9.5 billion XRP he received before leaving the company in 2014. McCaleb reportedly sold almost 28.6 million XRP worth roughly $8.4 million at press time. This latest sell off comes after almost a month of no development in Ripple’s legal battle with the SEC. 

Brad Garlinghouse, CEO of Ripple, together with co-founder Chris Larsen who has criticized SEC’s policy of “regulation through enforcement” even before the lawsuit against their company, now believes a wind of positivity is headed towards the camp of Ripple. 

Garlinghouse’s optimism towards the incoming Biden’s Administration was put on display on January 19 as he heaped praises unto Gary Gensler, Biden’s nominee for SEC chair, describing him individual more likely to be friendly to Ripple, and not just Ripple but the cryptocurrency and blockchain industry as a whole.

Stu Alderoty’s sense of buoyancy was also highlighted in the post as he revealed that he believes Biden’s administration would make crypto regulation one of their top most priority over the next four years because cryptocurrency is now a major name in the world of finance and the United States. 

He added that the Biden Administration understands its implications for public and private sector innovation. “Intelligent, well thought-out regulations communicated effectively and uniformly applied can help level the playing field and unleash innovation and further mainstream adoption here in the US,” he stated. 

Michael Zochowski, Ripple’s Hess of DeFi also stated that, this year is going to be a big one for DeFi projects and it will gain more traction as it matures. He expressed doubts about some DeFi projects, describing them as “early” projects that will fizzle out in no time. Zochowski however remains positive that simpler applications like that of Ripple’s DeFi projects would continue to gain momentum with users as they replicate financial services like “wrapped assets or decentralized exchanges.

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