Ripple Pins Hopes on Biden Administration as CoFounder Sells 28.6M XRP

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After ending 2020 facing a lawsuit from the U.S. Securities and Exchange Commission under Donald Trumps administration, Ripples leadership is looking to the new year and a new U.S. President to bring a change in regulations more favorable to the firm. According to a post on the Ripple website featuring comments from key executives, the firm is predicting the incoming Biden administration will most likely bring a renewed focus on regulation and enforcement in the crypto space.

Both Ripple CEO Brad Garlinghouse and cofounder Chris Larsen have been vocal about their criticism of the SECs policy of regulation through enforcement prior to the lawsuit. Stu Alderoty, general counsel for the firm, was quoted in the piece as saying he believes the Biden administration would make crypto regulation a top priority over the next four years because it understands its implications for public and private sector innovation.

Intelligent, well thoughtout regulations communicated effectively and uniformly applied can help level the playing field and unleash innovation and further mainstream adoption here in the U.S. The news comes as Jed McCaleb resumed his extraordinary sell off of portions of the 9.5 billion XRP he received as a cofounder of Ripple before leaving the firm in 2014. Crypto analyst Leonidas Hadjiloizou reported that yesterday McCaleb sold 28.6 million XRP roughly 8.5 million at the time of publication following 25 days of no apparent activity after news broke of the…

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