That would mean that the Biden Administration’s Comptroller of the Currency would have an affiliation with Ripple, a company being sued by the U.S. Securities and Exchange Commission for illegally selling an unregistered security—XRP—for a period of more than seven years.
Malaysian mobile finance firm Mobile Money will connect with Bangladesh’s largest mobile financial services provider bKash—and its 45 million customers—via the RippleNet system. The partnership comes at a good time for Ripple, which is struggling with a lawsuit by the U.S. Securities and Exchange Commission.
“In response to the SEC’s action, certain significant market participants have announced measures, including the delisting of XRP from major digital asset trading platforms,” Grayscale said. As a result, the firm came to the “conclusion that it is likely to be increasingly difficult for U.S. investors, including the Trust, to convert XRP into U.S. dollars, and therefore continue the Trust’s operations.”
If appointed, his tenure at the SEC would likely be considerably different than Jay Clayton’s, whose legacy has been tainted by a considerable lack of regulatory certainty surrounding digital assets—much to the exasperation of the cryptocurrency innovators and investors, as well as some regulators like SEC Commissioner Hester “Crypto Mom” Peirce.
