San Francisco-based fintech Ripple is expanding its global regulatory team and will reportedly become the first major blockchain firm with a dedicated business office in Washington, D.C. The move is designed to tackle compliance issues facing crypto innovators in the banking industry as new blockchain-based platforms that introduce revolutionary systems, concepts and protocols continue to challenge regulators.
Ripple aims to assemble a powerhouse team that can communicate with policymakers to advance the company’s products and services. Management says the team of seasoned professionals has a wealth of legislation and policy experience.
According to the announcement, Craig Phillips, former counselor to the Secretary at the US Treasury Department, is joining Ripple’s board of directors and is tasked with providing counsel to the company’s leadership team by advising on various regulatory policies.
“We have expanded our global regulatory bench to include Susan Friedman as International Policy Counsel and Ron Hammond as Manager of Government Relations. Prior to Ripple, Friedman was the Senior Advisor to CFTC Chairman Heath Tarbert in his previous capacity as Treasury’s Assistant Secretary for International Markets.”
While serving as an advisor to Tarbert, Friedman advised and collaborated with Treasury officials on issues related to financial services regulation, investment security and trade.
Hammond joins Ripple after serving as the legislative assistant to representative Warren Davidson where he worked with policymakers to update the Token Taxonomy Act, a policy that emphasizes the need for regulatory clarity in the digital asset market.
The regulatory team is led by Michelle Bond, who will serve as the firm’s global head of government relations. The former global head of policy at Blockchain.com and head of global regulatory affairs and public policy at Bloomberg, Bond was also a senior counsel at the US Securities and Exchange Commission and the US Senate Banking Committee.
Ripple’s management also reveals that the company is now a member of the Blockchain Association, the leading lobbying organization in Washington focused on bridging technology and digital currency policies. Bond will sit on the board of the association.
— Blockchain Association (@BlockchainAssn) October 22, 2019
In a new ad campaign to spark brand awareness, Ripple is tapping global markets.
Dubbed “Runs on Ripple”, the campaign got a thumbs up from Changpeng Zhao, chief executive officer of the world’s leading cryptocurrency exchange Binance.
The ad depicts rapid payments moving the US dollar, Japanese yen, Thai baht and Canadian dollar, powered by Ripple’s network and XRP.
Nice video. https://t.co/vo0meZXBP2
— CZ Binance (@cz_binance) October 22, 2019
According to Ripple,
“[Financial institutions] may send payments through Ripple’s growing network of 200+ providers to ensure instant delivery, reliably and affordably to all corners of the world.
Some of these financial institutions use the digital asset XRP on Ripple’s network to further improve services and reduce costs.”