A former official of the Federal Reserve is drawing attention to the impact Ripple and its cryptocurrency XRP are having on shaping public policy in the United States. Gregg Kidd, who previously worked as a Senior Analyst at the Federal Reserve Board for payments and was an early employee at Ripple, praised the company’s progress during his speech at the recent XRP Las Vegas 2024 conference.
Kidd discussed his transition to Ripple, highlighting that he first learned about the company while working at the Federal Reserve. He mentioned that Ripple, which was still emerging at the time, caught his interest due to its potential. Kidd expressed his gratitude to Ripple’s original architects, Arthur Britto and David Schwartz, for educating him on the future of the industry. This led him to shift from the world of history at the Federal Reserve to the new universe that XRP and Ripple brought.
Additionally, Kidd emphasized Ripple’s role in shaping public policy. After joining Ripple as Chief Risk Officer in 2013, he had discussions with Chris Larsen, Ripple’s Executive Chairman, about risk management and compliance. However, at that time, Ripple did not have any compliance issues. Since then, Ripple has been involved in a legal battle with the U.S. Securities and Exchange Commission (SEC) for over three years. The SEC’s lawsuit against Ripple was one of the first enforcement actions against a cryptocurrency firm. Despite the ongoing legal dispute, Ripple has continued to fight the SEC.
Notably, a U.S. court declared XRP as a non-security, which could be cited by other crypto companies, such as Coinbase and BinanceUS, to dismiss the SEC’s securities allegations. Kidd expressed pride in Ripple’s role in shaping public policy in the U.S., particularly in the crypto industry. Many experts in the field have recognized Ripple as a leading force in addressing regulatory uncertainty in the United States.
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