San Francisco-based cryptocurrency startup Ripple has recently made an announcement about opening a new office in Washington, DC, to educate lawmakers on the disruptive impact of crypto and Blockchain.
Notably, Ripple has become the very first crypto company to set up a dedicated global regulatory team in the capital of the United States.
Stepping foot on Capitol Hill
Ripple CEO Brad Garlinghouse told Forbes that stepping on the DC turf will allow them to maintain a dialogue with policymakers to "figure out" how to regulate the crypto industry.
"We’re focused on maintaining a dialogue with Washington regulators and policymakers and being a resource to the Hill allows us to be easily accessible at all times.”
Back in July, Garlinghouse wrote an open letter to the US Congress, urging lawmakers not to paint all cryptocurrencies with one broad brush.
Apart from securing its physical presence on Capitol Hill, Ripple also added Craig Phillips, a deputy to US Treasury Secretary Steven Mnuchin, to the company's board of directors. Phillips's role will be instrumental in ensuring Ripple's global expansion while dealing with regulatory minefields.
"In his new capacity as a Ripple Board of Directors member, Craig Phillips will provide counsel to Ripple’s leadership team and advise on strategic regulatory opportunities as Ripple expands its global network."
Ripple's regulatory push doesn't stop there -- it also joined the Blockchain Association, the purpose of which is to advance the development of digital asset technologies by achieving regulatory clarity.
Securing US dominance in crypto
Although the US remains the biggest crypto market, its lawmakers have been stonewalling any notable regulatory progress with countries in the likes of Switzerland getting ahead in the crypto race.
Garlinghouse predicted that the US could cede ground to China, which, despite banning Bitcoin, is preparing to launch its own central bank digital currency.