A former U.S. Treasury official has joined the board of directors of the Ripple company, which is the latest company to be sued by the Securities and Exchange Commission for selling unregistered securities. The SEC said it had filed a complaint in federal court in San Francisco on Thursday against Ripple Labs Inc, XRP II and XRP Capital, alleging that the firms had engaged in a scheme to sell as much as $100 million in unregistered securities. (reuters.com)
Current SEC investigation into XRP could make or break the cryptocurrency. To make matters more interesting, a past U.S. Treasury Secretary, Tim Geithner, has just joined Ripple’s board of directors. This has been seen by some as a way to get the SEC off the company’s back. What do you think about this news and the XRP cryptocurrency?
Ripple has invited Rosa Gumataotao Rios to join its board of directors. Rios was U.S. Treasurer under the Obama administration, and CEO of the Bureau of Engraving and Printing and the U.S. Mint, including Fort Knox.
An advocate for social change and women’s rights, her appointment provides insight into how Ripple seeks to balance the public and private sectors. In addition, the company has been seeking regulatory clarity in its ongoing litigation with the U.S. Securities and Exchange Commission (SEC).
Today we are proud to announce @RosieRios as a new member of Ripple’s Board of Directors and Christina Campbell as CFO. https://t.co/Gny7JzqEgM.
– Ripple (@Ripple) May 4, 2021
Ripple regains momentum in its quest for regulatory clarity
Ripple announced the appointment of Rios, the company’s 43rd president. U.S. Treasurer, to the Board of Directors. It has also hired Christina Campbell, who previously worked at fintech companies Green Dot and PayNearMe, as CFO.
In her statement on the appointment, Rios said the role is part of her commitment to financial inclusion. She also said that Ripple is a good example of how cryptocurrencies can be used legally for global payments.
I have dedicated my career to financial inclusion and empowerment, which requires new and innovative solutions to established processes.
Brad Garlinghouse, CEO of Ripple, said Rios and Campbell came at a critical time for the company. However, he says the company is happy to have him on board as it continues to expand internationally and fight for regulatory clarity.
Rosie’s experience in both the public and private sectors gives Ripple an invaluable perspective, especially as the industry struggles to define the future of cryptocurrencies. Additionally, the addition of Christina’s extensive knowledge and success in building teams and processes within fast-paced organizations was a no-brainer.
SEC refuses to cede land
Ripple is currently in a battle with the US Securities and Exchange Commission (SEC), which accuses it of offering unregistered securities when selling its XRP token. The company denies these allegations, saying that XRP is a currency and not a securities offering.
After much litigation in the past six months or so, the latest events show that the SEC won a partial victory when Judge Netburn sided with the U.S. agency in not authorizing the disclosure of internal documents. Nevertheless, Netburn approved the SEC’s documents for the third-party connection.
Ripple’s defense team is trying to clarify how the SEC determined the non-valuable status of Bitcoin and Ethereum based on the documents in its possession.
Another blow to Ripple was the SEC’s opposition to the XRP holders’ motion to intervene. 16,000 XRP investors, led by attorney John E. Deaton, filed a motion to have their views heard in the lawsuit.
Although the request was granted, the SEC formally objected to the move in a letter earlier this week.
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