The cryptocurrency market and the mainstream financial market has tried to work in tandem several times with popular tokens being integrated or adopted by mainstream companies. Ripple and its native token XRP has been one such pair that has been on a jet setting journey across the planet and partnering with companies from several nooks and crannies of the world. This rapid expansion has an underlying concept: to make crypto safe and regulated for all customers regardless of region or legislation.
In a fireside chat titled “The Evolution and the Future of the Token Taxonomy Act” between Ron Hammond from Ripple and Congressman Warren Davidson at the SFBW, the two members talked about several of these topics. The Ripple official told about how there is an inside/outside perspective to dealing with the crypto world while the Congressman touched upon the different levels of legislation that a crypto bill has to be passed before it can become a reality.
According to Warren Davidson, there were officials like Brad Sherman who was on the side of the digital assets, but at the end of the day, it has to pass along to the senate, which will then be review by Steve Mnuchin and then finally to Donald Trump. Hammond added onto the Congressman’s statement by saying:
“A piece of legislation definitely takes a lot of moving parts and my role will be to schedule those meetings with powerful people that can take proceedings forward. This includes reaching agreements between both the Republican party and the Democratic party, the two cogs of the United States government.”
Ron Hammond further added that any decision needs bipartisan support, and that is what companies mostly expect from the US Senate too. He informed the listeners at the conference that he had met with people from both the rosters, which allowed for decisions to be shaped and narratives to be heard for legislations to occur. The Ripple official continued:
“Engaging with the parties brings about several ways and fashions by which legislations can be constructed. The best example of an outside group that works towards legislations is the Blockchain Association. The organization was able to get Circle CEO Jeremy Allaire as a witness and that in itself was a big step. Such kinds of collaborations are paramount in advancing legislations.”
On July 30th, Jeremy Allaire had testified before the Senate Banking Committee on behalf of the Blockchain Association. Allaire also discussed the need for clear regulations in the crypto industry as well as the potential benefits and different types of blockchain technology.
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