Ripple and Coinbase lead the big fight as US crypto firms advocate for regulatory overhaul

Ripple Labs, the company behind the XRP token, is standing shoulder-to-shoulder with US-based cryptocurrency exchange Coinbase as crypto firms in the US push for a regulatory overhaul in the country. It comes amid growing concerns that stringent and unclear regulatory structures in the US continue to drive business away from the country.

Also Read: Coinbase finds acceptance in Spain; continues to struggle in the US at the hands of the SEC

Ripple brings in former White House staff for public policy and government role

In a recent post on LinkedIn, former US White House staff Lauren Belive, who served during the Barack Obama administration, announced that she is coming in as Ripple’s new Head of Public Policy and Government.

Belive has over ten years’ experience as a policy director, head of federal government relations, head of US Government relations, and director of government affairs working with different organizations, according to her LinkedIn profile.

Based on the post, Belive will spearhead Ripple’s engagement with the changing regulatory landscape in Washington and countrywide.

Coinbase meeting on September 27

On Ripple’s flank, Coinbase exchange has a meeting scheduled for September 27 in Washington DC, at which innovators, entrepreneurs, and developers are expected to attend and engage with legislators and government officials.

The theme of the meeting is “A Call To Action: Mobilizing 52 Million Crypto Owners Into An Army of One Million Advocates For Change,” with an excerpt from the announcement stating:

…we’re launching an effort to mobilize 52 million crypto owners – younger and more diverse than the US population as a whole – into a powerful force heading into the 2024 elections with an intense focus on nine key states. If you care about crypto, take one minute to call your congressperson.

The organizers of the event intend to challenge how “the system unfairly favors powerful interests,” stating that the status quo is reliant on an enforcement only approach to sustain a financial system that most people want changed. Coinbase is therefore advocating for a space that is more open, more participatory, and more democratic.

Advocating for clearer and more sensible regulation, Coinbase challenges that the current “enforcement-only approach puts jobs, innovation, and global leadership at risk.” Regions like Hong Kong are actively advancing with responsible crypto-friendly regulatory frameworks as part of their goal to strategically position themselves as “crypto hubs” and possibly attract new innovative companies, jobs and revenue.

Meanwhile, the US regulatory system is showing signs of pulling in the opposite direction. This has driven Coinbase to leverage its platform to to mobilize crypto owners into single-issue crypto advocates.