Ripple forms coalition with Fintech firms for regulation: Lobbyists to be paid in XRP

A recent report by Business Standard, a group of financial institutions has come together to lobby lawmakers and regulators. The Fintech giant Ripple, alongside several other startups, is also a part of the group.

The coalition is called “Securing America’s Internet of Value Coalition”.  The group’s mission is to appreciate emerging technologies in the world of financial services, where systems capable of recording digital transactions are interconnected. These systems will enable cross-border payments in real time without the need for a middleman.

The coalition will be seeking services from the Klein/Johnson Group, a highly influential bipartisan lobby group in Washington D.C. The group intends to pay the Washington lawyers partly in digital currencies. The decision to give a lobbying push to the government comes in the wake of the Securities and Exchange Commission [SEC] trying to understand the kind of regulation that should be put in place for virtual currencies and blockchain technology.

Regulators have been concerned about the price manipulation in the cryptocurrency markets. Along with this, the regulatory body has been concerned about fraudulent public offerings and criminal activities associated with virtual currencies.

Izzy Klein, Co-Founder of the Klein/Johnson Group, said that the coalition group plans to make a forceful argument or statement with the regulatory bodies that have a hold on making decisions related to cryptocurrencies. Furthermore, the Fintech firms are looking at a decision from the government that encourages innovation and one that does not curb competition in a fast-paced global market.

The Klein/Johnson Group will be receiving around $25,000 in cash and 10,000 XRP every month from the coalition. The XRP price will be converted to U.S Dollars when the firm officially discloses that payments on the federal lobbying form, Klein stated.

Chris Larsen, the Executive Chairman of Ripple said:

“We understand this is really complicated, and there is a lot of misinformation out there. The good news is there is a lot of interest in this topic in D.C.”

He further added:

“It gives them some upside and gives them some risk. Hopefully, it gives them a taste of the industry in a way that hits home.”

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