Amid the ongoing legal tussle between the U.S. Securities and Exchange Commission and Ripple Labs, the latter has roped in US White House staff member, Lauren Belive, to be its new head of policy and government.
The move comes after Ripple executives launched a scathing attack on President Joe Biden-led US government for its crackdown on the crypto industry.
On September 26, Lauren Belive announced in a LinkedIn post that she has been appointed as the head of US public policy and government at Ripple. Belive is reportedly bullish on Ripple’s future prospects, and claims Ripple is a trail-blazer when it comes to “revolutionizing the cross-border payments sector.”
In her current role as Ripple’s head of policy and government, Belive will be responsible for active engagement with the US government, and ensuring effective communication of Ripple’s perspective within the regulatory landscape.
“With regulatory landscapes evolving, it’s paramount that we advocate for policies that not only support the crypto industry but also the countless individuals and businesses that could benefit from these advancements.”
Lauren Belive, former White House official
The development comes just weeks after Chris Larsen, co-founder and chair of Ripple Labs, slammed Biden and the SEC for their stance against crypto. In an interview, Larsen said that the stringent and unnecessary rules introduced by Biden are hampering blockchain innovation within the US.
Notably, the US Treasury Department, in August, had proposed new rules regarding crypto tax reporting for brokers. As per the new rules, crypto assets will be held to the same standards as traditional assets. Furthermore, the US government seeks to levy a 30% tax on crypto mining activities.
It’s worth recalling that, back in July, Ripple scored a partial win in its legal battle against the SEC, with US District Judge Analisa Torres ruling that Ripple’s XRP token was not a security when sold to the broader public on exchanges. The landmark ruling meant the company’s sale of its crypto token to retail investors did not constitute a securities law violation.
However, Ripple is not completely out of the hot waters yet. According to media reports, Wall Street’s top cop has urged the court to grant it permission to appeal the Ripple ruling.
In a court filing earlier this month, the SEC questioned the court’s application of law—especially the Howey Test. It pointed out that another judge in the same court disagreed with Torres’s verdict in a separate case, also brought forth by the regulator.
In his ruling in the SEC’s case against Terraform Labs Pte and its co-founder, Do Kwon, US District Judge Jed Rakoff observed that the company’s Terra USD token could potentially be classified as security when sold to retail investors.
The SEC has sought the intervention of an appeals court in the matter and will be required to present its case before the Second Circuit of Appeals if Judge Torres approves the regulator’s motion.
