Ripple onboards former U.S treasurer amid SEC lawsuit

Ripple has appointed a former U.S treasurer to join its board of directors amid a legal battle with the SEC.
The company behind XRP has also welcomed Kristina Campbell, an adept fintech executive as its chief financial officer.

Ripple is forging ahead with operations despite the lingering danger that it could be shut down in the US. In the latest development, the company behind XRP has appointed Rosie Rios, the 43rd treasurer of the U.S under President Barack Obama to its board of directors. This comes out as a show of strength from the San Francisco-based company amid a regulatory dispute with the SEC.

The company and two of its executives face a lawsuit from the SEC in which the financial watchdog accuses them of offering unregistered securities. The case on whether XRPs are securities as the SEC has been presenting – or a currency as Ripple claims – is still in the discovery stage with the final ruling still a long way to go.

In the meantime, Ripple is onboarding new faces. Rios is a believer in financial inclusion and finds Ripple to be a project that strives to achieve this.

I’ve dedicated my career to financial inclusion and empowerment, which requires bringing new and innovative solutions to staid processes, Ripple is one of the best examples of how to use cryptocurrency in a substantive and legitimate role to facilitate payments globally.

Ripple appointees role in the court case

Rios experience in Washington could be crucial not only to the current lawsuit but future regulatory issues. The US is still working through crypto regulations making Rios’s inclusion into the project invaluable according to Ripple CEO Brad Garlinghouse.

Thrilled to add two exceptional leaders to the team. As Ripple continues to grow, @RosieRios and Kristina bring deep financial and regulatory expertise that will be invaluable. Welcome to Ripple! https://t.co/sa9VenclGA

— Brad Garlinghouse (@bgarlinghouse) May 4, 2021

Ripple has also onboarded a former fintech executive. Kristina Campbell joins Ripple as the chief financial officer. She has previously worked at financial tech companies like Green Dot and PayNearMe. Her experience in the fintech industry will help Ripple accelerate existing and potential solutions.

CEO Garlinhouse, who faces SEC charges together with co-founder Chris Larsen, commented:

We are extremely fortunate to have them on the team as we continue our rapid international growth and to champion for regulatory clarity in the U.S.

The company is still awaiting a ruling by Magistrate Judge Sarah Netburn after a recent discovery dispute court hearing. As we reported, Ripple has asked the court to stop the SEC from contacting foreign entities for information on Ripple and its foreign partners. Furthermore, it is accusing the SEC of already starting this process without informing Ripple.

XRP price update

XRP has slumped in the last 24 hours losing as much as 5%. Despite this, the digital asset is still up by nearly 10% from the last 7 days. With support above $1.20 showing strength in the last few weeks, bulls are keen on breaking the $1.95 higher resistance to reach the coveted $2 position. Above this, investors are likely to experience FOMO pushing prices to record $3 highs.

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