According to data provided by the Senate Office of Public Records and released by the Center for Responsive Politics, Ripple lobbied the Executive Office of President Trump. Documents show that the blockchain and cryptocurrency company spent $170,000 to lobby the government. This took place in the first three quarters of 2019.
Ripple Lobbied the U.S. Government
Ripple has been working in order to expand its services during the last few years and offer better services to users all around the world. The main goal is to help companies process transactions, reduce costs and improve their services.
The Center for Responsive Politics informed that Ripple spent $170,000 on lobbying last year. Although this seems to be a large amount for a cryptocurrency company lobbying, this is a reduction of 62.22% compared to the same period of 2018. Thus, Ripple was not only growing around the world but it was also lobbying the American government.
Back in October 2019, the company informed that it opened a new office in Washington D.C. in order to deal with regulatory and compliance issues in the banking sector. These two events seem to be closely related. In the future, Ripple could continue to lobby and increase its presence in the financial market, not only in the U.S. but also in other regions.
Furthermore, Ripple partnered with a large number of companies from different countries in order to help them process faster and cheaper payments. This includes the remittance firm MoneyGram that is working with the XRP digital asset to improve their solutions in some payment corridors.
The XRP virtual currency can be used to process cross border transfers between two fiat currencies. The company purchases some XRP with local currency, makes the almost-instant transaction, and sells the XRP funds in the other country for the local currency. This is very useful for payment corridors that are very illiquid.
Moreover, Ripple has already partnered with over 300 companies that are currently being connected to Ripple’s payment network called RippleNet. This is also allowing these companies to improve their solutions and eventually offer better products to their clients.
At the time of writing this article, XRP is the third-largest cryptocurrency with a valuation of $10 billion and a price per coin of $0.228. In addition to it, the digital currency experienced a pronounced price increase in the last days, that allowed it to move far from the $0.2 region.