Ron Hammond took to Twitter on September 3 to confirm that Ripple had hired him. He unveiled that he would become the company’s manager of government relations. Hammond is reportedly part of the team that crafted the Token Taxonomy Act.
The Token Taxonomy Act sought to exclude crypto coins from classification as securities. Also, it aimed to introduce regulatory certainty for businesses and watchdogs in the US blockchain space.
In his tweet, Hammond noted,
Excited to announce that as of today, I am the new Manager of Government Relations for @Ripple! Thrilled to bring all of my legislative experience, including crafting the Token Taxonomy Act, to the team. Special thanks to @michellebond111 and @s_alderoty for this opportunity!
— Ron Hammond (@RonwHammond) September 3, 2019
Writing about Hammond’s hire, the XRP Daily said,
Ripple works with more than 50 governments around the world and now somebody from the U.S. Government is managing the government relations at Ripple, which is awesome. Glad to see Ron Hammond join the team and help build the internet of value.
XRP Community Threatens to Fork the Coin
Prior to this, the XRP community threatened to conduct a hard fork if Ripple continued dumping XRP. According to a report, Ripple had sold large volumes of XRP to other firms to fund its investments.
As a result, one community member took to Twitter to suggest a takeover.
I’m thinking about forking $XRP so we don’t have to deal with the founders dumping. — This will be a community effort. Retweet if you’re in.
The agitated member added,
Brad Garlinghouse, Joel Katz, you now have 60 days to stop dumping XRP or we will stage a community takeover. If it’s a decentralized network like you say, we have the power to do it.
In an attempt to diffuse this situation, Ripple’s CEO Brad Garlinghouse explained that,
XRP sales are about helping expand XRP‘s utility – building RippleNet & supporting other biz building w/XRP ie Dharma & Forte. Reality is we DECREASED our sales by volume Q/Q and since then the inflation rate of XRP circulating supply has been lower than that of BTC and ETH.
— Brad Garlinghouse (@bgarlinghouse) August 27, 2019
This news comes after PNC, the eighth-largest bank in the US unveiled that it had integrated RippleNet. Is so doing, the bank became the first in the country to adopt this cross-border payment system. Reportedly, this integration would let the bank’s commercial clients receive payments from overseas buyers against their invoices.
According to PNC, this move would revolutionize how its clients manage their global account receivables. Furthermore, it would offer clients a unique opportunity to manage their working capital efficiently.
Do you think hiring Ron Hammond will help XRP get regulatory approval in the US? Let us know in the comments below.