Ripple Labs, the parent firm behind the third most valued cryptocurrency Ripple announced several major changes earlier this week. The most notable among the updates released by the firm is regarding the expansion of its regulatory team. The US-based tech team in its bid to expand its global regulatory team has hired two new executives, opened a dedicated office in Washington D.C. and also joined the Blockchain Association.
The newly expanded global regulatory team will be lead by Ms. Michelle Bond a veteran with vast knowledge and experience in handling both blockchain tech and global regulatory affairs. The incoming head of the regulatory team is a heavyweight in the regulatory industry with an impressive resume given his past roles as Global Head of Policy at Blockchain, Head of Global Regulatory Affairs and Public Policy at Bloomberg, Senior Counsel at both US Securities and Exchange Commission and the U.S. Senate Banking Committee.
Another major addition to the firm’s leadership and management role includes the appointment of Mr. Craig Phillip to the firm’s board of directors. In his role as director, Craig is responsible for providing counsel to the leadership team and advice on strategic regulatory opportunities as Ripple expands its global network. Craig is another heavyweight addition to the firm’s senior-level executives given the knowledge he has gained during his 34-year long career in which he has served as a senior-level executive at several tier 1 banking service providers and industry-leading asset management firm.
Prior to taking up his new role at the US-based crypto tech firm, he served as a Counsellor to Secretary of US Treasury Mr. Steven Mnuchin for nearly two and a half years. In his role as Counsellor to the secretary – he leads the team which handled the regulatory framework developed for the financial systems under executive order 13772. Some of his other notable roles include – Managing Director at Blackrock, Morgan Stanley and Credit Suisse.
Speaking about Craig’s appointment to the firm’s board of directors, Brad Garlinghouse, CEO of Ripple said, “Craig’s appointment to the board further affirms our commitment to working with policymakers – bringing experience developing regulatory frameworks, enhancing cybersecurity and overseeing innovation and risk management in the financial system. This is an exciting time for Ripple as the blockchain industry at-large faces increased attention from regulatory bodies around the world, and we couldn’t be more thrilled with Craig’s decision to help further our vision”.
Commenting on his new role, the incoming director stated, “I am pleased to join the Ripple board at this critical juncture in the company’s history as it uses blockchain technology to improve the speed, reliability and costs of cross-border payments between financial institutions. Participating alongside the distinguished group of current directors, senior advisors and the Ripple management team is a unique opportunity that allows me to leverage my interest in this important technology and innovation”.
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