According to Bloomberg, a number of firms led by Ripple have formed a lobbyist group which will be paid in part in XRP to push for friendly crypto legislation.
This effort echoes an earlier lobbying group called The Blockchain Association, but this involves more significant crypto players and a more significant sum of investment. The group calls itself Securing America’s Internet of Value Coalition, and has reserved the services of a DC lobbying firm which it is paying $25,000 and 10,000 XRP a month.
This is notable news for anyone watching XRP, or just the market generally, especially given the SEC still hasn’t ruled whether XRP is a security or not, and therefore whether it is or isn’t under SEC authority.
In addition to Ripple, the lobbyists will represent a few other digital payment and investment companies, including Coil, Hard Yaka, PolySign.
The markets are already showing a positive response for XRP, which took second place by market cap earlier today.
This move will surely do little to assuage Ripple’s critics, who assert that Ripple and XRP’s design and management go against the decentralized spirit of cryptocurrency. With Ripple moving a lot of capital into Washington, the regulative reality of the US will move towards privileging not just Ripple specifically, but the relatively centralized, top-down model that Ripple is building itself on.