Since Rosie brings a massive experience with understanding the legalities of currency and financial ecosystem,it will immensely help Ripple in its legal battle with the SEC over the alleged status of XRP as securities.
In a major development on Tuesday, May 4, San Francisco-based blockchain startup Ripple announced that the 43rd treasurer of the US shall be joining its board. Rios served under the Obama administration between 2009 to 2016.
Interestingly, the decision comes just at a time when Ripple has been fighting the legal battle with the SEC. Of course, Rios’s expertise in administrative affairs will play a crucial role here. Rios holds an extensive 30-year career and experience in public policy investment management.
Former US Treasurer at Ripple
As the former US Treasurer, Rios also oversaw all currency and coin production activities. In a statement upon joining the Ripple board, Rios said:
“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. Blockchain and crypto will underpin our future global financial systems. Cryptocurrency is the what. Ripple is the how.”
Over the years, Ripple has introduced several instant cross-border payment solutions. Its RippleNet platform has some of the biggest global institutions on board. Also, the company uses cryptocurrency XRP as a “bridge currency” for instant settlements worldwide.
Rios’s appointment for Ripple comes at a crucial juncture when Ripple has been facing legal charges from the US SEC on allegedly selling its XRP as security tokens. While Ripple claims no wrongdoing, it is for the courts to decide on the matter.
Ripple’s New Chief Financial Officer
Along with Rios, Ripple has also appointed Kristina Campbell as the company’s new Chief Financial Officer. Campbell will handle Ripple’s financial and growth strategies. Campbell has previously served as the CFO of PayNearMe. Previously, she was also leading a $2.5 public fintech company GreenDot. Welcoming these two executives, Ripple CEO Brad Garlinghouse said:
“These two exceptional leaders join Ripple at a pivotal time for the company. Rosie’s experience in the public and private sectors provides an invaluable perspective to Ripple, especially during this time as the industry works to define crypto’s future. As well, adding Kristina’s extensive knowledge and success building teams and processes at rapidly accelerating businesses was a no-brainer. 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 US.”
Despite facing a legal battle in the US, Ripple continues to expand its global market presence. The demand for its cross-border payments network remains strong. Moreover, Ripple’s XRP cryptocurrency is making much noise in the market.
Over the last 40 days, XRP has gained 2.5x or 150% and is currently trading around $1.5 and a market cap of $64.5 billion making it the fifth-largest cryptocurrency in the world.