On September 3, Ron Hammond announced on Twitter that he is the new manager of government relations for the Ripple cryptocurrency firm. He wanted to let the XRP community know about this new development. He starts his position at Ripple immediately.
According to industry news, Hammond was an original part of the team that came up with the Token Taxonomy Act. This was a bill that would keep cryptocurrencies out of the government's classification for securities as it relates to trading and regulations. The act would also set up a beginning for regulatory stability for all of the businesses in the United States that make use of blockchain for payments and that trade in digital coins.
In the news briefing, the journalists reported that Ripple works with more than 50 national governments from six continents around the world. They are excited that the United States federal government has a former worker who is now handling government relations at their firm. They feel that Hammond's experience in the federal government of the United States will help them navigate through the regulatory processes. They think his presence will help Ripple build a valuable cryptocurrency service.
If executives keep dumping XRP, the community has threatened a takeover of Ripple. This information was shared to the community on August 28. The Chief Executive Officer of Ripple, Brad Garlinghouse, stated that he feels a need to diffuse the animosity and dispel the rumors. He stated that the XRP sales are conducted in order to expand its utility. They are also meant to enhance the building of Ripple Net.
Another goal of the XRP sales is to support other building of businesses within the cryptocurrency industry. Some examples of this include Dharma and Forte. Garlinghouse went on to state that over the past few months, Ripple has decreased their sales volume by an unspecified amount. Since they started to do this, the inflation rate of the amount of XRP in circulation has been lower than the inflation of Bitcoin (BTC) and Ethereum (ETH). The CEO's defensive position was also reiterated by Hammond in his news statement.