Ripple Adds Ex-BoA and Blockchain Exec as Head of Regulatory Affairs, MoneyGram Upset With XRP’s Pace?
Ripple onboards Benjamin Melnicki, former Bank of America Executive, to serve as the firm’s Head of Regulatory Affairs reports U Today. Melnicki will be tasked with communicating with the U.S. Securities and Exchange Committee on the firm’s behalf.
Excited to join @Ripple as Americas Head of Regulatory Affairs! Look forward to working with policy makers and regulators to make an impact on the industry.
— Ben Melnicki (@benmelnicki) October 28, 2019
The decision to go with Melnicki appears to rest solely in his past experiences, as he has previously served with the Global Regulatory Council at Blockchain crypto wallet provider, was the Chief Compliance Officer for Noble Bank International and held a number of other positions that required him to deal with regulatory concerns.
Melnicki has since expressed excitement in joining the Ripple team, adding that he is looking forward to “working with policy makers and regulators to make an impact on the industry.”
In addition to the welcoming of Melnicki comes an interesting surprise from MoneyGram. According to the claims made, the CEO of Ripple, Brad Garlinghouse received a call from the Head of MoneyGram, where the CEO, Alex Holmes expressed that they were displeased with the pace at which Ripple was growing. Furthermore, Ripple was questioned as to whether they were planning to launch “On-Demand Liquidity” across more markets.
The push coming from MoneyGram doesn’t come of surprise, considering the fact that the duo has since partnered in an effort to promote cross-border payment and foreign exchange settlement using digital assets. As previously shared by the Ripple team, their role in the partnership is to focus on their solution for on-demand liquidity, i.e. xRapid.
Holmes was previously referenced stating that this partnership will help them,
“instantly settle funds from US dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management.”