Ripple Will Pay XRP To The SAIV Lobbyist Advocacy Group As Legal Battles Continue
Ripple is launching a lobbying group in Washington, D.C. The group, called Securing America’s Internet of Value Coalition (SAIV), the group includes the RippleWorks Foundation, Coli, Hard Yaka, and PolySign.
Each of the participants are connected to Ripple. Coli, a company developing a digital payments solution, was formed by a former Ripple CTO. As for Hard Yaka, an investment firm focused on digital assets, it has been working to develop a prepaid card that allows users to spend user balances in real time.
The lobbying group is looking to influencing crypto regulation in an environment where,
“policymakers in Congress and government agencies examines the new technology and wrestle with regulatory regimes that must be updated to meet the needs of this global financial transition,”
according to SAIV’s press release.
SAIV continued, that it aims to promote “a vision of a fair and equitable Internet of Value” standard that is consistent with the rules for all major protocols, clarification of custodian rules, and “fair and equitable IRS regulations for capital gains, assets, and charitable contributions.”
The group has hired Klien/Johnson Group, a bipartisan lobbying group that focuses on issues related to technology and financial services and that boasts Oracle as one of its clients.
Ripple’s executive chairman noted,
“It gives them some upside and it gives them some risk. Hopefully it gives them a taste of the industry in a way that hits home.”
SAIV further added that it will work with government agencies and policymakers “who can help us realize these initiatives.”