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BitLicense Creator Ben Lawsky is now a Ripple Board Member

Ripple has proven to be one of the more impressive companies throughout 2017. Their focus on digital assets and cross-border payments using blockchain has been well documented. Moreover, a lot of financial institutions have paid attention to this project this year as well. It now seems the company’s board has a new member in the form of Ben Lawsky. That is quite remarkable, as he is the person responsible for developing the BitLicense regulation.

The name Ben Lawsky doesn’t sit too well with most Bitcoin enthusiasts. He is one of the people responsible for BitLicense. That regulatory framework has proven to be a major pain in the rear for businesses. More specifically, it forced a lot of companies to exit the New York area altogether. Although these companies successfully survived, it is a major problem to overcome. Thankfully, not too many other states have adopted BitLicense in recent years. It still sets a dangerous precedent for cryptocurrency regulation, to say the least.

Ripple Welcomes Ben Lawsky

Now that Ben Lawsky is a member of Ripple’s Board, things will get very interesting. The goal is to let the company advance its payment platform and the native XRP asset. Making the global financial ecosystem more efficient is always a top priority for this company. Doing so requires having the right people in the right place. It seems Ben Lawsky can be of great help to Ripple in this regard.  How that will play out exactly, remains to be determined, though.

The new board member comments on this situation as follows:

“Ripple is the leading enterprise blockchain company in the world today and is one that truly understands the importance of regulation-enabled innovation. The company and its leadership are passionate about making our global financial system more efficient, more secure and more fair. I share those same goals and am thrilled and humbled to work side by side with their incredible team as they continue to pave the way for the growth and accelerating adoption of blockchain and digital assets in the years ahead.”

Ben Lawsky has not been actively involved in blockchain or cryptocurrency for some time now. More specifically, he created a consulting firm in 2015. Ever since that time, not much has been heard from this company. Not a big surprise, though, as this industry is not that easy to navigate. Moreover, the “bad reputation” associated with BitLicense won’t help his chances of success either. Things may finally turn around for him now that he is part of Ripple in an official capacity.

Header image courtesy of Shutterstock

About JP Buntinx

JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

Author: Currency

Updated: November 22, 2017 — 6:09 pm

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