Ripple, the San Francisco-based fintech company that developed the XRP cryptocurrency, has hired Ron Hammond to serve as its manager for government relations. Announcing his new role, Hammond wrote yesterday on Twitter that he was “thrilled” to bring his legislative experience to the Ripple team.
In his previous role as a legislative assistant for US Congress Rep. Warren Davidson, Hammond was heavily involved with the crafting of the “Token Taxonomy Act”, a bill that seeks to exclude certain cryptocurrencies and digital assets from US federal securities laws. The bill was introduced last year by Reps. Davidson and Darren Soto and reintroduced this April.
As noted by industry website Coindesk, Hammond’s appointment was welcomed by Ripple’s global head of government relations Michelle Bond, who praised his “legislative and policy experience”.
“Ron brings a wealth of legislative and policy experience – excited to have him on board as we continue to work closely with lawmakers, regulators, and partners worldwide,” Bond wrote on her LinkedIn account.
Meanwhile, the XRP token continues to disappoint in terms of market performance. While the digital coin saw some positive price action in the past couple of sessions, it once again failed to retain its modest gains. Yesterday, the coin rose to a six-day high of $0.265, before pulling back in the final hours of the session. While the coin still finished the day higher than its opening level of $0.260, it hasn’t been able to resist sliding further down in today’s session.
In today’s trading, the XRP price stood at $0.258, as of14:22 BST. The digital coin has lost 1.3% of its value in the past 24 hours, according to data from digital currency tracker Coinmarketcap. The coin’s total market capitalisation currently stands at $11.1 billion, which makes XRP the third-largest digital currency on the market.
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