Ripple Brings Aboard a New Face
Prior to his entering the crypto space, Hammond was a political advisor and legislative assistant to Republican House Representative Warren Davidson. Among his duties at Ripple will be to boost the company’s lobbying efforts in the metro D.C. area, aka the capital of democracy.
Hammond gained a solid background in crypto during his political tenure. While working with Warren Davidson, Hammond assisted in the drafting of the Token Taxonomy Act, which seeks to grant certain digital tokens exemptions from federal securities laws.
Michelle Bond, the global head of government relations at Ripple, expressed her confidence regarding Hammond’s abilities to improve Ripple’s operations and functionality. She wrote on LinkedIn:
Thrilled to announce Ron William Hammond as Ripple’s government relations manager. Ron bring 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.
Hammond is joining Ripple at a time when the company is dealing with several class-action lawsuits for potentially selling unregistered securities to its customers. Ripple is arguably the most centralized of all digital currencies, with executives still holding approximately 50 percent of all XRP units that have been mined. Many customers believe Ripple should be subject to present U.S. securities laws, and say they’ve been duped by false advertising regarding the status of XRP.
One class-action suit, initiated by former trader Ryan Coffey, alleges that the company created billions of new tokens “out of thin air” to boost its annual revenue. Coffey says that Ripple is one big “never-ending initial coin offering (ICO).”
In addition, Ripple, along with popular U.S.-based cryptocurrency exchange Coinbase, has also been bumped from LinkedIn’s top ten list of regional tech startups in the United States. Both companies were founded in the year 2012 and will not have another opportunity to appear on the list in the future given that they are now each over seven years old.
At press time, Coinbase holds 29th place, while Ripple is 28th. In 2018, both companies ranked in third and seventh places respectively. To make the list, a company must be less than seven years of age, have at least 50 employees, be stationed in North America and be “privately held.”
A Fall from Grace?
In addition, companies are ranked based on their overall performance. LinkedIn monitors companies’ employee growths, member engagements and interest from jobseekers to determine what spots they will earn.
The list did, however, contain various other cryptocurrency platforms in the top ten including the investment app provider Robinhood, though it has fallen from sixth place to seventh over the past year. Computing, a cloud-based data-warehousing startup, garnered the number one spot.