Former BitLicense Architect Joins Startup Ripple

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Former New York Superintendent of Financial Services Ben Lawsky has reportedly joined the board of directors of California-based startup Ripple.

Lawsky, who lead the regulatory framework BitLicense at his previous office, is reported to help Riddle improve its payment platform and XRP, which is the company’s in-house digital asset.

“The company and its leadership are passionate about making our global financial system more efficient, more secure and more fair,” he said in a press release.

The former regulator is best known as the architect of the BitLicense framework, which is famous for the regulatory schemes that went controversial back in 2013 and 2014. Since then, legal efforts aimed to revoke BitLicense never ceased.

Recently, the new board of directors member spoke at the Money2020 Las Vegas conference about potential regulatory measures for Initial Coin Offerings. He surmises that the potential for fraudulent activity could cause “a backlash against the entire bitcoin and crypto ecosystem.”