BitLicense Architect Ben Lawsky Joins Ripple Board

Ben Lawsky, the former New York Superintendent of Financial Services who spearheaded the BitLicense regulatory framework while in office, has joined startup Ripple's board of directors.

Nov 21, 2017 at 10:30 p.m. UTC
Updated Sep 13, 2021 at 7:11 a.m. UTC

Ben Lawsky, the former New York Superintendent of Financial Services who spearheaded the BitLicense regulatory framework while in office, has joined startup Ripple's board of directors.

According to a press release from Tuesday, Lawsky will help Ripple advance its payment platform as well as its in-house digital asset, XRP.

"The company and its leadership are passionate about making our global financial system more efficient, more secure and more fair," he said in a statement.

Lawsky is perhaps best known for establishing the BitLicense framework, the notable and at-times controversial regulatory scheme that took shape in 2013 and 2014 and came into effect the following year. Since then, only a few licenses have actually been awarded, and a still-active legal effort aiming to undo the BitLicense remains ongoing.

And though a new consulting firm created in 2015 raised the prospects of Lawsky advising the industry he once sought to regulate, the former NYDFS chief has largely stayed on the sidelines.

In a departure, however, Lawsky last month spoke about possible regulations for initial coin offerings (ICOs) at the Money2020 conference in Las Vegas, saying the potential for fraud could cause "a backlash against the entire bitcoin and crypto ecosystem."

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple.

Lawsky image via Wikimedia Commons

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
South Korean Authorities Look to More Closely Scrutinize Exchanges Following Terra Meltdown: Report

Around 280,000 South Koreans are believed to have been victims of the abrupt plunge in UST and LUNA.

Around 280,000 South Koreans are believed to have been victims of the abrupt plunge in UST and LUNA.

CoinDesk - Unknown
2
CoinDesk - Unknown
First Mover Americas: TRON Outperforms BTC and Crypto Takes a Lead Role at Davos

The latest moves in crypto markets in context for May 24, 2022.

The latest moves in crypto markets in context for May 24, 2022.

CoinDesk - Unknown
3
CoinDesk - Unknown
What Is DeFi?

Decentralized finance (DeFi) applications aim to cut out the middlemen of our everyday finances.

Decentralized finance (DeFi) applications aim to cut out the middlemen of our everyday finances.

CoinDesk - Unknown
4
CoinDesk - Unknown
Living as NFTs in the Metaverse

Digital spaces can be an extension of reality, not just a lower resolution "digital version." This article is part of "Metaverse Week."

Digital spaces can be an extension of reality, not just a lower resolution "digital version." This article is part of "Metaverse Week."

CoinDesk - Unknown