Ripple, the cryptocurrency firm currently embroiled in a legal battle with the U.S. Securities and Exchange Commission (SEC), has announced the appointment of Warren Jenson, the chief financial officer of market researcher Nielsen, to its board of directors. Jenson will also serve as Ripple’s chair of the audit committee, overseeing the auditing process of the company’s operations.
Ripple CEO Brad Garlinghouse expressed his confidence in Jenson’s appointment, highlighting the company’s need for experienced leadership during significant growth. Garlinghouse stated that Ripple values transparency and aims to be a responsible global leader in the crypto space.
Warren Jenson brings a wealth of experience to the role, as he is already a member of the board of directors for software company DigitalOcean and technology and artificial intelligence company Jobcase. His finance background and involvement with other prominent tech companies position him well to contribute to Ripple’s strategic decisions.
Jenson’s appointment is crucial for Ripple as it continues its legal battle with the SEC. Since 2020, the SEC has accused Ripple, Garlinghouse, and co-founder Christian Larsen of raising $1.3 billion through the sale of XRP. However, a recent ruling by a judge prevented the SEC from sealing certain documents related to a 2018 speech by the agency’s former director, Bill Hinman.
In that speech, Hinman, expressing his personal views and not those of the SEC, suggested that if a digital asset achieves sufficient decentralization, it may no longer be classified as a security. This statement could potentially benefit Ripple’s defence in the ongoing lawsuit.
The SEC argued for sealing the documents, claiming their lack of relevance and potential prejudice against the agency. However, the judge disagreed, ruling in favour of disclosure.
Warren Jenson’s appointment, alongside other notable figures such as former U.S. Treasurer Rosie Rios, former JPMorgan Chase Chief Regulatory Affairs Officer Sandie O’Connor, and Managing Director of Albright Stonebridge Group Michael Warren, strengthens Ripple’s leadership team as it navigates the legal challenges and aims to uphold the highest standards in the cryptocurrency industry.
