Craig DeWitt from Ripple appointed to senior Faster Payments Council role


Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • Craig DeWitt, who is currently in post as the Senior Product Director at Ripple, said that he would be taking on a role at the Faster Payments Council – which is an industry-led membership organization.
  • DeWitt said that he was proud to be getting involved with the organisation and helping to investigate central bank digital currencies – or CBDCs for short.
  • “Proud to share, I've been selected as Vice Chair US @Faster_Payments council for Cross Border Payments,” he said.

A senior figure from the blockchain-powered cross-border payments company Ripple has been given a leading role in the US Faster Payments Council.

Craig DeWitt, who currently serves as Senior Product Director, will take up the position of Vice Chair of the Cross Border Payments Work Group at the Faster Payments Council (or FPC for short).

The FPC is led by its members, who are key industry figures. It aims to create a strong system for payments which is first in class across the globe.

DeWitt will be using the new position to bring together and manage the work the council does in international money transfers. He used the social networking platform Twitter to announce his appointment to the new role.

He began his post by making clear how “proud” he was to have been appointed to the role.

“Proud to share, I've been selected as Vice Chair US @Faster_Payments council for Cross Border Payments,” he wrote.

He went on to share some information about what he’d be doing once he was in post.

He said he’d be “Investigating #CBDCs and the best-in-class technologies to make them possible,” he explained.

Central bank digital currencies (CBDC) are a form of currency which is blockchain-powered but which is issued by a nation’s monetary authorities.

He also said that there would be more information about the news to follow in the future.

“Some big industry players, including #Ripple involved - more to come,” he explained.

Some industry watchers, however, were a little surprised at the move given that there is still strong opposition to Ripple in some quarters.

One such quarter is the Securities and Exchange Commission, or SEC, who have been displeased with Ripple for a while.

The regulator has accused Ripple of selling its token, XRP, on an illegal basis.

The SEC interprets these as non-legal securities, claiming that Ripple can’t sell them. Ripple denies these allegations.

In a staff email from earlier this year which Ripple published online, a member of its team said that the SEC’s move was unusual.

“Before this case, no securities regulator in the world has claimed that transactions in XRP must also be registered as securities, and correctly so,” the email said.

“The functionality and liquidity of XRP are wholly incompatible with securities regulation. Requiring XRP’s registration as a security would impair its main utility,” it added.

To get more details of what’s going on in the online money transfer sector, just head over to our reviews pages to find out more.

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