“XRP’s Primary Purpose Is Facilitating Cross Border Payments”, Says Former U.S. Treasurer
Former U.S. Treasurer and Ripple board member Rosa Rios has said on social media that she sees the XRP token as a cryptocurrency whose primary purpose is “facilitating cross-border payments,” while most other cryptocurrencies “find their value in speculation.”
Per Rios, who joined Ripple’s board of directors in May of this year, China’s latest crackdown on cryptocurrency-related activity “brings the point home,” implying the move came in a bid to stomp speculation in the cryptocurrency market.
XRP’s primary purpose is facilitating cross border payments while other #Cryptos find their value in speculation. China’s latest move brings this point home. #Ripple #ripplenet #Bitcoin
— Rosie Rios (@RosieRios) September 26, 2021
As Cointelegraph reviews, Rios served as U.S. Treasurer from 2009 to 2016 underneath President Barack Obama and oversaw all forex manufacturing sports. When joining Ripple’s board in advance this 12 months, she stated blockchain and crypto will “underpin our future international economic structures” before adding Ripple is “one of the quality examples of the way to use cryptocurrency in a noticeable and legitimate role.”
The former U.S. Treasurer additionally stated there’s “quite a few paintings to be achieved” as cryptocurrencies are nonetheless used to “fund the dark net and different illicit sports.” Ripple, it’s well worth noting, is a for-profit organisation that facilitates sell and increase XRP and the software program at the back of it, the XRP Ledger.
Ripple has an XRP product referred to as RippleNet, which offers “connections to masses of economic establishments round the world through a unmarried API and makes shifting cash faster, cheaper, and greater dependable.”
Last 12 months, Ripple and two of its executives have been sued by way of the U.S. Securities and Exchange Commission (SEC), which alleged they “raised over $1.Three billion via an unregistered, ongoing digital asset securities offering.” Ripple settling its lawsuit, in line with felony professional and XRP supporter Jeremy Hogan, could lead to a supply shock for the cryptocurrency.
Ripple has used in the legal warfare a viral tweet citing an email at the repute of the XRP token from the SEC sent to a user who wondered the regulator on whether the token was a security. The electronic mail saw the SEC respond it had “not issued a determination on whether or not the cryptocurrency XRP is a protection” and introduced that whether or not “a cryptocurrency is considered a protection will rely on the traits and use of the cryptocurrency.”
As CryptoGlobe reported, Ripple CEO Brad Garlinghouse has discovered the fintech company is especially probably to move public after it settles the lawsuit the SEC filed. Garlinghouse said the business enterprise first commenced searching into how it may become publicly traded in early 2020, but stated that the SEC’s lawsuit hindered its plans. While it still plans on being listed on an exchange, it hopes to achieve this after it resolves its lawsuit with the SEC.