There is something that needs to be said in the defense of digital assets and cryptocurrencies. By their recent actions it appears that the Securities and Exchange Commission (SEC) is on the hunt for any and all cryptocurrencies, to pull them into senseless litigation, (saying they broke rules by not registering as a security, most of which cryptos appear to be bona fide currencies,) an action of the SEC which seems quite asinine when they haven’t yet dictated the rules of the game to the cryptocurrency-players!
You might trick yourself into saying “this conversation has nothing to do with me, I’m not into cryptocurrencies,” but the truth is, cryptocurrencies are the next advent in money exchange, and it’s implementation into the mainstream culture by the powers that be is surely just around the corner, it should behoove anyone alive at the moment to learn of and take a stance in this conversation.
Cryptocurrencies are in their infancy, yet many people, banks, and countries across the globe are adopting them as official trading instruments. Banks such as the following are utilizing RippleNet and trading in a digital asset known as XRP, or Ripple, around the globe: Santander (USA), Canadian Imperial Bank of Commerce (Canada), Kotak Mahindra Bank (India), Itau Unibanco (Brazil), Induslnd (India), InstaReM (Singapore), BeeTech (Brazil), Zip Remit (Canada), LianLian (China), Rakbank (U.A.E.), IFX (U.K.), Currencies Direct (U.K.), Airwallex (Australia), SEB (Sweden), SBI Remit (Japan), Siam Commercial Bank (Thailand), Krungsri (Thailand), these top the list for banks trading in XRP. There are currently over 100 banks trading XRP worldwide. https://aws.amazon.com/partners/success/ripple/
What is XRP anyway? XRP is a digital asset/cryptocurrency which was designed to handle very large transactions for a very low cost and at a very high speed! It appears to be a natural selection for the next global payments solution because of its inherent advantages. Gone will be the days of the slow SWIFT system (whom will likely adopt XRP as their trading instrument), SWIFT being the analog approach to cross-border payments that was very expensive and quite slow at accomplishing it’s goal of global payments settlements. XRP, at least by the estimation of this watchful eye, will become one of the global standards for trading money worldwide. At this moment, Ripple sits in litigation, in the crosshairs of the SEC, with the future for U.S. crypto-traders, and XRP advocates, still in question. Whereas, those who trade in cryptos, by and large, consider trading in digital assets no more detrimental to their financial health than trading normal stocks and bonds.
I, for one believe that the SEC opposing XRP/Ripple in this case, is a foolish move and they are standing on the wrong side of history. I believe that Ripple is going to win their case with the SEC, and XRP will benefit overall as a result. The case appears to be leaning in Ripple’s favor, however, this conversation needs to be highlighted and raised to the forefront of the American consciousness! I urge you to contact your congressperson, and demand that they vote in the favor of the American people when it comes to making digital assets and cryptocurrencies freely available to each person. Like I said, digital assets are a wave of the future, and hampering their development among the citizenry of the United States, is hampering our collective future! Put yourself on the right side of history, and support digital assets and cryptocurrencies.
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None of this article is financial advice.
Eric B. Lopez creates music and art as EBENLO - Painter of Song. You can listen to his music on most any music platform or view his art by visiting EBENLO.com or PAINTEROFSONG.com.