Golden ChipMunk
Well-Known Member
The European Union’s Travel Rule, blocking an XRP deposit
https://www.cryptopolitan.com/crypto-com-refuses-xrp-eu-new-rule/
https://www.cryptopolitan.com/crypto-com-refuses-xrp-eu-new-rule/
XRP bull run
- Thread starter willrocks
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- capital gains ripple tax xrp
The EU 'Travel Rule' requires crypto exchanges to collect and share identifying information about the originators and beneficiaries of cryptocurrency transactions.
It will apply to ALL cryptos, not just XRP.
DJE
Well-Known Member
If it closes at this price or above $2.75 today, it will be the highest daily close everXRP hit USD $3 today. Up 233% from my first post.
XRP is still on the move up. Reaching $3.35 USD.
Speculation that Ripple might be part of an 'America-first' strategic cryptocurrency reserve.
https://nypost.com/2025/01/16/business/new-trump-ends-crypto-communitys-government-harassment/
Speculation that Ripple might be part of an 'America-first' strategic cryptocurrency reserve.
https://nypost.com/2025/01/16/business/new-trump-ends-crypto-communitys-government-harassment/
Not sure that will gain traction as it's too centralised, unless the government would be happy putting reserves within the control of a private company. And yes the Founders will claim it's not centralised but they tend to talk shite.
Edit to add: but that won't stop any speculation of course.
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The "too centralised" argument isn't really a dealbreaker for governments, banks, or financial institutions. It's probably the opposite.
Major cryptos are now becoming more centralized as big players accumulate, and mining is now out of reach for the small player.
Reserve assets have to be under the control of governments otherwise they will be inviting counterparty risk.
Don't conflate mining and validating. The only major token that I'm aware of that separates the task of mining and validating is BTC. Yes, some miners also validate, but there are manay more non-mining nodes than mining.
The problem with XRP is that the preferred validator nodes are selected by Ripple Labs and the XRP Foundation.
If they had the private keys they would effectively have control without too much counterparty risk. You could also argue that foreign currency reserves have a much bigger counterparty risk. You could also argue Gold stored offshore has a bigger counterparty risk. Many nations (including Australia) store their gold with the Bank of England.
I'm aware of XRP's Unique Node List (UNL) of recommended validators. Originally these consisted of mostly nodes under Ripple's control, however this has diversified over time and the XRPL network can function without Ripple's direct involvement.
You could argue that.
But most FX reserves are currencies from nations with long standing and reliable rules of law and economic and financial institutions, and likewise with the BoE. On the other hand there's Garlinghouse et al. And I'd put more trust in the other institutions than him. It would come down to how the Treasuries and Central Banks of the various nations assess any need for including a crypto asset in their reserves should they see a need and whether that need should include a privately issued, pre-mined crypto-currency where 20% of the total allocation is held by the developers.
FX can easily be seized based upon sanctions. Look at Russia.
The BoE has refused to return gold on numerous occasions. See: Venezuela, Argentina, Iran.
It would come down to how the Treasuries and Central Banks of the various nations assess any need for including a crypto asset in their reserves should they see a need and whether that need should include a privately issued, pre-mined crypto-currency where 20% of the total allocation is held by the developers.
I'm not sure the US gov would hold crypto reserves with the treasury or central bank. The articles I've seen are calling it a 'stockpile', much the same as oil, coal, or other commodities. Maybe that's a way Trump can fast-track it or avoid legal requirements?
Either way, it looks like the US will hold crypto under Trump's term, perhaps even Ripple and other US based cryptos, which Trump seems to be favoring.
That's right. Doesn't change the rationale behind holding them as reserves though. Just means some CBs may have to take measures to reduce the risk that the consequences of their political actions may bring about.
Yeh, I think Powell said that The Fed can't hold cryptos under its current charter. But if a government is going to stockpile then it would have to be Treasury controlled coz they pull the purse strings.
But anyway, it's going to be interesting whether any of this "crypto reserve asset" FOMO even takes off. I guess we can only wait and see.
@willrocks, just as an aside, would you consider it appropriate for the Australian government to actively buy and sell (or hoard) shares in publicly listed companies like Amazon or ANZ for instance? Or buy corporate bonds? 
@willrocks, just as an aside, would you consider it appropriate for the Australian government to actively buy and sell (or hoard) shares in publicly listed companies like Amazon or ANZ for instance? Or buy corporate bonds?
If you're trying to equate XRP with shares in publicly listed companies. I think there's no real comparison. XRPL is a payment network designed for cross-border payments. A better comparison would be asking if the gov should own power lines, roads, or internet infrastructure.
Also the US government has, on many occasions, held listed securities. Although it doesn't do it long-term.
I am actually, simply because XRP was pre-mined and the devs retain a significant proportion of the tokens.
Interestingly Gensler always maintained that XRP was a security, that issue is still before the courts. But I don't want to dive down that rabbit hole.
I am actually, simply because XRP was pre-mined and the devs retain a significant proportion of the tokens.
Are you saying because private entities retain XRP tokes, they could be used to manipulate prices, or is there some other angle you're comparing?
Are you suggesting a crypto 100% owned by the gov would be a better alternative? I'd have serious doubts any gov could innovate to that level.
Interestingly Gensler always maintained that XRP was a security, that issue is still before the courts. But I don't want to dive down that rabbit hole.
The courts have ruled it isn't a security. The Gensler SEC lodged an appeal a day or two ago, but it'll likely go nowhere with the new administration and new SEC chair.