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Ripple News: XRP Issuer Listed as Key Participant in Executive Order Engagement – What It Means for the Industry

John KumiBy 0Edited by Alex Morrison 6. September 20244 Mins Read
  • A crypto influencer has disclosed that Ripple Labs was extensively involved in the 2018 US Treasury report. 
  • According to analysts, Ripple’s participation shows its recognition as an integral part of the Fintech ecosystem. 

A renowned crypto influencer, Amelie, has shared a post on X referencing Ripple Labs’ involvement in a 2018 U.S. Treasury report.

According to the tweet, the report, titled “A Financial System That Creates Economic Opportunities: Nonbank Financials, Fintech, and Innovation,” was handed to then-US President Donald J. Trump under Executive Order 13772. 

Based on our document analysis, the report outlines the core principles of the US financial system, particularly the specific role of nonbank financial institutions and emerging Fintech companies. 

Under a section of the report called Executive Order Engagement Process, Ripple was featured among the financial and technological entities that participated in designing the framework. 

WOW! 💥 A report to Donald Trump about „a financial system that creates economic opportunities.“
Look which name is listed in the „Participants in the executive order engagement process“ – Ripple! TRUMP 🤝🏼 #XRP https://t.co/sTrVqCPcgq pic.twitter.com/f6UqiuU0Qh— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) September 1, 2024

More About the 2018 Treasury Report

In 2018, Trump requested this document as part of a broader effort to enhance innovation within the financial system. The core principle of the report was to empower the average American to make an independent financial decision, prevent taxpayer-funded bailouts, enable American companies to compete with foreign firms, make regulations efficient, effective, and appropriately tailored, etc. 

Fascinatingly, the engagement process for the previous three reports issued under the executive order was incorporated into this report. An excerpt of the report reads: 

Over the course of this outreach, the Treasury consulted extensively with a wide range of stakeholders, including trade groups, financial services firms, federal and state regulators, consumer and other advocacy groups, academics, experts, investors, investment strategists, and others with relevant knowledge. Treasury also reviewed a wide range of data, research, and published material from both public and private sector sources.Treasury incorporated the widest possible range of perspectives in evaluating approaches to regulation of the U.S. financial system according to the Core Principles.

In Appendix A of the document, the list of organizations and individuals who provided inputs to the report apart from Ripple include the Board of Governors of the Federal Reserve System, Bank of Canada, Citi Group, Google, JP Morgan Chase, NASDAQ, LedgerX, S&P Global, Stripe, Visa, etc.

Impact of Ripple Participation

According to industry experts, Ripple’s participation underscores its reputation as a key player in the Fintech sector, specifically the blockchain and digital asset industry. In addition, the US authorities’ consideration of its strategic importance in the financial ecosystem is evident. 

Five years after this report, Ripple CEO Brad Garlinghouse predicted that XRP could be integrated into the US financial system. Soon after the landmark ruling in the case against the US Securities and Exchange Commission (SEC), Stu Alderoty, Ripple’s general counsel, disclosed the next possible direction. 

I think we’re hopeful that this decision would give financial institution customers or potential customers comfort to at least come in and start having the conversation about what problems they are experiencing in their business, real-world problems in terms of moving value across borders without incurring obscene fees. Hopefully, this quarter will generate a lot of conversations in the United States with customers, and hopefully, some of those conversations will turn into real business.

At press time, XRP was trading at $0.54 after declining by 2.5% in the last 24 hours. As we recently reported, an analyst expects the XRP price to hit an unimaginable height once its supported financial institutions transition from testing mode to full-scale adoption. 

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This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.

John is a seasoned cryptocurrency and blockchain writer and researcher, boasting an extensive track record of years immersed in the ever-evolving digital frontier. With a profound interest in the dynamic landscape of emerging startups, tokens, and the intricate interplay of demand and supply within the crypto realm, John brings a wealth of knowledge to the table. His academic background is marked by a Bachelor's degree in Geography and Economics, a unique blend that has equipped him with a multifaceted perspective. This diverse educational foundation allows John to dissect the geographical and economic factors influencing the cryptocurrency market, offering insights that go beyond the surface. John's dedication to the crypto and blockchain space is not merely professional but also personal, as he possesses a genuine passion for the technologies that underpin this revolutionary industry. With his astute research skills and commitment to staying at the forefront of industry trends, John is a trusted voice in the world of cryptocurrencies, helping readers navigate the complex and rapidly changing terrain of digital assets and blockchain innovation. John Kiguru is an accomplished editor with a strong affinity for all things blockchain and crypto. Leveraging his editorial expertise, he brings clarity and coherence to complex topics within the decentralized technology sphere. With a meticulous approach, John refines and enhances content, ensuring that each piece resonates with the audience. John earned his Bachelor's degree in Business, Management, Marketing, and Related Support Services from the University of Nairobi. His academic background enriches his ability to grasp and communicate intricate concepts within the blockchain and cryptocurrency space. Business Email: info@crypto-news-flash.com Phone: +49 160 92211628

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