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- 1 Crypto influencer and analyst Cypress de Manincor claims that Ripple was closely involved in U.K. lawmakers’ latest report on crypto regulations.
- 2 Ripple has been facing a lawsuit with the U.S. SEC since December 2020.
Influencer claims that Ripple was involved in the U.K. Crypto Regulation Report despite facing a lawsuit in the U.S. A Treasury committee in the United Kingdom argued that trading cryptocurrency should be treated similarly to gambling. Currently, it is treated as a financial service; the committee also demanded clear regulations for the industry.
Ripple’s Involvement in Report is Questioned
Crypto Regulation, Ripple has been in a legal war with the financial watchdog of the United States, the Securities and Exchange Commission (SEC), since December 2020. The agency claims that XRP is a security, while Ripple is fighting against the claim. The case is crucial for the industry and can potentially have severe aftereffects.
Still, analyst Cypress de Manincor has claimed that Ripple was closely involved in the recently published report on crypto regulations by the U.K. lawmakers. Interestingly, the report puts Bitcoin and Ether in the column with no intrinsic value.
In a video attached to the tweet, Manincore disclosed the close involvement of Susan Friedman, Head of Policy at Ripple, in the U.K.’s crypto report. In a legit argument, he said that Ripple could be an essential part of such activity when the company faces a severe lawsuit in the U.S. regarding unregistered securities.
On May 17, 2023, Ripple announced acquiring Switzerland-based cryptocurrency custody company Metaco for $250 Million in cash and Ripple equity. With this acquisition, Ripple plans to expand its offerings menu, which could now include custody and issue and settle various tokenized assets.
Brad Garlinghouse, CEO of Ripple, said, “Metaco is a proven leader in institutional digital asset custody with an exceptional executive bench and unmatched customer track record.” Also, arguing that with the power of the balance sheet and financial position, Ripple could continue to be advantageous in critical areas of crypto infrastructure. Taking in Metaco would prove crucial for the company’s ever-increasing product portfolio and global footprint.
Manincore also argued how a company facing a lawsuit could acquire another firm.
Moving on, he pointed to the report from the U.K. lawmakers, which argued that regulating crypto shall be similar to gambling, as they pose noticeable risks to consumers.
However, in the report, the lawmakers mentioned that innovative technologies like distributed ledger technology have the potential to benefit financial services and the economy as a whole.
The lawmakers argued that similar to gambling, trading digital assets could become addictive. Also, the government should refrain from wasting taxpayers’ money in promoting tech innovations like digital tokens after a detailed research panel added that the infamous volatility of the cryptocurrencies could cause investors and traders to lose significant amounts of money.
Analysts argued why only Ripple and no other crypto company were consulted for such a crucial report. However, this reveals pleased XRP proponents as XRP could be crowned king of the industry after this development.
The exciting reveal proved beneficial for XRP price as, at press time, it was trading at $0.4638 with a jump of 4.03%. Its value against Bitcoin was up by 6.05% to 0.00001726 BTC. Its market cap gained 4.03% to $24.03 Billion, and the trading volume climbed a whopping 55.21% to $1.48 Billion in the last 24 hours.
Influencer claims that Ripple was involved in the U.K. Crypto Regulation Report despite facing a lawsuit in the U.S. A Treasury committee in the United Kingdom argued that trading cryptocurrency should be treated similarly to gambling. Currently, it is treated as a financial service; the committee also demanded clear regulations for the industry.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
