TL;DR
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Ripple, the makers of the XRP token, has been battling the SEC in court for some time now. The SEC claims XRP is an unregistered security and wants to shut it down.
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Neither side is willing to settle out of court, meaning whatever is decided will become law by precedent.
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Many see Ripple’s actions as “fighting unfair government control over cryptocurrencies.”
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But Ripple just announced that they are releasing a proprietary platform for central bank digital currencies (CBDCs), which will allow central banks to create their own digital currencies.
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That has some people in the blockchain industry “pulling an Obi-Wan” yelling, “You were meant to fight unfair government control of cryptocurrencies, not enable it!”
Full story
You know that oft-quoted line from Star Wars Episode III where Obi-Wan is Talk Anakin’s ear off next to a river of lava?
The one who says, “It was said that you would destroy the Sith, not with them!”
Yes. Similar vibes with this story.
So in case you missed it, Ripple, the creators of the XRP token, has been battling the SEC in court for some time now.
The summary is this:
The SEC claims XRP is an unregistered security and wants to shut it down. Ripple begs to differ. Neither side is willing to settle out of court, meaning whatever is decided will become law by precedent.
The main takeaways are:
Either way, the result will have a major effect on the US blockchain industry.
So it should come as no surprise that the entire crypto industry is in Ripple’s corner and cheering them on.
Many see Ripple’s actions as “fighting unfair government control over cryptocurrencies.”
But get this!
Ripple just announced that they are releasing their own Central Bank Digital Currencies (CBDCs) platform, which will allow central banks, governments and financial institutions to create their own digital currencies.
That is, governments can create/release programmable money.
…money that can be disabled, blocked from certain use/purchase, and generally manipulated in a whole new way.
(Ready to call back? Here it comes…)
That has some people in the blockchain industry “pulling an Obi-Wan” and yelling:
“You were meant to fight, not enable, unfair government control over cryptocurrencies!”
Tree! Fixed the overflow!
Happy Friday.
