In the midst of the ongoing legal battle between Ripple, United States securities regulators and Ripple board members, an ex-U.S Treasurer and Ripple board member voiced support XRP.
Rosa Rios, former Treasurer, joined Ripple’s board of directors on May 2021. She took to Twitter to reaffirm her faith in XRP and to criticize other cryptocurrencies like Bitcoin ( TTC ).
Rios claimed that countries like China are now clamping down on Bitcoin because cryptocurrencies such as BTC allegedly serve only to facilitate speculation. Ripple, Bitcoin and RippleNet, a former U.S. official, were tagged:
XRP is primarily designed to facilitate cross-border payments, while other cryptos are used for speculation. This is what China’s recent move demonstrates.
From 2009 to 2016, Rios was the U.S. Treasuryr under President Barack Obama. He oversaw all currency production and had an annual budget $5 billion.
Rios stated that ‘Blockchain’ and crypto would underpin our future global financial system when he joined Ripple’s board. He also said that Ripple is “one of the best examples of how cryptocurrency can be used in a substantive role to facilitate payments worldwide.”
Rios also expressed concern about cryptocurrencies being used as a weapon by criminal actors. She stated that there is still much to learn about the blockchain’s true workings and how cryptos are used for illicit activities.
Ripple, a distributed open-source protocol that allows for remittances and payments, was released in 2012. Along with being involved in central bank digital currencies projects, the company offers a variety of cross border payment solutions.
Chris Larsen, co-founder of Ripple, stated earlier this year that Bitcoin would lose the title as the most valuable cryptocurrency in the world if it didn’t abandon its proof-of work consensus mechanism.