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- 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.
