U.S. Representative Tom Emmer claims XRP, the cryptocurrency affiliated with blockchain company Ripple, is not a security
In the first cryptocurrency Congressman Tom Emmer (R-Minn.) Spearheaded on Aug. 20, he emphasized XRP is not a security.
XRP is not a security
Emmer shared:
“First of all, my position’s very clear. XRP is not a security, all right One thing that I love about XRP (and there are lots to love) is that you don’t need an intermediary.”
Congressman Tom Emmer (R-Minn.)
Ripple CEO Brad Garlinghouse also participated in the event alongside Circle CEO Jeremy Allaire and industry celebrities, noting that it’s been two years since the Securities and Exchange Commission ( SEC) states that Bitcoin and Ethereum are not securities.
The uncertainty over how XRP and other assets will be defined by the SEC is one of the biggest challenges facing Ripple, according to Garlinghouse:
“It restricts innovations, and I think that having that clarity and certainly allows companies to invest in and activity that is happening organically, but it will happen more quickly.”
Emmer predicts that this lack of regulatory clarity in the US will cause entrepreneurs like Ripple to start looking elsewhere:
“Money will go where it’s easiest to flow. And the more government puts in obstacles (and one of them is just inaction), the less opportunity we have to position the U.S. as the leader.”
Emmer said that a lot of members of Congress still think about cryptocurrencies from the perspective of Silk Road, the illegal black web market that was shut down in 2013. The site is seen as the driving force behind early adoption. Bitcoin.
The representative of Bitcoin (D-Calif.) Brad Sherman famously called for a comprehensive ban on Bitcoin in 2018 because of its illegal use cases.
Emmer, who currently sits on the House Financial Services Committee, vowed to continue educating his colleagues.
The MP is currently accepting cryptocurrency donations through BitPay, and Garlinghouse says that Ripple will contribute XRP to its campaign.
Read more:
- XRP Does Not Compete Either With Central Bank Digital Currencies (CBDC) Or Stablecoins
- The International Monetary Fund (IMF): Ripple Is Challenging The Establishment Payment Infrastructures