In the busy corridors of the cryptocurrency markets, there is always something new on the horizon. Recently, a resounding statement was made by a well-known digital asset investor and staunch supporter of XRP, named as Digital Asset Investor. Amid speculation and debate, this investor put XRP on a pedestal, claiming that it is the only cryptocurrency in the United States with true legal clarity.
The speech came during a conversation with Ryan Rugg, who leads the digital assets department at Citibank. Digital Asset Investor even suggested that his organization could even replace Ethereum with XRP, considering the alleged legal clarity that XRP has in the US.
However, it is worth diving a little deeper into this statement. The investor referenced a speech by Joseph Grundfest, a prominent capital markets expert. Grundfest, in his statements, signaled that the clear definition of cryptocurrencies such as Bitcoin and Ether is a question that is up to the Federal Courts to decide, based on real litigation. In short, words spoken in speeches do not carry the weight of a legal decision.
1000% XRP is the ONLY Digital Asset In the United States with LEGAL clarity. @RyanRRugg this is why I was telling you that you’re going to need to ditch Ethereum over at Citi and give @bgarlinghouse @ripple a call. Or to quote Vanilla Ice Drop that zero and get with the hero. https://t.co/rQA7xUl7j5
— Digital Asset Investor.XRP (@digitalassetbuy) September 23, 2023
This is a crucial point. While speeches and comments can influence opinions, they do not set a legal precedent. Until the Securities and Exchange Commission (SEC) takes concrete action, words remain just words.
Grundfest also highlighted an earlier analysis by former SEC director William Hinman. Hinman, in 2018, had his own view on Bitcoin and Ether, but did not detail why he considered them both decentralized. Grundfest emphasized the importance of substantiating such claims, especially when it comes to legality in the world of cryptocurrencies.
The legal clarity of a cryptocurrency is not just based on speeches and opinions, but on facts, analysis and legal decisions. The debate over the status of XRP in the US is still ongoing, and the search for legal clarity continues to be a hot topic.
At the time of publishing, the price of XRP was trading at $0.51 with no gains in the last 24 hours.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.