Amid the ongoing legal battle between Ripple and United States securities regulators, former U.S. Treasurer and Ripple board member Rosa Rios voiced support for XRP. The former Treasurer, who joined Ripple’s board of directors in May 2021, took to Twitter on Sunday to reiterate her confidence in Ripple’s XRP while criticizing other cryptocurrencies such as Bitcoin (BTC).
Bitcoin and other cryptocurrencies are a tool for speculation.
Rios argued that jurisdictions like China are now cracking down on Bitcoin, as cryptocurrencies like BTC allegedly provide nothing more than a tool for speculation. Tagging Bitcoin, Ripple, and its payment ecosystem, RippleNet, the former U.S. official, wrote: “XRP’s primary purpose is facilitating cross border payments while other cryptos find their value in speculation. China’s latest move brings this point home.” Rios had served as the U.S. Treasurer from 2009 to 2016 under President Barack Obama, overseeing all currency and coin production activities with an annual budget of $5 billion. Several countries are taking strict action to regulate the cryptocurrency industry.
“Blockchain and crypto will underpin our future global financial systems.”
“Blockchain and crypto will underpin our future global financial systems,” Rios had argued on joining Ripple’s board, adding that the firm is “one of best examples of how to use cryptocurrency in a substantive and legitimate role to facilitate payments globally.” Rios also expressed concerns over cryptocurrencies being a tool for criminal actors. “There’s still a lot of work to be done in terms of really knowing what’s behind the curtain, how blockchain really works, how unfortunately cryptos are used to fund the dark web and other illicit activities,” she said.