A week ago, Ripple labs director of regulatory relations was elected to represent 90 corporations at the Federal Reserve’s faster payments task force steering committee. The task force was formed this year to spearhead the upgrade of payment systems that have remained unchanged since the 1970s.
This is good for ripple (XRP) because it means ripple is well represented as a frontrunner for adoption by the U.S federal reserve, as a tool for making global payments faster. Up to this point, the primary technology that has been in use for this purpose is SWIFT. This technology is no longer efficient when compared to newer technologies like ripple (XRP), and with Zagone as a member of this task force, the FED will most likely back ripple (XRP) as a replacement. That’s because it is faster, cheaper, and most importantly, ripple labs is American, an important factor for the Federal Reserve.
But that’s not the only place where Ryan Zagone is representing ripple (XRP), and giving it leverage for mass adoption. He is also representing ripple at the better than cash alliance. Zagone is on the research advisory board of this organization that is based at the United Nations. The goal of this organization is to enhance financial inclusion at a global level. What’s interesting about this organization is its membership and partnerships. The better than cash alliance membership includes more than 25 countries in the developing world, and over 20 world organizations including the World Bank, the Bill and Melinda Gates foundation among others. It is also backed by the U.N and the G20.
This means that ripple (XRP) has leverage on a platform that could see it get adopted by every developing nation all across the world. That’s because the primary problem of most developing countries, one that holds them back, is the lack of financial inclusion. Ripple (XRP) can offer them this because it is very cost-effective, and can be used to tailor solutions for the problems that many developing nations face. Through Ryan, and the influence of the G20, and the World Bank, most of these nations will adopt ripple (XRP) as the primary tool for expanding the financial space amongst their people.
When you put together the influence that ripple (XRP) is gaining both in the U.S through the Federal Reserve, and the rest of the world through the better than cash initiative, it isn’t hard to see why ripple (XRP) is about to take over the global finance industry.
This makes it highly undervalued at its current price of under $0.50. Once banks start using it with the help of their respective governments, ripple (XRP) will skyrocket in value. It could easily become a global currency, and replace all other currencies in use today, including the USD. What ripple has going on is clearly unprecedented in crypto circles. It is likely to emerge as the number one crypto, and break away from the umbrella of bitcoin in a few years.
It’s important to ensure crypto-industry is mature and battle-tested, claims Ripple’s Brad Garlinghouse
The Senate’s hearing on Facebook’s Libra with David Marcus is the talk of the town. Brad Garlinghouse, CEO of Ripple, is the latest to give his views on the hearing. Garlinghouse said that the debate was necessary for the crypto-industry to mature.
“I’m heartened by the (largely) thoughtful dialogue from this week’s congressional hearings on @Libra_ . Committee members are supportive of blockchain and “payments innovation in the U.S., but skeptical that Facebook is the right steward given the history of broken trust.”
He added that the crypto-industry needs to mature and it would only happen if tough questions are asked, ensuring that the crypto-industry is “battle-tested” with proper regulatory oversight to protect investors and customers.
The Senate is today acknowledging the existence of cryptocurrencies and blockchain technology that is taking the world by the storm. This hearing comes after President Donald Trump sent out a slew of tweets outlining his negative views on Bitcoin.
Congressman Patrick McHenry was also one to add fuel to this fire, stating,
“Whether Facebook is involved or not, change is here. Digital currencies exist. Blockchain technology is real… So the question then becomes – what are American policymakers going to do to meet the challenges and the opportunities of this new world of innovation?”
One particular word that keeps popping up in the hearing and with the SEC is ‘innovation.’ While regulators and policymakers are trying their best to make regulations happen, it has been a slow ride. SEC commissioner Hester Peirce said it best when she said that the SEC might be driving innovation to other places. However, she reiterated that the SEC wants it to be a “safe harbor” approach.
A Twitter user, @XRPCryptoWolf, commented,
“I kept telling everyone since the beginning of the year that 2019 is the year that we finally get regulatory clarity on #Crypto & #Blockchain from many countries around the world Also Brad has been tweeting a lot of threads lately so I’m guessing this is a bullish sign for 2019?”
Top gainers: Altcoins rally and record significant gains, a day after Libra-induced correction wave
The collective crypto-market suffered a major setback after yet another hearing on Facebook’s Libra pulled down the prices of most major cryptocurrencies. However, the market soon recovered, with the collective market cap rising to $268.8 billion, with Bitcoin enjoying a dominance of 65.4%.
Major altcoins posted significant gains over the past day following the pullback.
After sustaining acute losses throughout the week, falling below key support levels and touching the $84-mark, Litecoin [LTC] rose by 15.08% over the last 24 hours. At press time, the silver to Bitcoin’s gold held a market cap of $5.74 billion and was priced at $91.57, at press time. It had a 24-hour trading volume of over $4.8 billion.
Bitcoin SV [BSV]
The ninth-largest cryptocurrency in the world, BSV also rebounded by 14.21% over the past 24 hours and held a market cap of $2.33 billion, at press time. BSV was priced at $130.50 and enjoyed a 24-hour trading volume of $453.6 million, at press time.
After staying in the red territory for a long time, the eleventh largest cryptocurrency by market cap rallied by 10.01% and pushed itself to a price of $0.023. TRX held a market cap of $1.57 billion and a 24-hour trading volume of $583.3 million. The recent upsurge in TRX’s price also coincided with the introduction of new DApps in the Tron ecosystem.
The second largest cryptocurrency on CoinMarketCap, ETH retraced its steps to the bullish realm after a surge of 8.81% over the last 24 hours. This surge drove the valuation of Ethereum to $217.70, at press time. The asset’s market cap stood at $23.26 billion, and the 24-hour trading volume was recorded to be $9.43 billion.
JP Morgan’s Jamie Dimon: Facebook’s Crypto Isn’t a Short-Term Concern
Jamie Dimon, the CEO of J.P. Morgan Chase, has said he doesn’t expect Facebook’s planned Libra cryptocurrency to have a short-term impact on the bank.
In an analysts call Tuesday, first reported by CNBC, Dimon appeared to suggest that it was too early to speculate on how the effort, advertised as a global currency for the unbanked, would impact his company or its outlook. JP Morgan is the leading bank in terms of U.S. retail deposits, according to its most recent annual report.
“We’re going to be talking about Libra three years from now. I wouldn’t spend too much time on it,” Dimon said, when asked about Facebook’s entrance into the financial sector through cryptocurrency.
The chief executive added:
“To put it in perspective, we’ve been talking about blockchain for seven years and very little has happened.”
In previous interviews, Dimon has noted that cryptocurrency companies might compete with legacy banks. Still, he believes regulations will be a factor in how such technologies may be rolled out to the public, potentially delaying their timelines.
“Governments are going to insist that people who hold money or move money all live according to rules where they have the right controls in place; no-one wants to aid and abet terrorism or criminal activities,” Dimon said.
Facebook planned to debut the stable-backed cryptocurrency in 2020, but has since come out to say it will not offer the digital currency until all regulatory concerns have been addressed.
“We don’t mind competition,” Dimon said. “The request is always going to be the same: We want a level playing field.
JPMorgan proposed its own cryptocurrency, JPM Coin, in February to be used internally to speed up transactions. “The technology is very good, but it takes time in terms of licensing and approval. It must be explained,” lead developer Umar Farooq said prior to a trial period commencement.
For his part, David Marcus, lead developer of Facebook’s blockchain, has said, Libra is “not designed as a substitute for bank accounts,” in a Senate Banking Committee hearing on the cryptocurrency yesterday. A second day of testimonies is now underway.
Jamie Dimon via CNBC