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- US Congressman Tom Emmer said in a speech during the first “cryptocurrency town hall” that Ripple’s XRP is not a security.
- Ripple CEO Brad Garlinghouse hasn’t denied rumors of a partnership with Bank of America, but he hasn’t confirmed it either.
Yesterday, the American delegate from Minnesota Tom Emmer hosted the first “Cryptocurrency Town Hall”. The event was held in collaboration with the PAC of the Digital Chamber of Commerce to bring together innovators in the cryptocurrency sector. Attendees at the event included BitPay CEO Stephan Pair, Circle CEO Jeremy Allaire, Ripple CEO Brad Garlinghouse, eToro CEO Guy Hirsch, Bloq Co-Founder and President Matthew Roszak, and Co-Founder and Paxo CEO Chad Cascarilla.
During the event, Emmer announced that he will be accepting donations for his election campaign in the form of cryptocurrencies via BitPay. Additionally, Emmer also explained that the US Congress must finally put the Silk Road stigma behind cryptocurrencies and promote blockchain and cryptocurrency technology as well.
Specifically, he also referred to Ripple and the XRP token and stated that XRP is not a security. He called on the U.S. Congress and specifically the Securities and Exchange Commission (SEC) to finally provide regulatory clarity:
We moved from Silk Road. It’s been a long time, but there are many members of Congress who still think about this in terms of the Silk Road. […] First, my position is very clear that XRP is not a security. My frustration is you probably heard it very directly, […]
In two years it’s not just a problem, it’s totally unacceptable because what it does is it puts entrepreneurs like you and everyone else in this town hall, you start looking elsewhere. Money will flow to where it is easiest to go. The more the government puts up obstacles[…] the fewer opportunities you have to position the United States as a leader.
Ripple CEO Garlinghouse comments on Bank of America rumors
During the event, Ripple CEO Brad Garlinghouse also answered numerous questions in the comments section of the online event, making some interesting statements. A community member asked Garlinghouse about the rumor of a partnership between Ripple and Bank of America. Ripple’s CEO did not deny the rumor, but instead gave an ambiguous answer:
I can neither confirm nor deny it … blah blah blah 😉
Ripple CTO David Schwartz also commented on this response and also indirectly validated the rumor:
I would just have said “Glomar”.
Garlinghouse also commented on the progress of SBI Ripple Asia’s implementation of the XRP-based On-Demand Liquidity (ODL) payment solution. As reported by CNF, the joint venture between SBI Holdings and Ripple is currently testing ODL and plans to go into production later this year. Regarding the progress of the plans, Garlinghouse said:
Definitely optimistic … and making progress. no public statement on timing yet
Additionally, Ripple’s CEO also released a statement on the Flare Network, which allows smart contracts to run on XRP Ledger and could allow XRP Ledger to have access to their DeFi industry:
From my point of view Flare is combining the best of XRP (VERY fast settlement), Ethereum (smart contract) and Avalanche (by consensus) which helps extend the usefulness of XRP and allows developers to create smart contracts for new cases. use as a loan and defi.
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