Expert States What Must Happen Before Banks Can Adopt XRP

Digital asset expert Anderson was recently engaged in a conversation involving the impacts of the United States Securities and Exchange Commission (SEC) lawsuit against Ripple.

During the exchange, the digital asset chief asserted that XRP’s expansion is highly unlikely. He stated the only condition that would see XRP gain wide acceptance in the U.S.

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What Elicited Anderson’s Comment?

Anderson’s comment was in response to Bill Morgan, who questioned why the XRP Ledger (XRPL) lacked expansion projects until after the SEC lawsuit was filed.

While the above question was not necessarily directed to Anderson, he still waded into the discussion, claiming that Ripple’s only desire is for the SEC to proclaim XRP a non-security asset like Ethereum (ETH).

The digital asset expert added that banks and other financial firms holding a large share of the money may never adopt XRP without verifying the crypto asset’s security status.

Going further, Anderson cited perspectives from Bob Wey, a member of the XSpectar team working on the NFT project on XRPL. Bob noted that the team in charge of developing projects on the XRPL is taking their time to avoid giving competitors an edge, hence the idea of releasing the latest advancements only when due.

It is worth noting that the court case between the SEC and Ripple has lingered for over three years. Considering most of the court’s decisions last year, it is safe to say that Ripple stands a higher chance of winning the case.

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Ripple Executives Perspectives

Ripple executives seem not to fit the same thought pattern as Anderson. Interestingly, Ripple’s Chief Executive Officer (CEO), Brad Garlinghouse, stated that banking firms are hesitating to adopt crypto assets like XRP because of the SEC’s unyielding regulatory stance in the United States. 

Meanwhile, in a different interview, Ripple President Monica Long was quizzed about the impact of the court ruling on XRP’s adoption. The Ripple president gave a vague and completely unrelated response, leaving XRP community members more confused.

On the positive side, Ripple is devising means to score commendable partnerships despite the regulatory uncertainties. In a recent report by Times Tabloid, the blockchain payment firm is about to make a notable acquisition for in the U.S. market. 

Garlinghouse noted that the acquisition of the crypto custodian, StandardCustody, along with its New York charter, will boost the existing product offerings for Ripple for customers’ maximum satisfaction.

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