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Droopy

CFTC Chairman Giancarlo was talking about Ripple with congress today. He is a fan!

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4 minutes ago, Droopy said:

Watch the video and you can tell he is talking about Ripple.

I liked it - I have to watch all of the videos from today... lots of homework! 

It was an interesting parallel to draw - the "what if" scenario where he talked about how 2008 might have been better addressed had they had that data available in real-time on "the ledger". 

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I have always felt the powers that be realize an essential tool to weather the next fin crisis will be crypto. Next crisis will dwarf  2008 IMHO. It is not the debt but velocity of money liquidity. We were mere hours away from credit and atm lockup in 2008 . FED is out of bullets now. XRP and others will play a role.

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You guys watch the Nebraska hearing? It's interesting because all the states are waiting for the first-mover to make regulation and rest will copy. None of the elected officials on the panel in Nebraska today really understood crypto. They kept asking how does the "mythical currency" exist? 

There was only 1 person neutral on the legislation and he said we should wait.

And only 1 person who was pro-legislation and he simply was pro for the side-effects of the legislation translating into Series LLC benefits (mainly for farmers wanting to split their business into many entities for risk purposes). 

There was at least a half dozen anti-legislation speakers. And they were asked the most questions. 

It's a good sign that legislators just want to understand what the heck the fuss is about. Nobody seems to have strong negative opinions. I wish Ripple would make a marketing/legal team that would speak at these meetings so they can open their eyes to alt-coins and their direct economic benefits to *existing* financial structures. 

Edited by Atomic1221
clarification

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I actually posted earlier on a livestream thread here that Mr. Giancarlo is referencing Stefan Thomas' article regarding how ILP can help alleviate the poor. 

 

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1 minute ago, x5977 said:

I actually posted earlier on a livestream thread here that Mr. Giancarlo is referencing Stefan Thomas' article regarding how ILP can help alleviate the poor. 

 

People have been talking about blockchain or distributed ledgers helping the poor for quite some time. This isn’t Ripple specific, though, it could be.

These guys are referring the possibilities of the technology generally, not an application of it specifically.

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All i know is my senator from Arkansas, Tom Cotton, is a really great guy and I would imagine he is going to support this tech! 

He’s the senator asking the questions by the way

Edited by Raz

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@Hodor equally interesting to what was said today, is what will be said behind closed doors after today. Particularly for Ripple & XRP, I'm sure companies will be more inclined to be on of the first aboard the xRapid train given the surprisingly positive sentiment today. What do you think? Are you in agreement that today may be a tipping point in corporate acceptance for Ripple's full solutions (XRP & ILP)

Additionally, Synechron did a survey regarding the hindrances to corporations integrating blockchain solutions and the results were:

Quote

Even though regulation serves as a hindrance to action, said Synechron in the release, only 16.7% of firms referred to regulatory direction as an issue, citing technology uncertainties and limitations as the issues they’re more interested in seeing addressed. The most important issue, which was cited by 29.3%, was interoperability (one distributed ledger solution being unable to incorporate with another using a dissimilar core infrastructure). This was closely followed by privacy (20.9%) and scalability (20.5%).

Source:

https://coinreport.net/boards-believe-in-blockchain-says-synechron-survey/

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It's encouraging that today we see the first real signs of the United States government embracing blockchain/DLT/crypto uses without fight, but more absorbing it, attempting to regulate it, and then implement it.  The benefits are beyond many. 

Let's not forget however that our future in XRP rest in the hands of the many powers around the rest of the world who are light years ahead in this regard.  Asia most specifically.  But also dozens of smaller countries spread wide where Ripple and XRP will be implemented on a grand scale far prior to the good ol USA. 

Due to the the cumbersome and bureacratic nature of regulation at the national level in our government and the fact that we have 50 states - each which has it's own laws - and the coordination therein, makes the U.S. slower in the global changeover to this new technology.  As good as the comments made today were  we can clearly see from watching the whole hearing (the questions and the answers) that this will take longer here to implement, making the U.S. a laggard in the changeover.  And I think is okay, because higher friction corridors, and forward acting governments are the area where most XRP use can result at the moment.  Then the U.S., in two years time, when good and ready, can hop on along as well. 

In the immediate however, the comments from Clayton (SEC) portend good things for the markets moving forward from a US perspective.  Again encourgaging.  We've been waiting for this!  Hopefully more to come soon...

Edited by xrphilosophy

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At 1.05 in the video i think he was talking about Omisego (OMG). A lot of coins/tokens are using the blockchain well with real uses but Ripple definitely is on the top of that list.

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1 hour ago, Atomic1221 said:

""Even though regulation serves as a hindrance to action, said Synechron in the release, only 16.7% of firms referred to regulatory direction as an issue"

That's an interesting finding. The Accenture survey from 2016 found that regulation and compliance were the top two reasons for slow uptake given by banks. I note that this survey refers to a broader 'financial services' as respondents so it's probable that banks as a subset are more regulation/compliance conservative than the broader finserve industry.

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