In a recent interview with Ray Fuentes, Sean McBride, former Director of Global Talent Acquisition at Ripple Labs, discussed the growth of XRP and addressed concerns about whether government entities or the SEC are intentionally influencing or suppressing its price. The conversation highlighted the possibility that these actions could be aimed at shaping public perception of XRP and the broader asset class it represents.
When Ray Fuentes asked, “Do you think it’s because they (Gary Gensler and Elizabeth Warren) want to buy it at these suppressed prices, or what are your thoughts?” McBride responded, “I won’t speculate on that. I’ll let other people do that. But, you know, the fact of the matter is banks and institutions will not take the risk of using an asset when there’s a hostile regulatory landscape.”
McBride explained that banks and financial institutions are unlikely to adopt or use digital assets like XRP in an environment perceived as hostile due to regulatory risks and uncertainty. This reluctance creates significant barriers to adoption, as institutions prefer to avoid assets that could expose them to potential legal challenges, which might explain why XRP has not achieved broader institutional acceptance despite its potential.
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Institutional Silence and NDAs
McBride suggested that financial institutions might be bound by non-disclosure agreements (NDAs) or other constraints that prevent them from publicly acknowledging their involvement with Ripple or the use of XRP. This secrecy could result from the ongoing legal and regulatory challenges Ripple faces, including the SEC lawsuit. Political pressure from figures like Elizabeth Warren has contributed to the perception that XRP is under attack.
McBride argues that XRP’s technology is advanced and ahead of its time. He believes that the slow adoption of XRP is not due to outdated technology but rather because it takes time for people and institutions to accept and integrate it into their systems.
He also finds it unusual and concerning that many government officials, including those he has connections with, are reluctant to discuss or acknowledge XRP and Ripple. Despite his personal relationships with some Congress members and Senators, they refuse to engage with the topic, which he finds strange.
Cre: coinpedia
I’m Jessi Lee, currently living in Singapore. I am currently working as a trader for AZCoin company, with 5 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
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