Will XRP be the world reserve currency?

There’s a new chatter all over the crypto town that Ripple’s native crypto XRP could be backed by gold. These speculations have recently caught fire noting that the world’s leading banks and financial institutions could be accepting XRP for international settlements and will have the backing of gold for its fair value.

However, Ripple’s former director of developer relations, Matt Hamilton has dispelled this misconception noting that such an outcome is impossible. Hamilton explained that XRP is a decentralized cryptocurrency with a finite supply and trades on the open market. He further added that XRP has no issue holding back for gold.

Hamilton adds that it’s not possible to inflate XRP to have a peg with another asset. The only possible contact between gold and XRP will be through the yellow metal’s tokenization on the XRP ledger. “You can track gold by tokenising it on the XRP Ledger and creating a token such as XAU like companies have been doing for the past decade. But you can’t back XRP itself with gold,” he added. For those not believing this, Hamilton offered to exchange one XRP for one ounce of gold.

California plaintiffs on Ripple lawsuit

Recently, attorney John E. Deaton filed a motion to allow seven non-parties to submit an amicus curie brief supporting the defendant’s opposition to the lead plaintiff’s motion for class certification. The California plaintiffs have hit back arguing that Deaton’s proposed brief was procedurally and substantively improper.

The proposed amici included Deaton’s family members and other employees. Thus, the plaintiffs added that they had nothing unique to offer except for rehashing the arguments made by the defendants. Besides, the plaintiffs also added that Deaton’s claims of representing a putative class of 75,890 XRP holders are allegedly false.

Ripple will not win against the SEC

Gene Hoffman, president of the Chia Network, recently stated that Ripple would definitely lose against the U.S. Securities and Exchange Commission in their ongoing battle. His comments came after a recent rift with Matt Hamilton, Ripple’s former director of developer relations.

A Twitter user recently asked Hoffman whether Chia’s native token XCH is a security and whether the company plans. Hoffman responded by adding that Chia’s XCH is not a security and that the company is planning to register a Chia equity. He said that this was the obvious way to be legal.

But Ripple’s Matt Hamilton pointed out that registering equity also did not stop the SEC from going after Ripple. However, Hoffmann hit back stating that Ripple made a mistake by selling XRP even before registering the Ripple stock. He said that Chia Network own XCH but never sold its tokens, thus, it didn’t constitute a security.

Source: crypto-news-flash.com