- Recently, the recent decision by Judge Analisa Tores denying the joint Motion filed by SEC and Ripple has rekindled discussion around ownership of XRP escrow.
- An expert in crypto has confirmed that there is no rule currently preventing Ripple to sell its escrowed currency.
The US Securities and Exchange Commission and Ripple labs filed a joint petition to the US Judge Analisa Torres to dissolve permanent injunction and lower the $125million penalty. noted Our recent blog post.
This has sparked a new debate between developers, legal analysts and blockchain experts on Ripple’s unilateral control of XRP within the escrow.
Brad Kimes of XRPLasVegas said that Torres’ decision could potentially pave a way for the US to purchase the escrowed XRP as part of its national crypto reserve. Edo Farina joined this discussion and clarified that Ripple can sell its escrowed XRP.
It is not a post, Farina claimed that the Bank for International Settlements, the US Treasury and the International Monetary Fund have all acquired a significant portion of XRP from the escrow. He said that the contract dates back to 2019.
According to his observations, the SEC litigation was in progress at the time that the Non-Disclosure Agreement (NDA) was signed. He also stated that the claims he made are based upon “his strong reasons” Evidence is more important than proof.
Ripple does not own all the escrowed XRP. Yes, the XRP Ledger is fully transparent, anyone can verify the total supply and how much is currently held in escrow. What we cannot verify is the behind-the-scenes activity. Ownership of the escrowed XRP remains unknown.
Discussed in the Past: Transferring XRP to another entity
John Squire is a well-known crypto influencer who has previously stated that the US could seize XRP escrow to use as a national reserve.
Bill Morgan of Pro-XRP has said that such a thing would never occur. Ripple, according to Marc, may give XRP as a donation to the government. However, they may require a revaluation of at least $7500 for each coin.
VET, a leading XRPL dUNL Validator, explained in an earlier post that Ripple was able to give XRP escrow control over the US government with a simple transaction. VET revealed that the key for the XRP escrow account (37.7 Billion XRP), which holds the escrow money, could be transferred to the US Government’s account, giving it full control.
Mayukha Vasdari, Senior Software Engineer, RippleX believes the transfer can be made using an “all-or-nothing” approach.
Already, XRP and Cardano have been added to the US national reserve as assets. indicated The discussion we had earlier was a good example. In this context, the Federal Housing Finance Agency asked Fannie Mac and Freddie Mac, in a landmark move, to acknowledge crypto holdings on mortgage applications. detailed In our latest news bulletin.
In the moment of this writing, XRP traded at $2.188. 4.4% Last 24 Hours 2% According to our data, the following happened in the past 7 days: In our opinion, recent analysisOn the long-term, XRP may reach $17. It would have to first surpass its highest price ever of $3.4, and also explained In our previous publication.
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Source: www.crypto-news-flash.com
