Former US treasurer forced to apologise for tweet supporting Ripple (XRP)

Tue 28 Sep 2021 ▪ 11h04 ▪ 4 min read — by Hugh Renolds

Rosie Rios, former Treasurer of the United States of America and now one of the board members of the crypto payment giant Ripple (XRP), was forced to excuse herself for a recent tweet in support of XRP.

According to the opinion voiced by Rios, Ripple is the only crypto asset that has real value. Other cryptocurrencies are nothing but speculative assets, she claimed.

Rios reached out to the community on Twitter and tried to clarify her point of view so as to avoid misunderstandings. According to her, XRP is creating and offering solutions for cross-border payments on its own blockchain, while developers from other projects are focused on products and services relying on several other distributed ledgers and their cryptocurrencies.

There’s an obvious contradiction in Rios’s statement

Even after Rios clarified her point of view, it didn’t look any milder.

The Ripple board member has basically elevated XRP’s role over the rest of crypto assets.

While Ripple is creating an infrastructure for cross-border payments that can already be carried out with ease using Bitcoin (El Salvador), distributed ledgers like Ethereum, Solana, Avalanche, and others, are aimed at building entire decentralized ecosystems, the combination of which can be safely called the first step towards creating a truly decentralized Internet.

Now, compare another payment service with technology equivalent to the invention of the world wide web.

The statement faced serious criticisms

According to the portal U.Today, Rios’s statement caused a surge of bewilderment in the community. If this tweet was just a common PR move, then many of Rios’s readers considered it extremely unfortunate.

XRP Ledger developer Nick Bougalis criticised her for taking on the role of a sole arbiter advertising the mission of XRP.

It is likely that Bugalis’s position is caused by the fact that the developers of XRP Ledger are exploring other options for using the digital currency and the Ripple blockchain. Their goals include smart contracts, non-fungible token technology (NFT) and central bank digital currencies (CBDC).

For some reason, Rios completely overlooked those merits and intents of Ripple and only emphasized the potential of XRP as a provider of solutions for cross-border payments, thereby devaluing the efforts of developers focused on other uses of the cryptocurrency.

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Hugh Renolds avatar
Hugh Renolds

I believe in the bright future of crypto. I have been investing since 2017 and look to share my experience in, and thoughts on, crypto and the blockchain.


The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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