Ripple CEO Claims XRP Is Not Used For Any Elicit Activity

It has been some days after ,Steven Mnuchin, the Treasury Secretary of United States have raised concerns about cryptocurrencies being used for illegal activities and hugely unregulated resulting to huge fluctuations in prices that may hurt investors in the space.

Hot in the heels of these statements is Ripple CEO Brad Garlinghouse who seemingly wants to grab the spotlight towards his company’s crytptocurrency, XRP, which he describes does no facilitate crime and money laundering.

He stresses the importance of the regulations of the nascent industry and carefully study them to determine how they can be integrated into the existing financial system.

The CEO also adds the growing threat that the U.S. might fall behind other countries in terms of blockchain and regulator clarity and allowing the risk of foreign powers to take control of the disruptive industry and perhaps resulting to losing the country’s influence in the global economy.

The Secretary Mnuchin’s statements seem to echo the sentiment of the President of the United States of America, Donald Trump, who said that he is not a fan of cryptocurrency and bitcoin as it is being used for illicit activities and is not backed by anything

Interestingly the price of Bitcoin (BTC) surge right after the Trump shared his sentiments showing again that the emerging asset class is beyond the influence of any one person, group government or any entity.