A rumor is currently circulating on Twitter regarding a potential connection between Ripple Labs and the US Federal Reserve. While the story may seem far-fetched, it is worth exploring and discussing.
The rumor originated from a popular XRP army member known as @NFAdotcrypto. This user shared a video clip from Fed chairman Jerome Powell’s semi-annual testimony before the US Congress. During the testimony, Congressman Wiley Nickel asked Powell about his recent attendance at a concert by the Grateful Dead, an American rock band. Powell responded that he had been a fan of the Grateful Dead for 50 years. Congressman Wiley Nickel then replied, “I’ve found a universal truth – I like people who like the Grateful Dead.” This interaction is where the rumored connection to Ripple comes into play.
In a 2018 video about Ripple’s beginnings, founder and current executive chairman Chris Larsen expressed his love for the Grateful Dead. He also shared how he had to purchase the Ripple domain from a super-fan of the band who owned it due to their song “Ripple”. This seemingly coincidental connection between Powell’s affinity for the Grateful Dead and Ripple’s fondness for the band has sparked speculation about a potential link between Ripple Labs and the US Federal Reserve.
While Powell’s statements and the band’s connection may seem superficial, they raise intriguing questions about the relationship between Ripple and the central bank. However, it is up to individuals to judge whether these statements are sufficient evidence of any actual cooperation.
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During the two-day hearings before the US Congress, Powell made other noteworthy remarks regarding cryptocurrencies. He acknowledged that the Bitcoin and crypto asset class appears to have staying power in the US economy. Powell also addressed the topic of stablecoins and expressed the need for a robust federal role in their regulation.
These remarks, combined with the rumored connection between Ripple and the Federal Reserve, have reignited speculation about Ripple’s potential involvement in the central bank’s plans. One specific focus of speculation is FedNow, a new instant payments infrastructure set to launch in July. Speculation suggests that RippleNet, Ripple’s payment network, could serve as the foundation for the digital transaction network.
This speculation gained traction earlier this year when it was discovered that three of Ripple’s partners, including ACI Worldwide, Finastra, and Volante Technologies, were on board for the launch of FedNow. The XRP army, a dedicated community of XRP supporters, ponders whether Ripple’s involvement could extend beyond its existing partnerships.
Supporters of these rumors also point to a document from the Atlanta Fed in May 2023, which credited Ripple and Stellar for their efforts to make value transfers cheaper. The document specifically mentions Ripple’s native token, XRP, as an international payment medium or wholesale settlement coin.
As of now, the XRP price does not appear to have been influenced by these rumors. XRP is currently trading at $0.4919, experiencing a 3.2% decrease in the last 24 hours.
In conclusion, rumors of a connection between Ripple Labs and the US Federal Reserve have resurfaced, fueled by Powell’s statements about his love for the Grateful Dead and Ripple’s historical affiliation with the band. While these rumors may seem far-fetched, they raise thought-provoking questions about Ripple’s potential involvement in the central bank’s plans, particularly with regards to the upcoming launch of FedNow. It remains to be seen whether these rumors hold any truth or are simply coincidental speculations.
