A former US Treasurer and current Ripple board member has expressed support for XRP amid the current legal struggle between Ripple and US securities regulators.
Rosa Rios, a former Treasurer who joined Ripple’s board of directors in May 2021, came to Twitter on Sunday to reaffirm her belief in XRP while attacking rival cryptocurrencies like Bitcoin (BTC).
Rios said that countries such as China are now cracking down on Bitcoin, claiming that cryptocurrencies such as BTC are nothing more than a tool for speculation. The former US official, tagging Bitcoin, Ripple, and its payment ecosystem, RippleNet, wrote:
“XRP’s primary purpose is facilitating cross border payments while other cryptos find their value in speculation. China’s latest move brings this point home.”
Rios was the United States Treasurer under President Barack Obama from 2009 to 2016, supervising all currency and coin production activities with a $5 billion annual budget.
Rios announced on joining Ripple’s board, “Blockchain and crypto will underlie our future global financial systems,” adding that the company is “one of the best examples of how to use cryptocurrencies in a substantial and legitimate manner to facilitate payments globally.”
Rios is also concerned that bitcoins could be used by criminals. “There’s still a lot of work to be done in terms of actually understanding what’s going on behind the scenes, how blockchain works, and how cryptos are sadly utilized to fund the dark web and other illicit activities,” she said.
Ripple is a distributed open-source protocol and remittance system developed by Ripple Labs in the United States and released in 2012.
Along with being involved in central bank digital currency projects, the company offers a variety of cross-border payment alternatives.
Ripple co-founder Chris Larsen claimed earlier this year that if Bitcoin does not abandon its proof-of-work consensus process, it will lose its position as the world’s most valuable cryptocurrency.