XRP News today: we will be discussing if the latest speculation concerning XRP being backed by Gold relates to the controversial XRP buyback proposal? Finally, to our main focus for the day, following LBRY's opinion, does Ripple have the power to save the US crypto industry?
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What are we going to talk about in today's XRP video?
CHAPTERS:
0:00 XRP News today
1:11 Stuart Alderoty against Gary Gansler because of XRP
3:52 XRP Ledger-powered retail payment solution
6:03 XRP may be backed by gold
8:15 Does xrp ripple have the power to save crypto?
10:14 Conclusions
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Give me more information about today's video
Ripple General Counsel Stuart Alderoty has asserted that United States Securities and Exchange Commission Chair Gary Gensler should recuse himself from votes on enforcement actions declaring cryptocurrencies as securities.
It comes as Gensler, in a recent interview with New York Magazine, expressed that all cryptocurrency transactions aside from Bitcoin spot trading and the use of crypto to purchase actual goods fall under SEC's purview.
"Everything other than bitcoin," is a security Gensler reiterated. Unsurprisingly, his statements have attracted significant pushback from crypto lawyers.
Alderoty, in a tweet today, citing Antoniu vs SEC, asserted that the SEC chair must recuse himself from enforcement action votes regarding cryptocurrencies alleged to be securities as he has prejudged the outcome.
Characteristically, Attorney James K. Filan, a pro-XRP attorney who has closely followed the SEC case against Ripple, was on hand to provide a document summarizing the case details.
In the cited case, the SEC had prevented the petitioner from gaining securities-related employment due to previous violations, instituting a litigated administrative proceeding to make this restriction permanent.
Notably, while the process was pending, an SEC commissioner, in a speech, asserted that the limitation was permanent.
The court ruled in favour of the petitioner, who argued that the involvement of this commissioner biased the case.
Consequently, the court lifted the restriction and instructed the agency to review the evidence afresh without the participation of the biased commissioner.
The court ruled on the idea that all trials should have "the appearance of complete fairness."
Notably, Alderoty's statements received support from Attorney John Deaton, who represents thousands of XRP holders as a friend of the court in the SEC case against Ripple.
Deaton described the Ripple attorney's take as a "Brilliant move," adding that it was worth raising before the House Financial Services Committee.
Bill Morgan, another pro-XRP attorney, asserted that Alderoty was correct, adding that Gensler has continued to make these claims despite a lack of investigations on most cryptocurrencies.
Similarly, former Ripple Director Matt Hamilton debunked the latest rumours that XRP Will be backed by gold, stating, "you can't back XRP itself with gold." According to Hamilton, what is possible is to track gold by creating an XAU token on the XRP Ledger.
A view supported by the former Ripple director explained that to back 1 XRP with 1 ounce of gold, you would need 2.8 million tons of gold for the 100 billion XRP token supply.
Hamilton pointed out the impracticality of this as humans have only managed to mine about 208,8 tons of gold in our history.
Hamilton asserted that an even more significant concern is that XRP has a finite supply while gold inflates by about 0.3% annually.
It is worth noting that the XRP community is no stranger to conspiracy theories and speculation. Schwartz, in the past, has had to debunk narratives that XRP traded as high as $327k on a private ledger.
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