XRP Proposal Gains Attention: SEC Stance Clarified on Document

A recent document spreading widely on social media claimed to be a proposal about XRP being used as a strategic financial asset for the U.S. The document, posted on the SEC’s website, provided a detailed economic analysis, suggesting that XRP could unlock trillions in liquidity and significantly reduce transaction fees. Although the proposal seemed to present a clear roadmap for XRP’s adoption in the U.S. financial system, a key clarification was issued shortly after it began circulating. 

A Clarification from an XRPL Validator

XRPL validator, Vet, quickly clarified that the document was not written by the U.S. Securities and Exchange Commission (SEC), despite its appearance on the SEC’s website. Vet explained that anyone can submit proposals to the SEC, and once reviewed, these submissions are published on the site, but they don’t reflect the agency’s official position. This clarification helps clear up confusion within the XRP community and beyond, about the nature of the proposal, emphasizing that the proposal is not a policy statement but an independent submission. 

What the Proposal Suggested

The circulated document highlighted several key points, including XRP’s potential to transform the U.S. financial system. It estimated that XRP could unlock $1.5 trillion in capital from global Nostro accounts, which are estimated at $5 trillion. Furthermore, the proposal claimed that using XRP could save $7.5 billion annually in transaction fees. It also suggested that XRP could play a part in creating a national Bitcoin reserve, yet the SEC has not taken any action to implement such recommendations.

XRP Community’s Reaction to the Proposal

The document quickly gained traction within the XRP community, with many viewing it as a promising step toward widespread adoption. However, some users were quick to criticize the haste in sharing the information without verifying its authenticity. A user named Badwie remarked on social media, urging the XRP community to refrain from sharing unverified content, and stressing the importance of accuracy in discussions about regulatory developments.

The event has sparked wider discussions on the need for the crypto community to carefully evaluate sources before making significant claims. The rapid spread of the document, coupled with the subsequent clarification, serves as a reminder of the importance of distinguishing between independent submissions and official policy actions.

The Path Ahead for XRP

Despite the misinformation surrounding the document, XRP supporters remain focused on pushing for legal clarity and broader adoption within the financial sector. The proposal, though not endorsed by the SEC, does highlight growing interest in XRP’s potential use as a global financial tool. 

As the legal landscape continues to evolve, it will be important for the community to stay informed and approach such matters with a close eye.