Key Takeaways
- The White House has published its long-awaited crypto report.
- The report makes almost no mention of Ripple or XRP.
- Members of the XRP Army aren’t disheartened, however.
In its 160 pages, the White House’s report, “Strengthening American Leadership in Digital Financial Technology,” barely mentions some of the biggest names in crypto.
This includes Ripple, which is relegated to a single-page infographic where it shares space with over a hundred other brands.
Nevertheless, some advocates of Ripple’s technology have latched on to the report’s emphasis on cross-border payments, which could be bullish for XRP.
Ripple (Almost) Absent White House Crypto Report
Published on Wednesday, July 30, the White House report summarizes the highly anticipated findings of the President’s Working Group on Digital Asset Markets, which was established by Executive Order in January.
The report offers a number of recommendations for the Treasury and regulators, including the SEC, CFTC, and IRS.
Although it doesn’t go into technical detail, the report highlights the central role played by Bitcoin and Ethereum. However, other blockchains receive little attention.
In the text of the report, there is no mention of some of crypto’s heavy hitters—Ripple/XRP, Tether/USDT, Binance/BNB, or Cardano/ADA (Solana gets a single mention, but only in passing).
- Source: Strengthening American Leadership in Digital Financial Technology.
Companies that are represented in the report, and even contributed material, include Coinbase and Circle, which are known for their proximity to Washington, and in Coinbase’s case, intense lobbying efforts.
An exception to the White House’s tendency to avoid specific firms and projects can be found on page 13 of the report in an infographic showing a timeline of crypto adoption.
Focus on Cross-border Payments
While the digital assets working group chose not to highlight specific projects, probably in an attempt to avoid charges of favoritism, they did present a table of recommendations that provides insight into the White House’s priorities.
First among these recommendations, the report calls on the Treasury and relevant agencies to “promote private sector leadership in the responsible development of innovative cross-border payments.”
Some members of the XRP Army took this as a positive sign, given the significant adoption of RippleNet by banks and money transfer operators.
However, in reality, the report’s cross-border focus was more oriented toward stablecoins, an area where Ripple lags behind the market leaders.
James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
