When it comes to XRP, the entire cryptocurrency world takes sides. Due to the fluctuating movements of the SEC case and the impatience of investors after a long wait, a cloud of uncertainty has always loomed over the cryptocurrency.
Surprised by a Respected Figure
Last month, following the court’s decision, XRP won a major victory in the SEC case and experienced significant price increases. However, it could not maintain its desired level and declined again. Today, it was announced that the SEC will file an appeal. So, what is happening around XRP?
United States Congressman Warren Davidson expressed his surprise at the response from the XRP community regarding Ripple‘s collaboration with Central Bank Digital Currencies (CBDCs). As a vocal critic of CBDCs, Davidson is determined to oppose this concept through legal means.
“I couldn’t be more against CBDC. I want designing, building, developing, testing, or launching CBDCs to be considered a crime. A single ring to rule them all… Throw it into the fire.”
Davidson Claims CBDCs are Harmful
Davidson conducted a survey on August 15th via Twitter, asking XRP holders for their opinions. He inquired whether they participate in Ripple’s CBDC efforts or have strong opinions on the matter. More than half of the respondents (53%) clicked the option “I don’t care” and showed little interest. Approximately 28% liked XRP but were not enthusiastic about Ripple’s CBDC work.
About 18.9% expressed their support for XRP due to Ripple’s CBDC efforts. Davidson expresses his surprise at XRP holders on Twitter being so “overly defensive” against Ripple’s CBDC work and clearly states his lack of interest in CBDCs:
“CBDCs are a devilish tool that corrupts money into a tool of oppression and control.”
CBDCs are a digital version of a country’s currency regulated by its central bank. While governments see benefits in adopting CBDCs such as advanced monetary policy, combating illegal transactions, and facilitating smoother cross-border payments, critics have significant concerns about privacy and control.
The possibility that CBDCs could be programmed to restrict spending preferences and dictate where and how money is used continues to be a major concern for many.
