When it comes to XRP, the entire cryptocurrency world starts taking sides immediately. Due to the fluctuating movements of the SEC case and the dwindling patience of investors, a cloud of uncertainty has always loomed over the cryptocurrency.
Last month, as a result of the decision announced by the court, XRP won a major victory in the SEC case and experienced significant price increases. However, the price could not stay at the desired level and declined again. Today, it was announced that the SEC will file an appeal. So, what is happening around XRP?
Warren Davidson, a member of the United States Congress, expressed his astonishment at the response from the XRP community regarding Ripple‘s collaboration with Central Bank Digital Currencies (CBDCs). Davidson, a vocal critic of CBDCs, is determined to oppose this concept through legal means.
I couldn’t be more against CBDC. I want designing, building, developing, testing, or setting up a CBDC to be considered a crime. One ring to rule them all… Throw it into the fire.
On August 15th, Davidson conducted a poll on Twitter, asking XRP holders for their opinions. He inquired whether they participated in Ripple’s CBDC efforts or had strong opinions on the matter. More than half (53%) clicked the option “I don’t care” and showed little interest. Approximately 28% liked XRP, but were not enthusiastic about Ripple’s CBDC project.
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” about Ripple’s CBDC projects and openly states that he is not interested in CBDCs:
CBDCs are a diabolical tool that corrupts money into a tool of oppression and control.
CBDC is a digital version of a country’s currency regulated by its central bank. While governments see advantages in the adoption of CBDCs such as improved 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 your spending preferences and dictate where and how you use your money continues to be a major concern for many.