- Interestingly, this report states that BTC and ETH have no intrinsic value.
- Manincor also reveals through a video that Susan Friedman, Head of Policy at Ripple was mentioned in the UK crypto report.
Crypto analyst Cypress de Manincor claimed Ripple was involved in the UK lawmaker report on crypto that was published this week. “Isn’t Ripple being sued for selling unregistered securities? So why are they part of a regulatory paper from UK lawmakers stating BTC and ETH have no intrinsic value?” asked Manincor in his latest Twitter post.
In a video shared along with the post, the analyst claimed that it was a little suspicious that Ripple, while going through an intense legal battle, would be able to buy Swiss-based crypto custody provider Metaco for $250 million. Manincor also found it strange that Metaco claims it is the “institutional standard for digital asset services.”
The analyst then moved on to the latest news where a panel of UK lawmakers said in a report that BTC, ETH, and other crypto should be regulated as gambling given the significant risks they pose to consumers.
However, Manincor pointed out that in the report, the lawmakers mentioned that innovative technologies have the potential to bring benefits to financial services and the wider economy, and only distributed ledger technology was cited as one such example.
Nonetheless, the biggest reveal is that Ripple was consulted in the making of this report. Susan Friedman, Head of Policy at Ripple was mentioned in the witnesses section in the report. Manincor also wondered why no other company was consulted in the writing of this report.
Although at the end of the post, Manincor added that XRP was about to be crowned king because of these developments. The comment section was also rife with XRP supporters, agreeing with the observations and cheering Ripple on.
Meanwhile, XRP has benefitted from a 4.24% surge over the last day and a 10.34% jump over the last week. With a market cap of $24,175,308,391 and a 24-hour trading volume of $1,231,352,709, XRP is currently trading at $0.4664.