- A proposal suggesting XRP as a strategic US financial asset appeared on the SEC website, authored by the relatively unknown Maximilian Staudinger who confirmed authorship on social media.
- The document claims integrating XRP could unlock US$1.5 trillion from Nostro accounts and save US$7.5 billion annually on government payments.
- The proposal contains a mathematical error by suggesting the freed funds could purchase 25 million Bitcoin at US$60,000 each, exceeding Bitcoin’s maximum supply of 21 million.
- Critics have dismissed the proposal as unrealistic speculation, questioning why the US would adopt XRP when two-thirds of its supply remains controlled by its issuing organisation.
A recent proposal has raised eyebrows and left people wondering what’s going on at the US Securities and Exchange Commission (SEC).
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Because, last week a proposal appeared on the Commission’s website, suggesting XRP as a strategic asset.
I can already hear you ask: What, the SEC that is suing Ripple over XRP?
SEC Not Behind the Proposal, But Who Is?
But calm down, because the proposal is not from the SEC, rather it is posted on the SEC website. And anyone can make proposals which end up on the agency’s site, which makes it basically a public comment.
Who’s the comment from and what does it want?
Well, not much is known about the person, other than their name: Maximilian Staudinger.
It is not known who Staudinger is, and a LinkedIn search reveals three people with the name have a profile on the platform – though none of them seems closely connected to the crypto community.
An account on X, named Maximilian Staudinger with just over 200 followers, confirmed that the post was written by them and was meant to highlight the potential of XRP.
What’s In the Proposal?
The proposal suggests that the US could unlock US$1.5 trillion (AU$2.37 trillion) from Nostro accounts by integrating XRP into the financial system as a payment asset.
The document claims XRP could become the payment rail for financial transactions, potentially saving the US $7.5 billion (AU$11.85 trillion) annually on state-level payments including Social Security.
The proposal also contains a mathematical error in suggesting the US could acquire 25 million Bitcoin with freed-up funds, which exceeds Bitcoin’s maximum supply cap of 21 million.
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Many on Twitter have ridiculed the proposal as unrealistic, and some have even written lengthy comments about it. Like Frank Corva, who wrote on bitcoinmagazine.com:
Given how faulty the logic behind this proposal is, it’s difficult to consider XRP a strategic asset. Plus, why would the U.S. government do so when two thirds of the supply is still in the hands of the organization that issued the asset?
Frank Corva, Political CorrespondentOthers have suggested that it’s not more than mere speculation and just one of many proposals and we probably shouldn’t read too much into it.
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