On March 13, a document titled "Comprehensive Proposal: XRP as a Strategic Financial Asset for the U.S." emerged on the SEC website, sparking a stir in the crypto community. The five-page document implies that XRP might play an important role in America's financial policy.
According to the document, adopting XRP could free up $1.5T from Nostro accounts while saving $7.5B in transaction fees each year. It suggests using the savings to purchase Bitcoin as a strategic reserve asset. The document proposes to declare XRP a payment network, not a security. The DoJ would also relax the bank restriction on XRP. Implementation is expected to take 6 to 24 months.
It also suggests roles for other cryptocurrencies. For example, Bitcoin would be used as a reserve asset, and Solana for high-speed blockchain applications. Cardano, on the other hand, would be used for academic credentialing and smart contracts.
While the proposal's origin is unclear, it has sparked discussions about cryptocurrency's potential role in national financial strategies.
