As we observe history and look at how trendsetting products and services set the pace for the adoption of the things we take for granted, such as the introduction of the smartphone, we realize that the same history is once again repeating itself with the Ripple company and the XRP (XRP) coin. In a sense, the court cases against Ripple are actually good for the entire crypto-verse as shall be elaborated in a bit. The same applies with the SEC reluctance to classify the digital asset as a security.
The way any court system works when it comes to monumental cases such as the 3 that are being faced by Ripple, is that the verdict on one previously unheard of case, sets precedence for rulings in the future for similar cases. Take for example the court case of Brown v. the Board of Education. The ruling that racial segregation in schools was unconstitutional from that case in 1954, has paved the way for numerous students from different racial, cultural and global backgrounds, to attend not only public schools in America, but also institutions of higher learning.
Therefore, once a ruling is made on any of the 3 cases against Ripple, any other crypto related court case will quote the verdict – may it be positive or negative – in its defense. Ten to twenty years from now, the Ripple court cases will be in the annals of history as evidence of how a company can use a digital asset in its payment solutions, and still maintain that it is entirely separate from the digital asset. This separation will validate XRP as an entity by itself and perhaps a legal form of tender. Even the SEC will see that XRP is not a security.
Ripple is also introducing new blockchain technology to the financial industry through its numerous partnerships with banks and remittance service providers. What Ripple has accomplished, and will continue to accomplish, will ease the fear banks have in embracing new technology. As a result, more and more banks will start exploring blockchain and cryptocurrencies as a way of making their banking systems more efficient for themselves and their customers.
Moving over to XRP, the members of the global community behind the coin are the true crusaders for its adoption. Back in mid-May, an XRP fan managed to pay for his haircut using XRP (screenshot below).
Similar crypto adoption has been reported in Spain where you can now pay for your taxi ride and coffee using TRX.
Summing it all up, crypto adoption will be a long road that will be spearheaded in more ways than one by the ongoing cases against the Ripple company and by the use of XRP by the global community backing the coin.
Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.
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