Thread by @DiepSanh

Executive Order 13772, titled "Core Principles for Regulating the United States Financial System", is an executive order signed by U.S. President Donald Trump on February 3, 2017. One of the objective is to streamline financial regulations.

Trump as well assigned a task for the US Department of Treasury to report to the President the current regulations and their effectiveness in carrying out these core principles

home.treasury.gov/sites/default/…

Ripple is one of the participants contributing to the report.

Notably, Prosper and Credit Karma, Chris Larsen - Chairman of Ripple - is a founder of the former and and advisor of the latter.

LedgerX - A crypto related platform

IMF is also mentioned, of which Christine Largade is very positive about the future of cryptocurrencies and Chris Larsen also is a member of advisory board.

Cryptographic financial services, distributed ledger tech and blockchain-based network are recognised by the Treasury

They also acknowledge that the many of current regulations, which are outdated, do not fit new technological-advanced products and services

The Treasury encourages regulators to tailor and clarify guidance regarding bank partnerships with nonbank financial firms. That they believe will promote innovation.

As for payments, Treasury is urging the Federal Reserve to move quickly in facilitating a faster retail payment system - real-time settlement service for example.

It is recorded that the US handled over $1 quadrillion in transaction value for interbank rail

There are 3 main barriers to entry and innovation

Money transmitters must register at the federal level with FinCEN. XRP II, a subsidiary of Ripple, did registered with FinCen to exchange XRP virtual currency

The report also cites the “Faster Payments Task Force” - Ripple is one of the contributors contributors in the task force, in which their field is cross-border payment solution.

Ryan Zagone of Ripple is an Elected Steering Committee
fedpaymentsimprovement.org/faster-payment…

The Treasury uses an instant payments settlement system of ECB as an example. - this shows that they are very forward-looking to real-time payment systems.

The UK Faster Payment Scheme is pointed out in the report

All payments going in and out of UK must be cleared by CHAPS, of which Marcus Treacher (Ripple executive) is currently a board member 😁

ripple.com/insights/rippl…

Next, the Treasury as well have an eye on crypto-asset. They use the G20 event to highlight the potential of this new asset class.

Hodor did have a blog talking about the G20 event, explaining how bright the future is for crypto

xrphodor.wordpress.com/2018/03/24/

Coin Center is a not-for-profit organisation that not only proactively work with regulators to develop framwork but also bring better understanding of crypto to the public.

Note that Susan Athey (Ripple director) is also a director at Coin Center

The report also points out some central banks are considering DLT, such as Project Ubin of MAS and Project Jasper of Bank of Canda. Both of which did refer to Ripple in their reports.

mas.gov.sg/~/media/Projec…

payments.ca/sites/default/…

I would love to bear your thoughts on this thread.
@XRPTrump @BankXRP @XrpCenter @Dave_Jonez_02 @RipplePandaXRP @BGIradji @digitalassetbuy @RobtechP @OZCRYPTO2 @ThinkingCrypto1