The crypto community reacts to claims of XRP holding a unique competitive advantage due to Ripple receiving regulatory approval from 31 US states.
The XRP community now sees another reason to be bullish about the potential of XRP. In this case, the XRP Army’s bullishness centers around the multitude of licenses Ripple holds across many jurisdictions in the United States.
In a recent tweet, XRP influencer WallStreetBulls highlighted that Ripple holds regulatory approval from 31 US states. In particular, these are Money Transmitter Licenses (MTLs).
The influencer argued that such many approvals grant Ripple and XRP a unique advantage. According to WallStreetBulls, neither Bitcoin (BTC) nor Ethereum (ETH) boasts a similar feat.
Moreover, the XRP influencer highlighted the MTLs as a revolutionary development solely benefiting XRP within the crypto space. In his words:
“…, a unique advantage not held by BTC or ETH. This paves the way for XRP’s mainstream adoption. MTLs allow legal money transmission, a game-changer for XRP alone in the crypto space!”
🚀 Ripple holds Money Transmitter Licenses in 31 U.S. states, a unique advantage not held by BTC or ETH. This paves the way for $XRP's mainstream adoption. MTLs allow legal money transmission, a game-changer for XRP alone in the crypto space! 💥 #XRP #CryptoNews
— WallStreetBulls (@w_thejazz) August 27, 2023
Crypto Community Reacts
While some XRP enthusiasts agreed with WallStreetBulls’ sentiments, the border crypto community contended the sweeping claim.
Since the XRP influencer argued Bitcoin and Ethereum do not hold the licenses Ripple held, someone left a disapproving remark:
“I’m sure Bitcoin CEO will work out for a license.”
The comment implies that comparing Bitcoin and Ripple in terms of regulatory license was incorrect. Bitcoin is digital money not needing a license, while Ripple is a payment firm requiring approval to process people’s funds.
Meanwhile, others mentioned that Ripple is not the only digital payment firm with that many regulatory licenses. They highlighted that Flexa Network also holds 31 approvals from various jurisdictions in the United States.
Ripple Money Transmitter Licenses
Notably, Ripple’s official website confirms the business maintains 31 Money Transmitter License from the US. Missing names on the list include California, New York, Texas, and Florida.
Meanwhile, it is worth noting that Ripple has regulatory approvals outside of the United States. In June, Ripple became one of the few businesses to hold regulatory approval from Singapore, as The Crypto Basic reported.