Government cannot Confiscate XRP Tokens, Says Former Ripple Labs Director

Just about every cryptocurrency investor is aware of the Ripple Labs and SEC lawsuit. The case has been in the courts for two years, and it is said to carry larger implications for the entire crypto market. However, despite the ongoing investigation and lawsuit, XRP has maintained its position in the top 10 cryptocurrencies by market cap.

It seems that the SEC lawsuit has provided clout to the controversial token rather than hurt its image. To this end, the former Director of Ripple Labs, Matt Hamilton, has recently tweeted some important legal points.

He talked about the technical reasons that prevent the government agencies from confiscating the XRP tokens while he was addressing the XRP Community on Twitter.

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Matt Hamilton has Raised his Voice in Favor of the XRP Community

Hamilton has a massive XRP token on account of his association with Ripple Labs management. However, he has extended his support on several occasions to raise technical points in favor of the XRP community. In his recent tweet, he reiterated his point that the government can’t issue a cease-and-desist order for XRP tokens.

According to him, the value of the XRP token is determined by the investors and stakeholders rather than the issuer. He further stated that both XRP and Bitcoin hold intrinsic value. He explained that the price of both digital currencies depends on the transactional rules stemming from their circulation within the DeFi sector.

At present, some rumors are circulating in the cryptocurrency markets that there is a threat of XRP getting confiscated by the government. Hamilton provided three reasons to discredit such rumors.

According to him, the first reason that XRP cannot be sealed is that it is a decentralized cryptocurrency, and it is not possible to contain its major stakeholders for the state.

The second reason he provides is that the government can create a new cryptocurrency as a national digital token more easily than raining down on the XRP project.

The third reason he presented is that in case the government bans XRP through the legislature, there is always the option for XRP Ledger to make a comeback in the form of a fork.

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