Amongst the ongoing legal boxing between Ripple and United states of america' securities regulators, a old U.S. Treasurer and Ripple board member has voiced support for XRP.

Former Treasurer Rosa Rios, who joined Ripple'south lath of directors in May 2022, took to Twitter on Sunday to reiterate her confidence in XRP while criticizing other cryptocurrencies such as Bitcoin (BTC).

Rios argued that jurisdictions like China are now nifty down on Bitcoin, as cryptocurrencies like BTC allegedly provide nothing more than a tool for speculation. Tagging Bitcoin, Ripple and its payment ecosystem, RippleNet, the quondam U.South. official wrote:

"XRP'south primary purpose is facilitating cross border payments while other cryptos observe their value in speculation. Communist china'due south latest move brings this point dwelling house."

Rios served as the U.Southward. Treasurer from 2009 to 2022 nether President Barack Obama, overseeing all currency and money production activities with an almanac budget of $5 billion.

"Blockchain and crypto volition underpin our future global financial systems," Rios declared on joining Ripple's lath, adding that the firm is "one of best examples of how to apply cryptocurrency in a substantive and legitimate role to facilitate payments globally."

Rios also expressed concerns over cryptocurrencies existence a tool for criminal actors. "There's even so a lot of work to exist done in terms of really knowing what's behind the drape, how blockchain really works, how unfortunately cryptos are used to fund the dark web and other illicit activities," she said.

Related: Ripple is helping Bhutan pilot a CBDC

Released in 2022, Ripple is a distributed open-source protocol and remittance system created by U.South. company Ripple Labs. The visitor provides a number of cantankerous-border payment solutions aslope existence involved in key bank digital currency projects.

Earlier this year, Ripple co-founder Chris Larsen argued that Bitcoin would lose its leadership equally the globe'southward about valued cryptocurrency if it doesn't move away from its proof-of-work consensus mechanism.