In a recent tweet by American Patriot and cryptocurrency enthusiast, DOQ, he referenced Executive Order 13818, issued by former U.S. President Donald Trump.
The Executive Order (EO), which expands upon the Global Magnitsky Human Rights Accountability Act, allows the U.S. government to sanction individuals and entities involved in serious human rights abuses or corruption.
DOQ speculates on the potential ramifications of this EO about Ripple Labs, a blockchain-based payment settlement company, and its cryptocurrency, XRP.
Executive Order 13818: Background and Scope
Trump’s Executive Order 13818 was signed on December 20, 2017, in response to global human rights abuses and corruption. Under this order, the U.S. Department of the Treasury has the authority to seize assets of foreign individuals and entities involved in these activities.
The Office of Foreign Assets Control (OFAC), a division of the Treasury Department, is responsible for enforcing this order. It allows the freezing of U.S.-based assets and restricts transactions for those implicated. This EO builds upon the Global Magnitsky Act, which also targets human rights violators, though it primarily focuses on foreign entities.
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Ripple and XRP: A Brief Overview
Ripple Labs is a company that developed the Ripple payment protocol and its associated cryptocurrency, XRP. The system is designed to facilitate fast and low-cost international money transfers , often touted as a more efficient alternative to traditional banking systems.
Since its inception in 2012, Ripple has positioned itself as a solution for cross-border transactions, and XRP has emerged as one of the largest cryptocurrencies by market capitalization.
However, Ripple has faced its share of controversies, including legal disputes. One of the most notable is the ongoing case with the U.S. Securities and Exchange Commission (SEC) , which alleges that Ripple conducted an unregistered securities offering through the sale of XRP. Ripple has contested these claims, asserting that XRP is a digital currency and not a security.
The Connection Between EO 13818 and Ripple
DOQ’s tweet raises the hypothetical question of whether Ripple and XRP could be implicated under Executive Order 13818. This speculation stems from a theory that if Ripple were involved in human rights abuses or corruption, the U.S. Treasury could seize the company’s assets.
DOQ goes a step further, suggesting that if it were proven that Ripple was created as part of a larger conspiracy or “master plan” to harm U.S. citizens, the government could take action.
While this theory is speculative, it does hinge on the legal mechanisms provided by EO 13818. If Ripple were involved in illicit activities, such as corruption or human rights abuses, the U.S. government could exercise its powers under the EO to freeze or seize Ripple’s assets.
However, no evidence has been presented to substantiate such claims about Ripple, and no formal investigations of this nature have been announced by U.S. authorities.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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