What does the XRP ruling say about us?
Unity, Resilience, and the Awakening of the Crypto Community
In this article, lorepunk navigates the recent XRP ruling, prompting us to reflect on our collective resilience and the future of web3. Her introspective commentary is not just about crypto— it's a call to action, urging unity and a renewed focus on our communal ethos. Let's dive into "What does the XRP ruling say about us?"
- Jordan
Where were you when you heard the news?
The news I refer to, of course, is the summary order released by the judge in the legal case that has been going on to examine, among other things, whether XRP is a security.
I heard the news when I was working (well, checking Discord), and the hairs stood up on the back of my neck. Seriously. After a punishing bear market and a frosty crypto winter, the news was like a sunbeam penetrating a maelstrom.
Crypto Twitter and the markets reacted similarly. Such a massive sigh of relief and jubilation! ETH over $2K, punks finally close to the $100k watershed, XRP itself up over 60%.
The summary opinion itself is no clarion call of absolute judgement. It comes from a district court, and the SEC can appeal it higher. Other district courts can disregard it. It’s a step in the right direction, for sure, but we are not out of the woods yet. The pump on the news is a good time to exit awkward positions that you find yourself stuck in, but, no, we are not in the bull yet.
Oh, dear God, how I want it to be the case that this bear is over. Our rejoicing is beautiful, but it is premature. Be careful, and remember that the dictum, buy the rumour, sell the news, is very true.
But what if we actually think a little bit differently about this outpouring of joy and vindication?
We are not throwing foeces at each other. We are not scamming each other or arguing with viciousness about how a dwindling liquidity supply should allocate. We are CHEERING. Together. And for RIPPLE, which many of us have mocked in the past.
Holy shitballs, frens, we have just proven to ourselves, and to each other, that crypto is, in all of the ways that matter, a unified community—one with a LOT of energy available to make a change.
Crypto’s power is that the blockchain technology that is at our heart is designed to be decentralised, immutable, and utterly independent from states, interest groups, and even its creators. State and traditional finance actors want to regulate it out of existence because when it’s run correctly a good blockchain with a native cryptocurrency is impossible for them to control.
And with this power, crypto can change the world—opening pathways for liberty in a world where our very beings are seen as troves of data to analyse, predict and control.
If we can unite in joy for an afternoon, can we unite for longer, in broader ways, to advance our community and culture as a whole?
Can we unite against scammers, ruggers and fraudsters? Can we amplify the liberatory norms of crypto, seeded in the Bitcoin whitepaper, and make it clear that the crypto space has no room for people like SBF or stablekwon? Can we uplift security for users, making room for justice and equitable access? As we lift our voices in a beautiful, united demand to be treated fairly by states and regulators, can we unify our community as a whole?
I don’t know how this is supposed to happen. This essay is written by the hairs on the back of my neck, and by my stomach—which is smart money, according to some people. The part of me that’s good at trading and forecasting whispers to me that maybe this crypto winter has changed us. Maybe, as we have weathered the harsh, baffling and illogical treatment of our space by regulators on one side and the disgraceful, perfidious behaviour of our erstwhile leaders on the other, we have proven to ourselves that we have an inner resilience that can outlast any bear. We are still here, still building, still holding, and we have not run off to chase AI or the next big thing. We want to build this thing, and we want to build it right.
So take the moment of relief you felt today, and use it. I wrote a poem with it, but I must hold onto it and use it more broadly. When I see a project that smells funny, I will not take part, even if I can profit. When I can educate someone new and help protect them from scams, I will. I’ll teach, not shrug when they get scammed. I’ll get my friend a hardware wallet and show them how to use it. I’ll be a good ambassador for crypto and remind everyday people that we are not FTX or Celsius, whose schemes are not endemic to crypto; they take a page out of the most hackneyed TradFi playbook. These highly visible crooks are not crypto—we are, and we have a strong story to tell and a loud voice when we speak together. So let’s get to work.
By Margaret Corvid
About Margaret: Margaret Corvid (lorepunk.eth) is a writer and poet based in the U.K.
Disclaimer: Not financial or tax advice. This newsletter is strictly educational and is not intended to be investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Do your own research.