- An alleged conversation between the Fed chair and US Congressman triggers rumors of Powell’s involvement in the Ripple establishment.
- A 2018 video by a Ripple executive concerning the creation of the company has begun surfacing online in connection with Powell’s statement.
An interesting rumor circulating on Twitter has raised eyebrows as US Federal Reserve Chair Jerome Powell has been accused of having a connection with Ripple Labs. It all started when a Twitter user identified as @NFAdotcrypto shared an alleged conversation between Powell and Congressman Wiley Nickel before the US Congress this week. According to the post, Nickel asked Powell how he liked a concert performed by the Grateful Dead. With this, Powell replied that he has been a dead fan of Grateful Dead for the past 50 years.
Was there a subtle nod to @ripple at yesterday’s press conference or just a coincidence? 🤔 1. Jerome Powell says he’s been a “Grateful Dead fan for 50 years.” 2. Congressman Wiley Nickel responds, “I’ve found one universal truth — I like people who like the Grateful Dead” 3. pic.twitter.com/pv9LTUruMt—NotFinancialAdvice.Crypto (@NFAdotcrypto) June 22, 2023
Interestingly, a section of the crypto community has linked this conversation to a 2018 video interview by the founder and current executive chairman of Ripple Chris Larsen. Speaking on how Ripple got started, Larsen disclosed that they were lucky to get the URL from a Grateful Dead super fan. He added that the decision had to do with the song Ripple from the Grateful Dead, and admitted that the team has always loved the band too.
Who is the Grateful Dead and the Ripple Song
The Grateful Dead was a rock band established in Palo Alto, California, United States in 1965. Their music style is mostly psychedelic rock and a touch of the likes of blues, country, folk, and bluegrass. Their Ripple Song was performed on September 3, 1988. The song was written by Robert Hunter and recorded by Jerry Garcia and was said to have a connection with the Old Testament’s Psalm 23. Fast forward, it became the inspiration behind the Ripple Labs company some decades later.
Powell’s interest in the Grateful Dead and the comment by Larsen are said to reveal a lot. Interestingly, the Fed Chair’s comments on Bitcoin indicate he is a fan. At Capitol Hill during a semiannual on a monetary policy held by the Republican-led House Financial Services Committee, Powell stated emphatically that cryptos like Bitcoin have “staying power”. However, he believes there should be a robust federal role in stablecoin.
We do see payments stablecoins as a form of money, and in all advanced economies, the ultimate source of credibility in money is the central bank. We believe that it would be appropriate to have quite a robust federal role in what happens in stable coins going forward.
Some Previous Rumors
Previously, there were rumors surrounding FedNow and Ripple. FedNow is an instant payment infrastructure that enables financial institutions to execute instant payment, and it was developed by Feds. It was rumored that RippleNet would be used as the basis for the digital transaction network. An Atlanta Fed document from May 2023 also praises Ripple and Stellar Lumen for making value transfer cheaper.
Ripple provides various services via the use of its native token, the XRP, which is roughly envisioned as an international payment medium or wholesale settlement coin.
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As of Press time, XRP was trading at $0.490862 after falling by 2 percent in the last seven days. The asset also has a bearish market sentiment.