XRP Clawback Amendment A Massive Step for Institutional Adoption

Jake Claver

With the XRP Clawback Amendment, institutional use cases can finally move forward with a necessary toolkit. Learn about this game-changing development and its potential impact on the market in this video.   #xrp #xrpl #xrparmy   Find more from Jake Claver by visiting the links below:  🖥Websites🖥 Digital Ascension Group - https://www.digitalfamilyoffice.io Beyond Broke Mastermind - https://mastermind.beyondbroke.com  Social media Twitter -   / beyond_broke   Linkedin -   / jacobclaver   TikTok -   / jakeclaverqfop   Facebook -   / jakeclaverqfop

Transcript

00:00the callback amendment was just passed. The holdup for a long time I think for these financial

00:05institutions using the public ledger was that there was no way to call things back right after

00:112008 and the Dodd-Frank Act here in the U.S. that's really a requirement. Institutions especially

00:16here in the U.S. and all over the world need the capability to freeze funds you know pull back

00:23stuff that's been sent and crypto just inherently has not had that capability. I don't know if

00:29you've ever sent your tokens into the abyss like I have but um yeah if you type in one wrong

00:37character on a wallet address or maybe copy you copy pasted the wrong wallet address and you sent

00:43some assets somewhere too bad so sad unless the other person on the other end of that wallet is

00:49nice enough to send it back to you it's gone for forever uh and if you send it to a wallet on a

00:54different blockchain good luck. No! No! Anyway but that now the capability now exists on the XRPO with

01:03the passing of the callback amendment uh issued assets that are issued moving forward uh the

01:09issuing wallet will have to flag it uh and and invoke that capability that the issuing asset will have

01:15the possibility to be called back um those things can actually happen so CBDCs stable coins rewards points

01:24uh anything of value that's issued on the XRPO mainnet moving forward will have the capability if the

01:31issuer choose to uh invoke it to have the capability to pull funds back uh for whatever reason um obviously

01:38you know in traditional finance uh Amex has this they'll call back points uh let's say you open an

01:45Amex card and you don't have it open for at least a year you get the points you use them but claw them

01:50back from you um there's there's other instances where you know CEOs are issued stock options or um other

02:00benefits and if they do things outside the terms of their agreement or don't hold the company's best

02:07interest or they're removed for whatever reason uh those options might be called back from them

02:12uh and their accounts anything that's issued a value on the XRPO moving forward will have the

02:18capability to turn that function on and I think that it'll bring you know significant adoption to

02:24the XRPO for the issuance of real world assets or you know tokenized financial products without this

02:32being a capability it just opens people up to a lot of liability and other problems what if you send

02:38you know something to a sanctioned person you need need the ability to be able to pull that back from

02:45them you know a blockchain and smart contracts you know can correct a lot of that and it'll fix a lot

02:50of those problems people put the wrong thing in which will inevitably happen um you need you need this

02:56capability on a network so I'm excited to see it you know we already saw some adoption for real world

03:00assets on XLM's network and Hyperledger because they already had this provision in place uh there's

03:05been some tokenized bonds and gold on that network again I'm confident that we might see some CVDCs

03:12here in 2024 for the XRP Ledger uh but that's yet to be seen and um with this it's a significant

03:21step forward in adoption uh and hopefully soon we see uh some price appreciation but uh just wanted to

03:29give you guys an update I saw that this passed and was excited about it and wanted to share

03:32uh hopefully this has been valuable for you if you have not yet please like subscribe and we'll see you

03:37on the next one

03:39you

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