The new proposal is looking for a deviation from the Ripples sector classifying XRP as a canvas network

14. Marta Maksimilijan Staudinger presented the proposal to US commission and issues for Care (SEC) on the use of KSRP as a key financial tool in the US economy. The proposal explains that the KSRP could use the banking system and financial health of the country significantly.

Unlocking $illion dollars

The document reveals that the XRP could unlock up to $ 1.5 trillion related to Nostro accounts, which are special accounts of the Bank in other countries to deal with international payments. In the US, these accounts hold about $ 5 trillion. Using XRP instead of the current system (Swift), banks could release 30% of this capital and re-enter them in the economy. In addition, the switch could save a banking system in the amount of $ 7.5 billion each year in transaction fees. The proposal even suggests that some of the free funds could be used to buy Bitcoin, creating a national reservation.

Legal clarity for XRP

In order for the KSRP to achieve its full potential, Staudinger suggests that SEC reclassify is to KSRP as a canvas network instead of security. This would help resolve Ripple legal questions (company behind XRP) faces. In addition, a call proposal to the Justice Department (Doy) to remove any legal restrictions that prevent banks from using XRP.

The proposal includes a 24-month plan for CVRP implementation in the American financial system. The first phase would include providing legal approval for KSRP, followed by testing KSRP in state payments, such as tax returns and social insurance. Banks would then adopt the KSRP in their systems, and in time they could now build a Bitcoin reserve.

Fast monitoring of XRP’s adoption

To speed up the procedure, Staudinger suggests an accelerated time frame. The presidential executive order could quickly follow legal approval in 1-3 months. The pilot cash register program could start testing XRP in state payments within several months, and the full adoption of banks could occur in less than a year. The plan suggests that the Bitcoin National Reserve can be built within 6-12 months.

Financial impact XRP

The proposal suggests that using XRP It can save the US Banking System 7.5 billion a year in transaction fees and release 1.5 trillion dollars in capital. This money could be used to invest in Bitcoin and strengthen the US position in the digital currency market. The document also discusses potential savings in federal payment costs, such as IRS and social security payments, a total of $ 500 billion over 10 years.

The role of XRP in the US economy

Staudinger also explains that the role of the KSRP differs from other cryptocurries as Solana and Cardano. Although Bitcoin would serve as a national reserve, KSRP can be used to simplify financial transactions, both for the government between banks. Solana and Cardano could still be useful for other government functions, but the KSRP will remain necessary for financial transactions.