1. BITBILIHome
  2. Article

Ripple predicts US banks flocking to XRP after SEC battle

• 93 views

TL;DR Breakdown

  • Blockchain startup Ripple expects U.S. banks to show interest in adopting XRP for cross-border payments following a favorable court ruling.
  • The ruling stated that XRP is not inherently a security, rejecting part of the SEC’s claims.
  • The blockchain company anticipates discussing its On-Demand Liquidity (ODL) product, which uses XRP for money transfers, with U.S. financial firms.

Description

The cryptocurrency landscape in the United States has recently undergone a significant shift following a recent court ruling in favor of the blockchain startup, Ripple. This verdict has established a new precedent, effectively asserting that Ripple’s digital token, XRP, is not inherently a security. This crucial finding has paved the way for the company to … Read more

The cryptocurrency landscape in the United States has recently undergone a significant shift following a recent court ruling in favor of the blockchain startup, Ripple.

This verdict has established a new precedent, effectively asserting that Ripple’s digital token, XRP, is not inherently a security.

This crucial finding has paved the way for the company to regain its foothold in the American market, with anticipation building that U.S. banks and other financial institutions will exhibit increased interest in adopting XRP for cross-border transactions.

Ripple anticipates re-engagement of U.S. institutions

The forward-thinking firm, based in San Francisco, anticipates initiating discussions with American financial organizations about the potential use of its On-Demand Liquidity (ODL) product in the upcoming third quarter.

This product, powered by XRP, is designed to facilitate money transfers seamlessly and rapidly. This prospect was brought to light during a recent interview with Ripple’s general counsel, Stu Alderoty.

The company’s newfound optimism stems from a transformative ruling by a New York judge. This judicial decree has shattered the arguments presented by the U.S. Securities and Exchange Commission (SEC) against Ripple, stating that XRP is not inherently a security.

For the past three years, Ripple has been embroiled in a legal tussle with the SEC over accusations that the company and two of its executives conducted an unlawful offering of securities worth $1.3 billion via sales of XRP.

Ripple has staunchly refuted these allegations, stating that XRP is more akin to a commodity than a security.

A tale of resilience amid challenges

The company’s journey has not been devoid of tribulations. The legal dispute with the SEC led to substantial business repercussions, with MoneyGram, the American money transfer behemoth, terminating its partnership with Ripple in March 2021.

Tetragon, a U.K.-based investor, also divested its stake back to Ripple after a failed lawsuit attempting to reclaim its cash.

Despite these adversities, Ripple remains resilient and hopeful of a resurgence in its American operations. The recent court ruling has fostered an optimistic outlook, propelling the company to once again become an attractive option for U.S. banks to utilize its ODL product.

Ripple’s primary business focus remains outside the U.S., despite its origins. The blockchain-based firm, which boasts over 900 employees globally, draws the majority of its customers and revenues from overseas markets.

This global footprint is likely to expand further with the increasing adoption of its digital token, XRP, which is currently the fifth-largest cryptocurrency in circulation, boasting a market capitalization of $37.8 billion.

Ripple’s cryptocurrency, XRP, offers a unique solution to the global remittance industry’s challenges. By acting as a “bridge” currency, XRP eliminates the need for pre-funded accounts and allows for instantaneous transactions.

Despite this promising outlook, the company recognizes that the recent ruling is not an absolute victory. Certain transactions involving XRP were deemed to qualify as securities, warranting further review and consideration by the company.

In this rapidly evolving crypto landscape, Ripple’s story serves as a testament to the resilience and adaptability of blockchain startups.

As the company studies the implications of the ruling and gears up to engage in fresh dialogues with potential American customers, Ripple’s journey in the U.S. market has taken a significant and exciting turn.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Ripple predicts US banks flocking to XRP after SEC battle

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月18日 14:23
Next 2023年7月18日 15:15

Related articles

  • Glass falls to the bear market

    TL;DR Breakdown Glass, a crypto startup that sought to monetize NFT videos, falls victim to the ongoing bear market The startup intended to create a platform where the creators would directly relate with their fans, which is not the case on Instagram, YouTube, and TikTok. Glass founders tie the reason for closure in that the market demand for NFT videos is not enough to sustain the growth of Glass  Description A venture-backed crypto startup, Glass, is currently falling into the ongoing bear market. The startup, which sought to monetize NFT videos, has announced through its founders, Varun Iyer, and Sam Sands, that it would move away as the market can no longer sustain its growth. With the onset of a bear market that left even … Read more A venture-backed crypto startup, Glass, is currently falling into the ongoing bear market. The startup, which sought to monetize NFT videos, has announced through its founders, Varun Iyer, and Sam Sands, that it would move away as the market can no longer sustain its growth. With the onset of a bear market…

    Article 2023年9月9日

  • UBS assessing results delay post-Credit Suisse takeover

    TL;DR Breakdown Swiss banking giant UBS is considering delaying its quarterly results until late August due to complexities from its acquisition of Credit Suisse. The results publication, along with an update on Credit Suisse’s domestic operations, might be deferred. The potential delay, hinted at in a notice on UBS’s website, reflects the magnitude and complexity of the merger. Swiss banking colossus, UBS, is reportedly mulling over the prospect of postponing its quarterly results until late August, as it grapples with the complexities arising from its acquisition of Credit Suisse. This information comes in light of a recent Financial Times report. The UBS leadership is said to be deliberating over deferring the results’ publication as well as providing an update on the future of Credit Suisse’s domestic operations. While these changes might be consequential for stakeholders, it’s crucial to remember that the bank’s planned April-June results are officially due on July 25. UBS: A possibility of change In a notice posted on the UBS website, the bank subtly hinted at the potential delay. The notice expressed that the intended date for…

    Article 2023年6月9日

  • That US recession is coming and this is why

    TL;DR Breakdown Economist Steve Hanke warns of a looming US recession due to monetary supply contraction. Despite the Fed’s focus on interest rates, Hanke argues the reduction in money supply is a critical concern. Predicted economic downturn is tied to monetary supply contractions, could happen within 6-18 months. Description The ominous shadow of a potential recession looms over the United States. Despite economic indicators demonstrating resilience, underlying factors suggest a forthcoming recession could be inevitable. The complexities surrounding the Federal Reserve’s decisions, the state of the monetary supply, and market trends point towards an impending economic contraction. Monetary supply and the Fed’s role Internationally … Read more The ominous shadow of a potential recession looms over the United States. Despite economic indicators demonstrating resilience, underlying factors suggest a forthcoming recession could be inevitable. The complexities surrounding the Federal Reserve’s decisions, the state of the monetary supply, and market trends point towards an impending economic contraction. Monetary supply and the Fed’s role Internationally recognized economist, Steve Hanke, recently shared his insights on this unfolding narrative. Amid the Fed’s decision to hold…

    Article 2023年6月20日

  • Crypto exchange Bybit exits Canada amid regulatory challenges

    TL;DR Breakdown Cryptocurrency exchange Bybit announces suspending its products and services in Canada, citing recent regulatory developments. Bybit’s decision follows similar moves by other exchanges, including Binance, as they navigate the challenging regulatory landscape in Canada. While exchanges like Coinbase remain committed to the Canadian market, Bybit joins the platforms that pause operations due to new guidelines requiring approval and due diligence checks for crypto asset trading platforms. Cryptocurrency exchange Bybit has decided to pause its products and services for residents and nationals of Canada, citing recent regulatory developments in the country. The move follows the footsteps of other exchanges, including Binance, that have exited the Canadian market due to a challenging regulatory environment. Bybit takes pause in the Canadian market Bybit stated in a blog post on Tuesday that its primary objective has always been to comply with relevant rules and regulations in Canada. However, given the recent regulatory developments, the exchange has made the difficult decision to halt the availability of its products and services temporarily. Starting from May 31, new account openings will be unavailable, while existing…

    Article 2023年6月3日

  • Sam Bankman-Fried to reappear in court for revised plea

    TL;DR Breakdown Sam Bankman-Fried, FTX cryptocurrency exchange founder, faces court for fraud-related charges. Denied vegan diet and necessary medication in prison, affecting his trial preparations. Charges stem from the 2022 FTX collapse and alleged theft of customer funds. Description Sam Bankman-Fried, the once-venerable founder of FTX cryptocurrency exchange, has found himself in hot water again. As the weight of his impending fraud trial hangs heavy, he’s been battling more than just legal challenges, ranging from surviving on a meager diet in prison to grappling with a new indictment. From Billionaire to Prison Inmate: Bankman-Fried’s … Read more Sam Bankman-Fried, the once-venerable founder of FTX cryptocurrency exchange, has found himself in hot water again. As the weight of his impending fraud trial hangs heavy, he’s been battling more than just legal challenges, ranging from surviving on a meager diet in prison to grappling with a new indictment. From Billionaire to Prison Inmate: Bankman-Fried’s Shocking Descent Bankman-Fried, at just 31 years of age, saw his empire crumble when he entered a not guilty plea at the Manhattan federal court. Facing a staggering…

    Article 2023年8月23日
TOP