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Ripple has hinted at its next action in the wake of the historic ruling that declared that XRP was not in itself a security.
In an insights report, Ripple made it known that its pursuit of sound crypto regulation in the U.S. is far from over and is just starting.
As it continues to fight on behalf of itself and the crypto industry, Ripple says it will continue to invest in jurisdictions that have embraced clear regulatory frameworks.
The fintech giant hails its expansion into Singapore and the Asia-Pacific region as well. Last month, the Monetary Authority of Singapore granted Ripple an In-Principle Approval (IPA) for a Major Payments Institution License.
After nearly 3 years, the Court’s July 13 decision delivered a landmark win for Ripple and the entire U.S. crypto industry: XRP is not a security.
— Ripple (@Ripple) July 19, 2023
Progress is worth fighting for.https://t.co/rm4cMGDVek
The court's judgment on July 13 that XRP is not a security is a watershed decision, according to the Ripple team, not just for the company but for the whole U.S. crypto industry. This is the first time the industry has defeated the SEC, and it establishes a precedent for crypto regulation in the U.S.
This issue has always been about one thing and one thing only: whether XRP, a cryptocurrency token, can be considered a security under the law. The court categorically said that XRP is not a security in and of itself as a digital token.
The decision from last week shows that the SEC's flawed theory — that crypto tokens in isolation are securities — has no basis in the law.
Ripple to start talks with U.S. banks
Teasing the company's next move after a historic win, Ripple Chief Legal Officer Stuart Alderoty said in a CNBC interview that the San Francisco-based company anticipates beginning discussions with American financial firms about using its On-Demand Liquidity (ODL) product, which uses XRP for money transfers, in the third quarter.
Godfrey BenjaminAlderoty stated that Ripple is confident that U.S. banks will start wanting to use XRP for cross-border transactions. The Ripple CLO bases his deduction on the court's ruling that XRP by itself does not qualify as a security.
Alex Dovbnya
Arman Shirinyan
Vladislav Sopov
Dan Burgin
U.Today Editorial Team