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Ripple Hints at Next Move in Wake of Historic Ruling

Thu, 07/20/2023 - 11:26
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Tomiwabold Olajide
Next action hinted by Ripple in wake of iconic ruling
Ripple Hints at Next Move in Wake of Historic Ruling
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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.

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.

American Banks May Tap XRP for Cross-Border Payments: Ripple CLO

Alderoty 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.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.