Decoding the Ripple-SEC Standoff: Key Insights
- Ripple’s Liquidity Hub doesn’t utilize XRP, as per legal expert Bill Morgan.
- Ripple’s partnership with Tranglo and SBI Remit aims to introduce XRP-enabled remittance to Southeast Asia.
Unraveling the Ripple Controversy
Amid the crescendo of anticipation surrounding the Ripple and US Securities and Exchange Commission (SEC) legal tangle, Bill Morgan, a renowned legal mind, demystified certain misconceptions swirling around in the crypto cosmos on Twitter (now referred to as X).
Reacting to the buzz generated by user CryptoGeek, who spotlighted Ripple’s recent foray into Brazil and Australia with its Liquidity Hub, Morgan clarified that Ripple’s platform hasn’t begun transacting with XRP in these regions. The Liquidity Hub, Ripple’s enterprise-grade crypto trading infrastructure, is crafted for businesses aiming to acquire, dispose, and retain digital assets, not directly targeting the retail trader segment.
Addressing another tweet by MicahPW20, which painted the picture that XRP’s legal entanglements were now past and it had attained clarity, Morgan emphasized the nuances. He delineated that while XRP as a cryptocurrency isn’t seen as a security, Ripple‘s operations or sales surrounding it remain under scrutiny, especially with the SEC’s potential to appeal. Morgan insinuated that given the existing legal ambiguities, Ripple might hesitate to embed XRP into its Liquidity Hub, as the repercussions could be detrimental.
To further elucidate, Morgan highlighted the rationale behind Ripple’s inclination towards other cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), and Tether (USDT) within its Liquidity Hub, pointing towards their robust liquidity. He posited that Ripple’s strategic maneuvers would be attuned more towards satisfying its shareholders and clientele rather than solely XRP holders.
Highlighting the dichotomy between Ripple and its XRP community, Morgan stated,
“When Ripple contended there was no mutual enterprise binding XRP investors and itself, it underlined that acquiring an XRP token doesn’t grant any inherent rights against Ripple.”
>> Buy XRP quickly and securely with PayPal, credit card or bank transfer at eToro. Visit Website
Effects and Echoes of the Legal Drama
Venturing into the Southeast Asian market, Ripple‘s recent collaboration with Tranglo and SBI Remit aims to leverage XRP for remittances to the Philippines, Vietnam, and Indonesia. However, Morgan suggested that such an expansion could’ve manifested earlier if not for the legal roadblocks.
In another development, lawyer Jeremy Hogan accentuated a federal judge’s ruling that allowed the sale of digital assets, including XRP, which had been associated with the defunct crypto exchange platform, FTX. Drawing an analogy, Hogan quipped,
“The Drug Enforcement Administration (DEA) isn’t in the business of selling confiscated cocaine back to its originators.”
Currently, amidst this labyrinth of legal intricacies, XRP is trading at $0.4912, marking a slight dip of 0.76% from the previous day, a marginal increase of 1.04% over the past week, and a monthly decline of 2.59%.
- Invest in Ripple (XRP) and 70+ cryptocurrencies and 3,000 other assets.
- 0% commission on stocks – buy in bulk or just a fraction from as little as $10.
- Copy top-performing traders in real time, automatically.
- Regulated by financial authorities including FAC and FINRA.
2.8 Million Users
Get Started
Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Credit: Source link