Ripple has recently achieved two significant legal triumphs in the US and Singapore. These victories not only validate Ripple’s standing in the cryptosphere but also mark a turning point in the regulatory landscape surrounding digital assets.
US SEC’s Legal Setback
Ripple, the company behind the XRP cryptocurrency, found itself in a legal battle with the U.S. Securities and Exchange Commission (SEC) in December 2020. The SEC alleged that Ripple had unlawfully sold XRP as an unregistered security. In response, Ripple staunchly defended its position, asserting that XRP was not a security but a digital asset designed for facilitating cross-border payments.
In a landmark decision delivered in July 2023, U.S. District Judge Analisa Torres ruled that Ripple had indeed violated securities laws by directly selling XRP to institutional investors. However, she also clarified a pivotal point: Ripple had not violated these laws by offering XRP to retail customers through various exchanges. This verdict sent ripples (pun intended) through the crypto industry, indicating that XRP might not be considered a security for the majority of its users.
The SEC attempted to appeal this ruling but faced a setback when Judge Torres denied its motion on October 3, 2023. She stated that the SEC had failed to demonstrate substantial grounds for differences of opinion or controlling questions of law.
Although the SEC retains the option to appeal the overall case after a trial on other issues scheduled for April 2024, this denial dealt a significant blow to the regulator’s case.
Singapore’s Vote of Confidence
While Ripple was celebrating its legal win in the US, it also received favorable news from Singapore, where it has established its Asia Pacific headquarters since 2017. On October 3, 2023, Ripple proudly announced its attainment of the Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). This milestone granted Ripple the authority to continue delivering digital payment token services within Singapore, renowned for its progressive and innovative crypto regulation.
Brad Garlinghouse, Ripple’s CEO, expressed his gratitude for Singapore’s pivotal role in Ripple’s global operations. He commended the MAS for its forward-looking regulatory framework, which fosters responsible innovation in the digital asset industry. Garlinghouse further emphasized Ripple’s commitment to Singapore, noting the company’s continued growth and investment in local talent.
Ripple’s Expanding Influence
These dual legal triumphs serve to bolster Ripple’s position as a prominent player in the enterprise blockchain and crypto solutions arena. Ripple boasts a global footprint, claiming more than 400 million customers across 55 countries. Its XRP Ledger and On-Demand Liquidity service process billions of dollars in transactions monthly.
XRP Regains Momentum
After a long period of inactivity, XRP seems to be getting its mojo back as it retests the $0.5500 top. The recent legal events appear to have had some positive effect on the price, but not enough to trigger a sustained price spike.
As of the time of this post, the cryptocurrency was trading at $0.5325, falling by about 1% over the past 24 hours. That said, it’s looking very likely for a bullish resurgence this week and the rest of the month as a golden cross forms on the XRP/USD daily chart.
XRP Statistics Data
XRP Current Price: $0.5325
Market Cap: $28.2B
XRP Circulating Supply: 53.3B
Total Supply: 100B
XRP Market Ranking: #5
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