Ripple President Opens Up About SEC Lawsuit, RLUSD Launch, XRP Ledger Plans

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As a seasoned crypto investor with over a decade of experience navigating this ever-evolving landscape, I find Monica Long’s insights truly inspiring. The victory against the SEC lawsuit and the clarity it brings to the industry is a significant milestone that sets a precedent for future decisions regarding digital assets.

Monica Long, president of Ripple, discusses the outcome of the US SEC vs. Ripple Labs legal battle, the launch of Ripple USD (RLUSD) stablecoin, strategies for the XRP Ledger, and other topics in an interview. She shares insights into the company’s advancements and future plans as the drawn-out lawsuit nears its conclusion, with XRP receiving court confirmation that it does not classify as a security.

Ripple Gets Clear View As SEC Lawsuit Is Over – Monica Long

The legal case brought forth by the U.S. Securities and Exchange Commission (SEC) against Ripple Labs has concluded, with the court deciding that XRP does not fall under the category of securities. According to Monica Long, this decision is pivotal for the entire cryptocurrency sector as it establishes a precedent and provides greater clarity on regulatory guidelines.

Previously, CEO Brad Garlinghouse, along with other executives, acknowledged that challenges such as strict regulation, increased oversight, and a tough business climate caused Ripple to seek expansion opportunities overseas. Currently, Ripple is experiencing significant growth outside of the U.S., with around 40% of its activities taking place in Asia.

As a crypto investor, I’m closely watching the developments regarding the potential appeal by the U.S. Securities and Exchange Commission (SEC) in the ongoing case. According to insights from former SEC lawyers like Marc Fagel and James Farrell, such an action seems plausible. Notably, pro-crypto lawyer Fred Rispoli suggests that there’s a possibility of the SEC filing a last-minute appeal around October 7th. The focus appears to be on secondary market sales, which seem more likely at this stage.

RLUSD Stablecoin Launch This Year

Ripple president said the RLUSD stablecoin will launch this year and only awaits greenlight from the US regulator. She cleared that one of the main use cases for RLUSD is settlements, reported Coindesk. Developers using XRPL should be able to use Ripple USD for transactions.

It’s been made clear that the stablecoin won’t affect XRP‘s dominance in payment markets. In fact, the payment system currently employs both XRP and stablecoins for liquidity purposes, which takes place behind the scenes.

“We believe stablecoins and XRP have different use cases for payments and other transactions. For example, DEXs on XRPL will be able to use RippleUSD very efficiently, while XRP will continue to be used for transactions with long-tail, smaller market cap crypto assets.”

In simpler terms, the Regional Lending Utility Stable Digital (RLUSD) is designed primarily for financial institutions and significant investors. The value of this digital coin is secured by U.S. dollars, short-term U.S. Treasury bills, and other liquid assets kept in a reserve account. Standard Custody & Trust Company guarantees transparency, regularly providing certificates to confirm this.

According to CoinGape’s report, Brad Garlinghouse believes there’s a chance for the RLUSD (Ripple-USD stablecoin) launch in Japan and nations with lenient regulatory environments.

Ripple President on XRP Ledger Plans

The XRP Ledger, often referred to as XRPL, represents a robust blockchain solution with several distinct benefits. Among these are the integration of automated market makers (AMM), the establishment of decentralized exchanges (DEX), and features that facilitate compliance.

In addition, we’re exploring methods to natively integrate programmability into XRPL. We believe, as does the community, that ‘Hooks’ have great potential for implementing smart contracts on XRPL.

As an analyst, I’ve been following the dynamic relationship between Ripple and the esteemed Japanese financial conglomerate, SBI Group, which dates back to 2016. This strategic alliance is set to boost the acceptance and utilization of XRP and the XRP ledger in Japan.

The organization is currently experimenting with RLUSD on not just the XRP Ledger (XRPL), but also the Ethereum blockchain. Lately, Ripple has released two significant amounts of their stablecoin, with each batch comprising 485 units of RLUSD.

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2024-09-26 11:04