Ripple Vs SEC News: Ripple President Clears the Air on Lawsuit and XRP ETF
Ripple Vs SEC News: Ripple president Monica Long spoke about XRP lawsuit, payments, RLUSD stablecoin and potential XRP ETF launch in the future. XRP price fell ahead a key ruling in XRP lawsuit.
HIGHLIGHTS
Ripple president Monica Long weighs on Ripple Vs SEC lawsuit, payments, RLUSD stablecoin, and XRP ETF.
Courts clarity on XRP allowed Ripple to focus on other use cases and expansion.
XRP price trading sideways ahead key ruling in the Ripple Vs SEC lawsuit.
Ripple president Monica Long talked about key opportunities and challenges regarding Ripple Vs SEC lawsuit, payments, RLUSD stablecoin, XRP ETF, and more. The status quo in the XRP lawsuit amid recent developments and clarity on XRP from courts turned Ripple president bullish on a potential XRP ETF.
Ripple President Monica Long Weighs on Ripple and XRP
Monica Long, president of Ripple, said the company has come a long way after the district court’s decision on XRP as not a security, ruling against the U.S. Securities and Exchange Commission (SEC). The clarity on XRP allowed Ripple to focus on other use cases and expansion.
SEC has not slowed down its agenda against the crypto industry, challenging the growth of crypto, blockchain, and other related technologies in the United States. Despite stringent pressure, Long claimed Ripple has boosted payments infrastructure, XRP Ledger, and custody services through Metaco. Various partnerships were announced in XRP ledger developments and custody services to banks and other financial institutions.
RLUSD stablecoin will bring additional advantage in Ripple business and entry in markets with less liquidity. The stablecoin will not compete with XRP, but help in growing its adoption driven by DeFi and institutional investors. Standard Custody, which was acquired by Ripple earlier this year, will manage the reserve for RLUSD.
Ripple has infrastructure for RWA tokenization. Recently, Ripple and Archaxextended their existing collaboration to bring hundreds of millions of dollars of tokenized real-world assets on XRP Ledger. Wall Street giants such as BlackRock, JPMorgan, and Goldman Sachs have moved towards the technology.
Monica Long remains bullish on seeing issuers filing an XRP exchange traded funds (ETFs) due to several positive factors. XRP and Bitcoin are the only crypto assets with clarity from the US government.
Also Read: Ripple CEO Slams SEC Chair for Saying Crypto Executives “Go to Jail”
XRP Lawsuit Nears Ruling
Ripple CLO Stuart Alderoty stated the SEC to put aside its demand for $2 billion in fines. He slammed the SEC for bad faith and clearly having issues with Ripple Labs’ thriving business.
Lawyers and former SEC officialsanticipate the SEC may not file an appeal against Judge Torres’ summary judgment. The crypto community awaits Judge Torres’ verdict on penalties and final judgment in the remedies phase, which is likely to come in July.
Meanwhile, XRP price continues to trade under $0.48 this week, with the price currently trading at $0.473. The price failed hold upside level amid the uncertainty and bearish sentiment. The 24-hour trading volume slumped 27% and indicates traders’ lack of interest.