Ripple’s Upcoming Stablecoin Under SEC Scrutiny: Another Legal Battle Looms

Blockonomi · 2024-05-09T14:12:48.000Z

Ripple Labs is once again coming under the scrutiny of the US Securities and Exchange Commission (SEC) after the federal agency suggested in a recent reply brief that Ripple’s upcoming stablecoin is an “unregistered cryptocurrency asset.” “Ripple’s primary business continues to be, as it has been since 2013, unregistered sales of XRP. It also plans to issue a new unregistered crypto asset,” the document stated. While the SEC did not specify that the “new unregistered crypto asset” was Ripple’s not-yet-launched stablecoin, Ripple’s latest announcement of a new cryptocurrency issuance confirmed this. The SEC is Not Into Cryptos Last month, the tech firm announced its plans to launch a new stablecoin that consistently maintains a backing of assets such as US dollar deposits, US government bonds, and cash equivalents. To date, Ripple hasn’t shared further details about its upcoming stablecoin. However, following the SEC’s move, Ripple issued a blog post discussing stablecoins, their potential, and their benefits. Apart from Ripple’s stablecoin, the SEC’s filing also shows that it maintains its stance on Ripple’s primary business. The agency said Ripple’s sale of XRP tokens constituted unregistered securities offerings. As noted in the filing, Ripple claims that because it has licenses from other jurisdictions that don’t consider XRP a security, it won’t violate US securities laws. However, the SEC dismisses this argument as irrelevant. The agency compares it to “a New York restaurant need not obtain a liquor license because it obtained a fishing license in California.” In response to Ripple’s request to change the wording of the court orders, the SEC defended its proposed injunctions as clear, necessary, and based on legal precedent. In his response, Ripple’s chief legal officer, Stuart Alderoty, called the SEC’s filing baseless, saying the agency is lacking cooperation with international regulators on crypto regulations. The mounting pressure from the SEC on Ripple likely originated from a lawsuit filed in 2020. In this legal battle, despite XRP itself not being considered a security, the sales of $728.9 million XRP to hedge funds and sophisticated buyers were found to be unlawful. Consequently, the SEC is pursuing $2 billion in damages from Ripple for its XRP transactions. Stablecoins Face Increased Scrutiny Stablecoins have long been an integral part of the cryptocurrency system. Not only Ripple, digital payment giant PayPal has also engaged in this lucrative market. 1/ The stablecoin market is booming – around $150B today, and projected to soar past $2.8T by 2028. There's a clear demand for trust, stability, and utility. That's why later this year we’re launching a stablecoin pegged 1:1 to the USD on the XRP Ledger and Ethereum.… — Ripple (@Ripple) April 4, 2024 Though this is Ripple’s first launch and potentially facing big competition from the big names like Tether’s USDT or Circle’s USDC, Ripple CEO Brad Garlinghouse, remains positive about the competition. He said Ripple’s new stablecoin targets the US market but might expand to other European and Asian countries in the future. However, the SEC’s target on Ripple’s stablecoin could prevent the company from reaching its goal. It could also raise concerns among other stablecoin issuers. Besides Ripple, the SEC’s allegations also previously aimed against Binance concerning the issuance of BUSD- Binance’s stablecoin. Though Binance’s response and potential judicial interpretation may differ, the SEC’s message is clear: stablecoins may be viewed as securities, prompting heightened scrutiny among stablecoin issuers. In recent years, the U.S. SEC has taken a multifaceted approach to regulating digital assets, including stablecoins. Despite recognizing and validating the potential benefits of blockchain technology and digital innovation at some levels, the SEC remains cautious in its approach. The growing number of legal cases like the SEC’s lawsuit against Ripple also shows the lack of mutual understanding between cryptocurrency companies and regulators. This ambiguity in regulations creates uncertainty for companies, potentially leading to missteps that result in financial losses. This situation also raises questions about lawmakers’ responsibility to provide clear regulatory frameworks for digital assets. The SEC recently generated headlines after threatening legal lawsuits against several prominent crypto entities. The latest targets are Uniswap Labs, Consensys, and Robinhood. The post Ripple’s Upcoming Stablecoin Under SEC Scrutiny: Another Legal Battle Looms appeared first on Blockonomi.

在该联邦机构最近的一份答复简报中表示，Ripple 即将推出的稳定币是一种“未注册的加密货币资产”后，Ripple Labs 再次受到了美国证券交易委员会 (SEC) 的审查。
该文件称：“Ripple 的主要业务仍然是 XRP 的未注册销售，自 2013 年以来一直如此。该公司还计划发行一种新的未注册加密资产。”
虽然 SEC 并未明确指出“新的未注册加密资产”是否是 Ripple 尚未推出的稳定币，但 Ripple 最新宣布发行新的加密货币证实了这一点。
SEC 不关注加密货币
上个月，这家科技公司宣布计划推出一种新的稳定币，该稳定币始终以美元存款、美国政府债券和现金等价物等资产为后盾。到目前为止，Ripple 尚未透露有关其即将推出的稳定币的更多细节。
然而，在美国证券交易委员会采取行动之后，Ripple 发布了一篇博客文章，讨论稳定币、其潜力及其优势。
除了 Ripple 的稳定币之外，SEC 的文件还表明其对 Ripple 主营业务的立场保持不变。该机构表示，Ripple 出售 XRP 代币构成了未注册的证券发行。
如文件中所述，Ripple 声称，由于它拥有其他司法管辖区的许可证，而这些司法管辖区不认为 XRP 是证券，因此它不会违反美国证券法。然而，SEC 认为这一论点无关紧要。该机构将其比作“纽约的一家餐馆不需要获得酒类许可证，因为它在加州获得了钓鱼许可证。”
在回应 Ripple 更改法院命令措辞的请求时，SEC 为其拟议的禁令辩护，称其明确、必要且基于法律先例。
Ripple 首席法律官 Stuart Alderoty 在回应中称 SEC 的文件毫无根据，并表示该机构在加密货币监管方面缺乏与国际监管机构的合作。
SEC 对 Ripple 施加的压力可能源于 2020 年提起的一场诉讼。在这场法律战中，尽管 XRP 本身不被视为证券，但向对冲基金和精明买家出售价值 7.289 亿美元的 XRP 被发现是非法的。
因此，美国证券交易委员会 (SEC) 正在向 Ripple 索取 20 亿美元的 XRP 交易赔偿金。
稳定币面临更严格的审查
稳定币早已成为加密货币体系中不可或缺的一部分，除了瑞波币，数字支付巨头PayPal也涉足了这个利润丰厚的市场。
1/ 稳定币市场正在蓬勃发展——目前约为 1500 亿美元，预计到 2028 年将飙升至 2.8 万亿美元以上。人们对信任、稳定性和实用性的需求明显。
这就是为什么今年晚些时候我们将在 XRP 账本和以太坊上推出与美元 1：1 挂钩的稳定币。...
— Ripple (@Ripple) 2024 年 4 月 4 日
尽管这是 Ripple 的首次推出，并且可能面临来自 Tether 的 USDT 或 Circle 的 USDC 等大公司的激烈竞争，但 Ripple 首席执行官 Brad Garlinghouse 对竞争仍持乐观态度。他表示，Ripple 的新稳定币瞄准美国市场，但未来可能会扩展到其他欧洲和亚洲国家。
然而，美国证券交易委员会对 Ripple 稳定币的监管可能会阻碍该公司实现其目标。这也可能引起其他稳定币发行者的担忧。
除了瑞波币，SEC 此前还针对币安发行 BUSD（币安稳定币）提出指控。尽管币安的回应和可能的司法解释可能有所不同，但 SEC 的信息很明确：稳定币可能被视为证券，这促使稳定币发行人加强审查。
近年来，美国证券交易委员会对数字资产（包括稳定币）的监管采取了多管齐下的策略。尽管证券交易委员会在某种程度上承认并认可了区块链技术和数字创新的潜在优势，但它仍然对其做法持谨慎态度。
美国证券交易委员会起诉Ripple等法律案件的增多也表明加密货币公司和监管机构之间缺乏相互理解。
监管的模糊性给企业带来了不确定性，可能导致失误并造成财务损失。这种情况也引发了人们对立法者是否有责任为数字资产提供明确的监管框架的质疑。
SEC 最近威胁对几家知名加密货币实体提起法律诉讼，此举引起媒体关注。最新目标是 Uniswap Labs、Consensys 和 Robinhood。
这篇文章“Ripple 即将推出的稳定币受到 SEC 审查：另一场法律战迫在眉睫”首先出现在 Blockonomi 上。

Ripple 即将推出的稳定币受到 SEC 审查：另一场法律战迫在眉睫

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