In the recent Financial Markets Quality Conference 2024, Ripple’s Chief Legal Officer, Stuart Alderoty spoke along with the high-ranking representatives of crypto giants like Robinhood, Grayscale, and others. He yet again reflected on the lack of clear cryptocurrency regulations in the U.S., and referred to the situation as a ‘regulatory cloud’.
He claimed that once this regulatory cloud is removed, and the U.S. gets some policy clarity, Ripple will become the most trusted source for enterprise support for crypto solutions in the US.
Ripple’s Significant Victories Against SEC
Lately, Ripple has achieved significant court victories against the SEC, which is led by Gary Gensler. Last year, the federal judge Analisa Torres ruled that XRP sales on secondary markets did not qualify as security sales. This decision officially categorized XRP as a non-security, and in subsequent legal battles with crypto exchanges, the SEC refrained from labeling XRP as such.
Fast forward to this year, the SEC requested that the court make Ripple pay $2 billion in fines and compensate the regulatory agency for the expenses and efforts invested in the suit. However, the judge ruled that Ripple only has to pay $125 million to the SEC, despite the company’s initial stance that $10 million would be a fair settlement amount.
Ripple Advocates For RLUSD
In the latest X post, the official Ripple account shared its article on stablecoins, highlighting its revolutionary role in the sphere of transnational payments. It expressed that Stablecoins combines the speed, security, and efficiency of blockchain with the trust of USD. As cash use declines, more are turning to stablecoins for fast, secure, low-cost payments.
Ripple underscored that the fiat-backed stablecoin market cap today is over $100 billion. While the stablecoin market is still largely dominated by Circle’s USDC and Tether’s USDT, newer stablecoin issuers like PayPal (PYUSD) and Ripple (RLUSD) have more recently come onto the scene with USD-backed stablecoins.
It claims that Ripple USD is built with regulatory compliance as a defining feature, which brings with it an opportunity for developers, payment providers, exchanges and others to benefit from its stability and transparency. With its experience and a proven track record working with regulators and policymakers across the globe, Ripple is accelerating the digital asset economy with RLUSD.
Source: https://coinpedia.org/news/ripple-clo-reflects-on-regulatory-challenges/