Fans of the crypto ecosystem are always on the lookout for the latest news and developments in the dynamic world of digital assets, one crypto that has consistently attracted attention is Ripple (XRP).
Among the top cryptocurrencies by market capitalization, Ripple has been in the news for its innovative technology and cutting-edge solutions.
In this article, we will explore the latest news on Ripple (XRP), delving into interesting updates, from the Ripple Impact Report 2022, to detailed analysis of the case with the SEC.
Whether you are a Ripple enthusiast or simply curious about the latest trends in the cryptocurrency market, this article will provide you with valuable insights into the world of Ripple (XRP) and its continued evolution.
XRP Crypto News: The Ripple Impact Report 2022
Since its inception in 2018, Ripple Impact has been dedicated to driving positive change for both people and the planet.
In just four years, the program has made great strides and forged global partnerships with leading NGOs and universities, setting the stage for its fifth consecutive year of success.
The Ripple Impact Report 2022 analyzes four key impact areas and their respective partners: financial inclusion, climate action and sustainability, blockchain research and education, and employee impact.
These focus areas highlight Ripple’s commitment to addressing critical global challenges and making a tangible difference in the world.
One of the key pillars of Ripple’s vision is financial inclusion. The company aims to unlock economic opportunities for individuals around the world.
Over the past year, Ripple has continued to partner with organizations such as Mercy Corps Ventures, exploring how blockchain and cryptocurrencies can revolutionize financial services for underserved communities.
Through pilot programs, Ripple has actively worked to expand access to financial resources and empower those who have been excluded from traditional systems.
The Ripple Impact Report 2022 celebrates the remarkable achievements of the past year, but also serves as a guide for future progress. The report establishes benchmarks and metrics to measure Ripple Impact’s progress in the future.
By setting ambitious goals and fostering strategic partnerships, Ripple continues to position itself as a catalyst for positive change and a driving force in shaping a more inclusive, sustainable and technologically advanced future.
Features of the Report
In the fifth year of Ripple Impact, Ripple is committed to leveraging its resources, expertise, and partnerships to address the most pressing global challenges and achieve meaningful impact. The Ripple Impact 2022 Report is a testament to Ripple’s continued dedication to creating a better world for all.
Financial Inclusion
Financial inclusion is a key pillar of Ripple’s vision, which aims to provide greater economic opportunity to individuals around the world.
Over the past year, Ripple Impact has partnered with organizations such as Mercy Corps Ventures, exploring how blockchain and cryptocurrencies can revolutionize financial services for financially excluded or underserved communities.
Leveraging the potential of blockchain technology, Ripple Impact has been actively working on pilot programs to expand access to financial resources and empower individuals who have been left behind by traditional systems.
Climate action and sustainability
In the area of climate action and sustainability, Ripple has made significant strides in promoting positive environmental changes.
In May 2022, the company announced a $100 million commitment to invest in scaling global carbon markets through the use of blockchain technology. Specifically, Ripple aims to tokenize high-quality carbon credits on the XRP Ledger, contributing to the growth of the carbon markets sector.
In addition, Ripple has made significant progress toward its goal of achieving carbon neutrality by 2030, positioning itself as a key player in the fight against climate change within the blockchain space.
Research and education on blockchain
The Ripple Impact Report also highlights the program’s efforts in promoting blockchain research and education.
Through the University Blockchain Research Initiative (UBRI), Ripple supports the next generation of blockchain developers and innovators.
In 2022, the UBRI passed the milestone of 1,000 academic research projects on blockchain, fostering the growth and adoption of blockchain technology in various fields.
The initiative expanded its network by adding five new partner universities, bringing the total number of affiliated institutions to an impressive 50 in 20 countries.
As a testament to its commitment, Ripple has increased funding for blockchain education, research and scholarship from $50 million to $80 million.
Employee impact
Employee impact is another area of focus highlighted in the Ripple Impact Report. Ripple encourages its employees to actively engage in social impact through the employee giving program.
In 2022, Ripple employees raised more than $1 million for non-profit organizations globally, supporting a wide range of causes. Ripple demonstrated its dedication by matching employee donations at an exceptional rate of 200%.
The report proudly points out that 78% of employees participated in donations or volunteering, reflecting a strong culture of philanthropy and corporate social responsibility within the company.
Crypto news: some documents released from the Ripple (XRP) vs SEC lawsuit have a positive effect on ETH
According to research by JPMorgan, the recent release of Hinman’s documents in the SEC’s lawsuit against Ripple is expected to have a positive impact on Ether (ETH) and potentially lead to greater decentralization in the cryptocurrency market.
The documents, which include emails related to former SEC Director William Hinman’s 2018 speech stating that Ethereum did not resemble a security, were released by Ripple as part of its defense against the SEC lawsuit.
The report points out that the SEC’s top brass did not classify Ether as a security in 2018 and that SEC officials acknowledged that there was a regulatory gap for tokens on a sufficiently decentralized network.
JPMorgan analysts noted that the speech acknowledged the presence of “another category,” in which an asset is not considered a security due to the absence of a control group in the sense of Howey, but regulation may still be needed to protect buyers.
Howey’s test, used to determine whether a transaction qualifies as an investment contract under US securities laws, considers factors such as the investment of money in a joint venture and the expectation of profits from the efforts of others.
JPMorgan suggests that these revelations may explain why the SEC did not take action against Ether while it targeted other cryptocurrencies this year.
The research report suggests that Hinman’s documents will likely influence ongoing efforts by the US Congress to regulate the cryptocurrency industry, potentially allowing Ether to avoid being designated as a security.
Analysts propose that Congress may classify ETH in the same category as Bitcoin and subject it to regulation as a commodity under the oversight of the Commodity Futures Trading Commission (CFTC).
ETH may be part of another “category” while avoiding being classified as a security
JPMorgan also suggests the introduction of another “category” specifically designed for Ethereum (ETH) and other decentralized cryptocurrencies that can sufficiently avoid being classified as securities.
The report points out that the level of decentralization plays a crucial role in determining the likelihood of avoiding security designation.
In summary, the release of Hinman’s documents in the SEC-Ripple case is seen as a boost to Ether by JPMorgan.
The documents may impact the direction of congressional regulatory efforts and potentially lead to the creation of a separate category for decentralized cryptocurrencies like Ether, allowing them to be regulated differently from securities.
The findings suggest that the more decentralized a cryptocurrency is, the greater its chances of evading a security classification.
Source: https://en.cryptonomist.ch/2023/06/20/ripple-xrp-news-crypto-world/