XRP would continue trading even if Ripple went away to make a case against classifying the token as a security
While the story between Ripple and the SEC has not come yet, recently, in the latest episode of “Axios on HBO”, Ripple CEO Brad Garlinghouse made his own comments, affirming XRP is difficult. can be classified as securities.
Ripple CEO Brad Garlinghouse has made an appearance on HBO to slam the SEC lawsuit
According to Garlinghouse, the United States is the only country in the world to accuse that XRP could be a security. But even so, as AZCoin News reported, Tetragon’s recent ruling suggests that courts will have the final say in determining XRP’s regulatory status. This means that unless there is a final verdict from the court and consensus from the SEC, any act of taking advantage of this opportunity to accuse Ripple and XRP is for profit.
Furthermore, Garlinghouse also stated that XRP would continue trading even if Ripple went away to make a case against classifying the token as a security.
“If you own a security, it gives you ownership of a company, right? If Ripple goes away, XRP’s gonna keep trading.”
As everyone knows, XRP was sued by the US Securities and Exchange Commission in December, alleging providing XRP as an unregistered security.
The Ripple CEO – who was also named defendant in the lawsuit alongside former chief executive Chris Larsen – said that the SEC’s enforcement action would have a negative effect on the industry as a whole:
“This is just bad for Ripple. It’s bad for crypto broadly in the United States and driving that activity, driving that entrepreneurial activity outside of the United States. I think that definitely bodes poorly for the crypto industry at large.”
Accordingly, Ripple has signed contracts with 15 banking partners outside the US despite the current legal troubles. It seems that Ripple’s side actually decided to declare war on the SEC, confirming the very nature of XRP.
A pilot using XRP to settle corporate debts and credits in Japan hits a new milestone
SBI Holdings and crypto startup FXcoin are announcing a new achievement in their XRP pilot program. Currently, FXcoin is working with Japanese general trading company Sumitomo Corporation to settle debts and credits to other Sumitomo Group companies using XRP.
The program has previously had success using XRP to do future transactions in Japan. However, at the end of February, FXcoin revealed that it had also successfully sent XRP overseas to Singapore to settle future transactions.
This is seen as a new milestone for the cryptocurrency startup and Sumitomo Group.
FXcoin notes that this achievement could allow businesses to reduce transaction costs by using cryptocurrencies for overseas payments:
“The ability to perform future transactions using crypto assets in commercial transactions with overseas business companies will help reduce payment costs, improve payment speed, and diversify payment methods in the activities of business companies that will expand globally in the future.”
The question is, can XRP in the future be used as a bridge asset on the foreign exchange (FX) market to reduce the risk of price fluctuations while trading one currency for another. Let’s wait and see!
You can see the XRP price here.
- Ripple: The Court In Delaware Rejected Tetragon’s Claim That The SEC Had Officially Determined XRP’s Status
- Ripple Denies Creating XRP In Its Response To The SEC’s First Complaint, The Lawsuit Has No Effect On Their Business