Blockchain
Ripple President Opens Up About SEC Lawsuit, RLUSD Launch, XRP Ledger Plans
Ripple president Monica Long talks about winning the US SEC v. Ripple Labs lawsuit, Ripple USD (RLUSD) stablecoin launch, strategy for XRP Ledger, and more in an interview. She opens up about the company’s developments and plans as the long-running lawsuit comes to an end, with XRP gaining clarity from the court that it’s not a security.
Ripple Gets Clear View As SEC Lawsuit Is Over – Monica Long
The U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple Labs has ended and the court ruled that XRP is not a security. Monica Long said the victory is significant for the entire crypto industry, setting a precedent and bringing more clarity on rules.
CEO Brad Garlinghouse and Long had earlier affirmed that the setback, stringent regulatory outlook and intense scrutiny led the firm to look offshore for growth. The company now records major growth outside the United States, with 40% activity in Asia.
Currently, the U.S. SEC is likely deliberating to file an appeal in the case, as per the former SEC lawyers Marc Fagel and James Farrell. Pro-crypto lawyers such as Fred Rispoli believe the SEC could file a last-minute appeal near October 7. An appeal on secondary market sales has higher odds.
RLUSD Stablecoin Launch This Year
Ripple president said the RLUSD stablecoin will launch this year and only awaits greenlight from the US regulator. She cleared that one of the main use cases for RLUSD is settlements, reported Coindesk. Developers using XRPL should be able to use Ripple USD for transactions.
Long cleared that the stablecoin will not impact XRP’s market share in payments. The payment service already uses both XRP and stablecoins for liquidity, which happens at the backend.
“We believe stablecoins and XRP have different use cases for payments and other transactions. For example, DEXs on XRPL will be able to use RippleUSD very efficiently, while XRP will continue to be used for transactions with long-tail, smaller market cap crypto assets.”
RLUSD will be for financial institutions and institutional investors. The stablecoin is backed by US dollars, short-term US Treasury bills, and other cash equivalents held in a reserve account. Standard Custody & Trust will ensure transparency and issue regular certificates.
As reported by CoinGape, Brad Garlinghouse sees RLUSD launch opportunity in Japan and countries with favorable regulations.
Ripple President on XRP Ledger Plans
The XRP Ledger (XRPL) is an enterprise-grade blockchain and has broader advantages. These include automated market makers (AMM), decentralized exchanges (DEX), and compliance features.
“We are also looking at ways to bring programmability to XRPL in a native way – for example, we think, and the community thinks so too, that there is a lot of potential in “Hooks” to bring smart contracts to XRPL.”
Ripple CEO Brad Garlinghouse talked about the successful relations with Japanese financial giant SBI Group since 2016. In addition, the partnerships will increase adoption of XRP and XRP ledger in Japan.
The company is also beta-testing RLUSD on both the XRPL and Ethereum network. Recently, Ripple issued two substantial batches of its stablecoin, each containing 485 RLUSD.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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