- The value of Ripple’s cryptocurrency, XRP, rocketed beyond $3.
- Ripple asserts that XRP is not securities.
On Monday, Ripple’s CEO, Brad Garlinghouse, told CNBC that the company’s legal fight with the Securities and Exchange Commission (SEC) is proceeding well. In Garlinghouse’s opinion, the issue involving XRP, the world’s seventh-largest cryptocurrency, will be fixed before the end of the current calendar year.
During the crypto-mania of late 2017 and early 2018, Ripple acquired recognition, as bitcoin and other cryptocurrencies reached all-time highs, that the company was founded in San Francisco. As a consequence, the value of Ripple’s cryptocurrency, XRP, rocketed beyond $3. It has since declined dramatically, but it is now riding the new crypto wave, with a year-to-date gain of more than 370 percent.
Ripple Vs SEC
Ripple‘s technology enables banks and other financial organizations to send money across borders more rapidly and at a lower cost than they could before. On-Demand Liquidity is another option that makes use of XRP to facilitate cross-border payments and transfers.
According to the Securities and Exchange Commission (SEC), tokens were sold worth $1.3 billion by Ripple and its executives in an unregistered securities transaction. However, Ripple asserts that XRP is not securities, which would subject it to more stringent regulatory oversight. It comes when authorities throughout the world are scrutinizing cryptocurrency, a market that has grown in the past year.
Among the “leading” countries in crypto regulation, according to Garlinghouse, are the United Arab Emirates, Japan, Singapore, and Switzerland, while China and India have tightened their grip. As a privately held company, Ripple has the support of investors such as Alphabet’s GV, Andreessen Horowitz, and Japan’s SBI Holdings.
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