Renowned legal representative of Ripple, John Deaton, has recently illuminated the profound impact of the lingering lawsuit between the innovative cryptocurrency firm Ripple, and the U.S. Securities and Exchange Commission (SEC) on Ripple’s operations. While Ripple’s devoted followers often underscore its flourishing market presence beyond the U.S. borders, Deaton emphasizes the urgent need for Ripple’s adoption within the homeland.
In the wake of its legal trials, Ripple has successfully broadened its business horizons, moving beyond U.S. shores. The most recent testament to its global expansion is its acquisition of Metaco, a Swiss-based provider specializing in digital asset custody.
Traditional Finance Institutions: Treading with Caution
However, these advancements have not entirely quelled the concerns of traditional financial organizations. As a case in point, the Brazilian bank, Rendimento, has expressed reservations regarding Ripple’s services.
Citing regulatory concerns, the bank decided to refrain from utilizing XRP, Ripple’s digital currency. Nevertheless, the bank remains open to leveraging other Ripple services that exclude XRP.
Deaton, a long-standing Ripple advocate, previously pointed out that cryptocurrency exchanges such as Coinbase and Ripple would hesitate to list XRP until they attain a clearer regulatory landscape within the U.S.
Awaiting a Verdict: Ripple’s Future Hangs in the Balance
Ripple’s CEO, Brad Garlinghouse, stirred speculations recently with his prediction that the Court would deliver its verdict in mere weeks, suggesting a possible end to this prolonged legal tussle.
As this courtroom drama unfolds, Ripple has secured a few notable victories, the most recent being a court order that required the SEC to disclose the notorious Hinman speech and associated documents. In 2018, the former SEC official’s remarks on categorizing specific cryptocurrencies like Ethereum stirred the XRP community, who interpreted it as a green light for the competing asset.
Adding fuel to the fire, Deaton recently disclosed internal SEC emails that hinted at the regulator’s acknowledgment that XRP does not fit squarely into the definition of a security.
The Ripple Whales: Riding the Wave
Regardless of the looming legal uncertainties, ‘Ripple whales’ continue exhibiting bullish stance on XRP. These investors have purchased a staggering 52 million units of XRP, amounting to $22.9 million, in the past three weeks alone.
This vast-scale acquisition hints at these whales’ expectations of a rise in XRP’s value, particularly as the lawsuit between Ripple and the SEC approaches its resolution.
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