Three Japanese banks are set to develop a payment system that integrates their stablecoins on a public blockchain while satisfying legal requirements. Unfortunately for blockchain proponents, the Ripple lawsuit may not be a one-and-done situation; that is, a win doesn't mean the SEC will forever ignore cryptocurrencies. Real Rewards Travel Review Invite Earn Cryptocurrency, Ariva Club (ARV) are Highly Sensitive and Relevant to Requirements of Tourists, ARIVA DIGITAL (ARV) CENTRALIZED AND DECENTRALIZED TOURISM NETWORKS, Ariva Wonderland (ARV) Travel Metaverse for Local and Global Tourism Sector, Unique Virtual Assets as Non-Fungible Tokens (NFTs) Using Cryptocurrency, Allowing Players to Purchase Virtual Assets with Cryptocurrency, Axie Infinity Cryptocurrency As A Reward For In-Game Achievements, Play-To-Earn Cryptocurrency Games In-Game Economies and More. So if regulations won't happen til 1st quarter of '25 & Ripple wins/settles lawsuit before then giving $XRP the only asset with clarity, what would happen to the . Adding salt to the wound, Ripple claims that the SEC is inconsistent in regulating cryptocurrency and suffocates an innovative and progressive industry. If Ripple wins, some XRP HODLers expect the coin to reach $100 per coin after 2027. This cookie is set by GDPR Cookie Consent plugin. 3 Cream-of-the-Crop Growth Stocks to Buy for 2023, 7 Penny Stocks Poised for Explosive Growth in 2023, Even If Ripple Wins Its SEC Lawsuit, the Crypto Ballgame Isnt Over. Therefore, I wouldnt get too excited about the lawsuit one way or the other. 2023 InvestorPlace Media, LLC. The allegations have stifled XRPs price, which struggled to match its competitors during previous market cycles due to the fear, uncertainty, and doubt the case caused. These cookies ensure basic functionalities and security features of the website, anonymously. Upgrade your inbox and get our DailyCoin editors picks 1x a week delivered straight to your inbox. Broker-neutral technology firm FlexTrade Systems FlexONE solution has once again emerged top among the best buy-side execution management systems. Ripple and the SEC were recently allowed to re-brief the court with new arguments on the issue amid last minute changes in the law concerning DPP. Disclaimer: The information provided in this article is solely the author/advertisers' opinion and not an investment advice - it is provided for educational purposes only. pessimistic expectations surrounding an inflation report, Binance, PoS Giant Ingenico Seal In-store Crypto Pay Deal, Terra Luna Classic Price Prediction as LUNC Turns Green Here's Where LUNC is Headed Now. The Ripple Lawsuit has been a long and drawn out saga. In terms of money, its quite obvious what would happen if they win. The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. Nothing herein shall be construed as financial, legal, or tax advice. The final verdict of the Ripple case will have widespread repercussions on how cryptocurrency is treated and regulated. Although John E. Deaton has come to the conclusion that only Bitcoin and XRP would be safe after the abovementioned settlement, Ripple officials have stated they have gone forward with the lawsuit as a means to protect their interests but also the cryptocurrency industry. And sooner or later, it will, leaving XRP will little where else to go but up.Visit IMPT Now. This is the U.S. government were talking about, and it will find a way to get you. Proponents of cryptocurrencies insist that Ripple Labs has done nothing wrong. The crypto industrys biggest regulatory case started in 2020 when the SEC accused Ripple Labs of successfully raising over USD 1B through sales of XRP tokens. Inexplicably, the first baseman bought it and chaos erupted. The sixth-ranked cryptocurrency by the market currently controls a market cap of $18.6 billion. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. The lawsuit has continued for three years, with both parties submitting final filings and waiting for a decision. Like Bitcoin, the Ripple blockchain is a decentralized digital payment protocol. There is no clear bullish/ bearish divergence in RSI. By using this, you . "If Ripple wins the case, the XRP price will most likely boost significantly and increase the price of other altcoins, at least in the short term," Chok told Stockhead. What If Ripple Wins The Lawsuit? But as soon as real dollars become involved, thats where the authorities can clamp down. XRP bulls consider the November 2022 level of $0.41 key for the altcoin and the bulls could push the asset to its target, once it begins recovery. First only by a few nations, and eventually by all the nations. But opting out of some of these cookies may affect your browsing experience. In a volatile market driven by Russia-Ukraine headlines, FX trading volumes through Saxo Bank have rebounded slightly in February. In addition, several legal experts including XRP-friendly attorney Jeremy Hogan have said a win on fair notice could save the industry from the SEC. The multi-billion-dollar lawsuit targeted Ripples activity from 2013 onwards. If Judge Torres denies the SECs motion to strike the Fair Notice Defense and Judge Netburn overrules the SECs claim that the #BTC #ETH & #XRP documents are privileged, GaryGensler and the SEC could be facing a very significant precedent setting loss with huge implications, he continued. Howie Test gets an update. A quick 3min read about today's crypto news! The dark cloud that has hung over the Ripple network since 2020 would finally blow over, and Ripple Labs would enjoy a renewed and reformed reputation in the crypto market. ByJibin George. In the 200-plus countries, there are several central banks that have different needs for CBDCs. Stuart Alderoty, the Chief Legal Officer of Ripple said that a summary judgment is expected any day now. It does not store any personal data. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. A win for Ripple may be bullish for XRP and vice versa. Ripple CEO: US Is Falling Behind Over SECs XRP Suit, Voyager Users Vote for Binance US Takeover: Regulators Claim Deal Leaves Execs Off the Hook. What arguably should affect your decision on XRP is its technical posture. Settle the case and flip the switch Brad. If Ripple wins its case, it will not have to pay out any money and will be able to continue working on projects like those mentioned above. The SEC alleged that Ripple had violated federal securities laws by selling . They would recover in value, exchanges would relist, and clarity would brought to the cryptocurrency industry (either way this happens!).. Still, a positive outcome for Ripple will almost certainly lift the XRP price to some degree, so it will probably end up paying to acquire some XRP now and hold tight. Unlike Bitcoin, which holds an intrinsic value and is not a security according to the SEC, XRP facilitates money transfers between different countries and financial institutions. The high degree of leverage can work against you as well as for you. If the court decides to rule in favor of Ripple and dismisses the lawsuit, the price of XRP could boost further. This cookie is set by GDPR Cookie Consent plugin. This article is for information purposes only and should not be considered trading or investment advice. DailyCoin is an online media outlet, with a focus to cover blockchain and crypto news, opinions, trends and helpful articles. Its value resides in its fast processing speed. However, the filing at the Southern District Court in New York is viewed with skepticism in the crypto space. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". The SEC also claims that the Ripple CEO and co-founder were less than honest about the sale. In a nutshell, Hinman may have an expert opinion thats favorable to Ripple since he provided clarification regarding Ethereum (CCC:ETH-USD). If youve been in crypto for longer than a week, youre probably aware that Initial Coin Offerings (ICOs) like these are commonplace in the industry. With time, crypto enthusiasts have become numb to the battle. Cronos (CRO) price sold off this Friday around the time Europe began trading. XRPLedgers native token XRP is currently trading sideways after a long-term downtrend. This cookie is set by GDPR Cookie Consent plugin. Thus, the first baseman only has to catch the ball from third and step on the base. Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. BitStarz Player Lands $2,459,124 Record Win! The pattern element in the name contains the unique identity number of the account or website it relates to. In the ongoing is-it-or-is-it-not-a-security debate, XRP finds itself at the center of a much larger discussion. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Necessary cookies are absolutely essential for the website to function properly. The SEC alleges that Ripple conducted an unregistered $1.3 billion securities offering and named CEO Brad Garlinghouse and co-founder Chris Larsen in its legal action. More to the point, what is a security anyway? Crypto would not be subject to federal securities laws in the U.S. Policymakers worldwide might follow this decision, providing more flexible terms for crypto regulations across the globe. This apparent contradiction likely means that today's dive is a blip in a larger, longer-term pattern of upwards movement. Since creating a crypto wallet for the very first time, Finn has been captivated by the limitless scope and potential of Decentralized Finance and NFT technology. SEC vs Ripple: Will One Lawsuit Decide the Fate of the Crypto Industry? A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. The author has not received compensation for writing this article, other than from FXStreet. Jeremy Hogan, a proponent and lawyer in the Ripple community says the SEC vs. Ripple case is drawing to a close. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. And that Ripple, its two top executives named in the suit, along with millions of retail holders, should have known this all along, even though the agency never did. Ripples Chief Legal Officer expects the payment giants win in the US financial regulators lawsuit against the cross-border settlement firm. Winning this motion is not an indicator that the judge will . Bitcoin: Whats next for BTC after $65 million worth liquidations. If you thought that understanding the blockchain was a wonky affair, you should try following the granularity of the Securities and Exchange Commissions lawsuit against Ripple Labs, the founder of the XRP (CCC:XRP-USD) cryptocurrency. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Meanwhile, the blockchain company still claims fair use considering that it received a late notice from the SEC. Unfortunately for blockchain proponents, the Ripple lawsuit may not be a one-and-done situation; that is, a win doesnt mean the SEC will forever ignore cryptocurrencies. Gensler gets the credit helping his political chances. Bearish scenario: Ripple loses the case, and the token gets banned worldwide - In this case, Ripple will need to find a different business model, and the price of XRP can crash to the lows of . Of course, the precise extent of a surge will depend on the state of the global economy, which continues to depress investor sentiment with its combination of high inflation, rising rates, and low (or declining) growth. XRP: Going from Long to Short. To be derived from the efforts of others: The final requirement implies that all profits are earned from the work and efforts of others. When the XRP token launched in 2012, no one expected this humble cryptocurrency to spark one of the most iconic legal battles in blockchain history - the SEC vs Ripple lawsuit. Between breaking down complex crypto content into simplified, digestible chunks, Finn also doubles as an advisor for new protocols entering the space. John Deaton talks about the potential size of Ripple amid a future XRP bull run, capable of overshadowing the likes of Morgan Stanley and Goldman Sachs, and the implications of a Ripple win. This article is for information purposes only and should not be considered trading or investment advice. The author makes no representations as to the accuracy, completeness, or suitability of this information. The Hong Kong firm's boss also believes a Ripple win will see the re-listing of XRP on US crypto exchanges, adding: "There's potential for a new dynamic in the market . The winning argument Ripple makes will be added to case law for future cases. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. What Will Happen If Ripple Wins The Court Case? The lawsuit concerning Ripples activities from 2013 to the present is slightly peculiar as it was filed in the final moments of the previous administration and is considered to be a means to stomp on the potential growth of XRP. Thats the appeal of XRP and its ilk: the blockchain is an innovation you cant directly impinge. In partnership with Mastercard, Latin Americas most popular exchange, Bitso launched a debit card in Mexico offering cryptocurrency rewards on customers purchases. Binance has continued to remain committed to increasing the adoption and mainstream accessibility of crypto and we are excited to be taking this step in making access to digital assets effortless for more Africans., There is a massive opportunity to provide huge gains in efficiency to wealth management clients due to the failures of existing players in this market.. [{"url":"https:\/\/cryptonews.com\/news\/best-crypto-to-buy.htm","name":"Best cryptocurrency to buy\/invest in","children":[]}]. If all the XRP is burnt, it could be the best buying opportunity in the space. The SEC would be in a common enterprise with all the XRP holders. Although the situation looks grim, a turnaround into the US session could happen again with Cronos price back up around $0.08 near Fridays close. In other words, crypto investors can stay in decentralized la-la land all they want. On Wednesday, an XRP enthusiast on Twitter with the username @scaruso123 inquired as to what would happen in the interim if Ripple wins the lawsuit and the SEC appeals to the appellate court. Other countries follow suit and deem XRP a currency. The price of Bitcoin reached its highest peak of over $58,000, and other prominent altcoins such as Ethereum and Binance Coin capitalized on the market growth. Get the latest crypto news delivered to your inbox daily. In a part of his Axios interview that wasn't aired by HBO on March 7, Ripple CEO Brad Garlinghouse mentioned that his company may move out of the U.S. if it loses its much-talked-about legal battle with the U.S. Securities and Exchange Commission. At this point, you might be asking yourself: what in the world does this have to do with XRP? This will broaden the definition of the Howey test, setting a legal precedent that could result in other similar cryptocurrencies also being classified as securities. Ripple Labs would likely need to face the music and pay significant fines. Its current price means that it has also declined by 8% in the past week, yet the altcoin remains 26% up in the last 30 days, as investors increasingly come to expect a positive end to Ripple's legal battle with the SEC. Its up in the air [to be honest], Deaton admitted as he offered an educated guess on how things might go down in the event that XRP is deemed a security. The Ripple lawsuit is important because if the SEC wins their case, XRP will be treated as a security and not a currency in the United States. Follow us on Twitter @coinmonks and Our other project https://coincodecap.com, Email gaurav@coincodecap.com, We deliver the latest, breaking crypto news about Bitcoin and others. It does not store any personal data. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. The outcome of the SEC vs Ripple case will have far-reaching consequences on the cryptocurrency industry as a whole. This cookie is set by Facebook to display advertisements when either on Facebook or on a digital platform powered by Facebook advertising, after visiting the website. The SEC vs Ripple case is widely publicized, with regulators and policymakers worldwide waiting for a conclusive result. Twitter sets this cookie to integrate and share features for social media and also store information about how the user uses the website, for tracking and targeting. According to Fintech commentators like Bloomberg, the case will be wrapped within the first half of 2023. The cookies is used to store the user consent for the cookies in the category "Necessary". The price will rise significantly to around $10-15. And assuming that this is a favorable one for Ripple (i.e. Instead, with key legislators getting into the mix, this seems like the early innings of a long ballgame. Japanese banks to trial stablecoin payment system, Binance adds support for African currencies: Liberia, Sierra Leone, Gambia, Mauritania, Cape Verde, InvestCloud launches front-to-back single solution for advisors and wealth managers, Step launches stock investing for teens and young adults. Unfortunately for blockchain proponents, the Ripple lawsuit may not be a one-and-done situation; that is, a win doesn't mean the SEC will forever ignore cryptocurrencies. Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. CoinSwitch believes the crypto asset will surge to $17.0576 by 2030 due to the wide adoption of the asset. At the time of writing, XRP has a market cap of over $20 billion and a single unit price of $0.44, less than 5% down from the previous week. On February 17, 2021, the Court issued an Orderapproving the Claims Process and Distribution Plan. The SEC considers that XRP is not a currency but a security and is subject to securities laws. "It's up in the air [to be . Should XRP be considered a currency or a security? 1125 N. Charles St, Baltimore, MD 21201. Ripple might receive a significant boost in popularity amongst crypto traders and investors. This implies that buyers collect their funds to profit from a shared enterprise. Ripple is now confident of a win against the US financial regulator. 2020 was a striking year for cryptocurrencies as it ended with the most prominent bull run since late 2017. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Cardano (ADA) price sees bulls leaving the scene as ADA tanks on Friday morning. Lorem ipsum dolor sit amet, consectetur adipiscing elit. "So what happens to XRP holders if XRP is declared a security and has to be registered with SEC?", a Twitter user recently asked John Deaton, the attorney representing over 67,000 XRP holders with amicus curiae status in the case. Could you be next big winner? The SEC believes that the XRP token is a security because, in their view, it fits the definitions and requirements of a security provided by the Howey Test. In terms of arriving at a reasonable prediction for the XRP price in the event of a good result, it's likely that, at the least, the altcoin will pass its 2018 record high of $3.40. The U.S regulator seems ill-prepared to win the case, thus giving Ripple the upper hand. Ripple is gearing up to assist central banks across 20 countries in their Central Bank Digital Currency (CBDC) rollout. DOT could witness a 20% crash in the short-term, in response to the tumultuous events in crypto. All rights reserved. Instead, with key. On the date of publication, Josh Enomotoheld a LONG position inXRP, ETH and BTC. one that finds XRP is not a security), then XRP could rally massively, surpassing its current all-time high of $3.40 and hitting new heights. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The latest development in the proceedings has nearly 13 documents being pulled out of public view. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. XRP is important because the result of the SEC vs Ripple case is expected to have ongoing effects on how cryptocurrency is regulated in the United States. If Ripple wins the case, exchange listing skepticism will be disregarded, and more XRP liquidity transfers will start in the US market. In its early days, Ripple was touted as an attractive option for banks and financial institutions looking to move funds internationally without being bogged down by complicated remittance issues. The Security and Exchange Commission (SEC) formally filed a lawsuit against Ripple on 23 rd December for a $1.3 billion sales of an unregistered security. The SEC wins. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". The big issue for the SEC is that, according to them, Ripple Labs and its executives conducted unregistered security offerings by selling XRP tokens to investors. Analytical cookies are used to understand how visitors interact with the website. Ripple meanwhile contends . Officially speaking, the XRP lawsuit refers to a case made by the SEC against Ripple Labs and two of its executives, CEO Brad Garlinghouse and his co-founder Chris Larsen. All the lingering doubts around whether crypto is a security or currency only discourage the general public and institutional investors from entering the space. Broker-neutral technology firm FlexTrade Systems FlexONE solution has once again emerged top among the best buy-side execution management systems. This is the "win" that the SEC is seeking to have overturned. XRP price could stand to gain from the payment giants win in the SEC vs. Ripple lawsuit. Although US equities were able to trigger a turnaround and close Thursday off with a net gain, someone in Asia clearly did not get the memo. Regardless of the XRP lawsuits result, cryptocurrency regulation needs to be clarified so the industry can progress. Because many nations look to the United States as a leader in this field, how it regulates crypto may be followed elsewhere. If Ripple wins the lawsuit, it will not have to pay out an additional 1.3 billion dollars, allowing it to continue working on projects. 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