In an important argument, the Ripple CEO’s lawyer claimed that Security and Exchange Commission (SEC) failed to warn any of the market stakeholders, including cryptocurrency exchanges, about the security status of XRP in several discussions held in and before 2019. This is an important revelation and could lead to important implications for Ripple and the entire crypto domain in the future. Ripple has filed a motion in the court to get the lawsuit filed against it by SEC dismissed.
Cryptocurrency analysts and experts differ in terms of the implication the particular lawsuit can have on Ripple’s future. Even the market is divided as mixed signals are coming on the front of XRP’s adoption in the industry. MoneyGram, a prominent name in the money transfer services, has recently announced that it has put its business relationships with XRP on hold as the legal battle continues to enrage between Ripple and SEC. However, 2C2P, a payment leader in the South East Asian region, has recently collaborated with Ripple to expand its cross-border remittance services in Thailand and Singapore.
It’s important to highlight that despite regulatory concerns and lawsuits, the dominance of the XRP in the cross-border payment system is only getting strengthened with each passing day. To take this dominance further, Ripple has come up with its latest strategy under the name – Last-Mile Playbook for Global Payments.
The strategy identifies 14 key areas across the globe which are having a high potential for payment systems. These regions are rated on a scale of 1 to 5 according to the potential of the opportunities available for different payment networks that want to use XRP for their cross-border transactions. The report specifically mentions optimum strategy to win customers in these regions while pointing out specific actions that companies need to take by keeping in mind the orientation consumers have in different countries. This document is indeed beneficial for the companies to re-strategize their business models and make necessary changes to meet the target market’s needs and preferences optimally.
If market indications are anything to go by, there is no immediate threat to Ripple’s existence. The payment system based on XRP is getting a boost, with many organizations across the globe are opting to use Ripple’s native token to process cross-border transactions. It will be interesting to witness where this legal battle between SEC and Ripple goes and how this impacts the value of XRP in the future. From the viewpoint of the regulatory implications, this battle will be crucial for the future of the entire cryptocurrency and blockchain industry. This might also renew the discussion between the legislators, government authorities, and stakeholders in the cryptocurrency industry. This will probably present an opportunity for all concerned to sit together and deliberate on new ways to adopt the digital coins and their underlying technology. There is considerable space for the negotiations, and if these discussions can be held in a positive direction, every stakeholder involved in the industry can be benefited immensely.