News Scrap

NewYork financial regulator may soon give regulatory approval for Ripple Stablecoin.

Ripple is a San Francisco headquartered blockchain firm that is known for its cross-border payment services, backed by $XRP Cryptocurrency. Since Dec 2020, this blockchain firm has been under huge legal hurdles, as the United States Securities and Exchange Commission (SEC) filed a lawsuit against Ripple executives over the sale of $1.3 billion worth of unregistered $XRP Coin.

On 29 Nov 2024, A report by Fox Business claimed that Ripple’s stablecoin ($RLUSD) could secure regulatory approval as early as 4 Dec.

Stable Coin market cap & opportunity

The current total stablecoin market capitalization is over $196 billion. In Aug, Ripple predicted that it will surge to $2 trillion by 2028.
Three months ago, the Ripple team began testing its stablecoin on the XRP Ledger and the Ethereum mainnet and also confirmed its plan to expand on the other crypto networks.

Ripple vs SEC legal fight development

As we know, the legal battle between Ripple & SEC has been active for the last 4 years. However, Ripple already scored a partial victory in this case last year, but this year, the SEC agency urged considering more hearings in the case & claimed that the judgement was partial as per the situation.

In a few days, many reports surfaced in the crypto space, where many experts claimed that the SEC body may drop all the charges against Ripple & its executives, as the crypto hater SEC chairman Gary Gensler will be departed from his role on 20 Jan 2025 & after that, a pro-Crypto person will assume the SEC chairman position.

Other top crypto companies are also optimistic about the Ripple vs SEC case, as it will indirectly have an impact on their corresponding legal battles against the SEC body.