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Ripple 
$3 has partnered with Brazil’s largest cryptocurrency exchange, Mercado Bitcoin 
$103,574, to overcome obstacles posed by the U.S. government. Meanwhile, Ripple continues its legal battle with the U.S. Securities and Exchange Commission (SEC).
Legal Proceedings with the SEC
On October 2, the SEC filed an appeal to overturn the ruling made by Judge Analisa Torres. According to the decision announced in July, secondary market sales of XRP did not constitute securities transactions. Judge Torres clarified that XRP is a crypto asset and did not meet all criteria of the SEC’s Howey test, which pertains to sales from exchanges to individual investors. The court, however, imposed a $125 million penalty on corporations, reduced by 94% from what the SEC had requested due to these sales.
Ripple has decided to expand its operations into Latin American countries. In a recent announcement, the company revealed that Mercado Bitcoin is utilizing Ripple’s services to bolster internal treasury operations between Brazil and Portugal. This partnership makes Mercado Bitcoin the first institutional user employing corporate-focused payment solutions in Latin America.
New Products and Future Plans
Ripple Labs CEO Brad Garlinghouse announced that a U.S. dollar-pegged stablecoin, RLUSD, will soon be launched. Garlinghouse stated, “Not weeks, but months,” emphasizing that the stablecoin will first launch in the U.S. before expanding internationally. He highlighted that Ripple is progressing through communications with U.S. regulators, showing a commitment to operate within the established rules.
Jordan Abud, Banking President at Mercado Bitcoin, expressed that this partnership offers an opportunity for the exchange to expand its services and global reach. The company’s initiation of operations in Brazil in 2019 and the launch of the Brazil Fund to support the development of the XRP Ledger indicate that Brazil is a familiar market for the company.
Ripple’s strategic moves in Latin America are bolstered by high adoption rates and increasing financial inclusion in the region. The company’s decentralized financial solutions support crypto innovation across the area.
Ripple’s expansion in Brazil is perceived as a part of its growth strategy, despite the ongoing legal proceedings with the SEC. This collaboration is contributing to strengthening Ripple’s position in the global market.
