SEC's Legal Battle with Ripple Has Minimal Impact on Central Banks - COINTURK NEWS
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SEC’s Legal Battle with Ripple Has Minimal Impact on Central Banks

9:28 pm (58 days ago)
July 28, 2023

Amidst the ongoing struggle, XRP Coin, which has become one of SEC‘s fierce enemies, is still standing. The fight with Ripple, which hindered the company’s IPO and suppressed the price of XRP Coin, is now coming to an end. The problem is that Gensler seems unlikely to get the desired outcome.

Ripple (XRP) News

The vice president responsible for the company’s central bank engagements stated today in a statement that Ripple’s long legal battle with the U.S. Securities and Exchange Commission (SEC) has “almost no impact” on the discussions they have with central banks. James Wallis is in charge of the company’s CBDC deals, and Ripple holds significant power in this field.

James Wallis also stated that the decision that the sale of XRP does not constitute an investment contract is a great victory not only for Ripple but for the entire sector.

“No country has said they don’t want to talk to us.”

Ripple and Central Banks

Ripple has gained significant experience in blockchain-based payment systems over the years. It has participated in CBDC preliminary work in many countries, including the United States, and provided technical support to them. These capabilities could burden them with the digital fiat currency of multiple major states in the future. Moreover, due to its advantageous position, Ripple has significant growth potential as a company.

Finally, it is known that Ripple is working with the Pacific country Palau on a stablecoin called PSC, which operates on the XRP Ledger and is pegged to the U.S. dollar. It is known that many countries, including Turkey, are working on their digital fiat currencies. In fact, China has been offering its digital yuan to its citizens since 2021.

In the long run, we will see how CBDC partnerships strengthen Ripple and build a future for XRP Coin. For now, the fact that the ongoing battle with the SEC does not negatively affect Ripple’s business is a positive development.

At the time of writing, XRP Coin is trading at $0.71. The negative sentiment in BTC price has made investors more cautious towards altcoins, even XRP Coin. On the other hand, with decreasing volumes over the weekend, it is possible to see a big surprise break in both directions.

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