- Ripple’s API platform earned DBS Bank’s Best API award, showcasing its growing influence in the banking sector.
- Ripple CEO Garlinghouse hints at a possible resolution to the SEC lawsuit, sparking hope and market tremors for XRP.
- EU’s MiCA regulation might push Ripple to develop a EUR-pegged stablecoin due to restrictions on non-EUR stablecoins.
Ripple’s innovative ideas have recently caught the spotlight. The largest bank in Southeast Asia, DBS Bank, awarded Ripple the Best API platform award. This recognition demonstrates how Ripple’s stature and power within the banking sector are growing.
Garlinghouse Teases Possible Legal Resolution on the Horizon
Sources indicate that Ripple CEO, Brad Garlinghouse, has insinuated that the company is near reaching a solution to the ongoing lawsuit with the SEC. Garlinghouse went on record to say this, during a live Bloomberg interview: “XRP is not a security – we expect a resolution very soon.”The optimistic attitude with which he spoke astonished the Bitcoin community.
The SEC v. Ripple Labs legal dispute has long had an impact on the Bitcoin market. Though Garlinghouse would not comment on specifics, his optimistic assessment caused tremors in the market. This revelation came after a rough week for XRP, the cryptocurrency owned by Ripple. The price of XRP dropped after rising earlier in expectation of a possible SEC settlement, following news of a postponed private meeting.
Ripple’s Strategic Moves in the Evolving Crypto Market
Garlinghouse underlined how crucial it is for American regulations to be clear. He said that the SEC’s strategy of regulating through enforcement stifles progress and should be abandoned. “We’re not requesting a free pass,” declared Garlinghouse. The majority of those working in the crypto sector are law-abiding, moral people. All we ask is for those regulations to be unambiguous and uniform.
Moreover, the adoption of the Markets in Crypto Assets Regulation (MiCA) in the EU could compel Ripple to launch its own EUR-pegged stablecoin. MiCA restricts non-EUR stablecoins, limiting their transactions and market cap. These regulations might challenge Ripple’s USD-pegged stablecoin in meeting cross-border remittance demand. Ripple’s involvement with the Digital Euro Association (DEA) as a supporting partner underscores its commitment to stablecoin initiatives in Europe.
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