The SEC lawsuit against Ripple has had a new development, with the commission attorney writing personally to the US District Judge. Let’s take a quick dive into what is happening with the case and other activities in the Ripple XRP ecosystem.
Commissioner’s Statement Not Reflective Of Official Stance: SEC
The legal clash between the US Securities and Exchange Commission and Ripple XRP has come to a head. Earlier this month, Ripple had cited the statements by SEC Commissioners Hester Peirce and Elad Roisman as support for the exchange’s case against SEC. The commissioners’ statement in question was in reference to the recent enforcement action and settlement that SEC carried on with Blotics.
Ripple’s defense attorney, Michael Kellogg, appealed to US District Judge Analisa Torres, saying,
“This statement by two sitting SEC Commissioners makes even more clear that during the time relevant to this case, members of the public did not have fair notice of what the law requires.”
However, this week the SEC declared that the statements by the commissioners should not be taken into account as their personal views had no bearing on either the official stance of the organization.
SEC Attorney Mark Sylvester wrote to Judge Torres,
“The Statement cannot serve as the basis to hold that the Constitution bars the application of the securities laws’ registration requirements to Ripple’s conduct. Nor can the Statement serve as the basis to dismiss the SEC’s claims that the Individual Defendants, with their own offers and sales and other conduct, aided and abetted Ripple’s unregistered offers and sales.”
Japan’s First-Ever ODL Service Implementation Being Powered By XRP
Ripple is looking to provide faster, more affordable remittance transfer options for Japanese customers. The Philippines is the third-largest remittance destination for Japan, with the country having one of the highest remittance costs in the world. On-Demand Liquidity (ODL) will allow companies to leverage the XRP token and transfer funds while freeing capital. In addition, it will allow companies to easily transfer one fiat currency to XRP and from XRP to another fiat currency. Japan’s money transfer provider SBI Remit will link with the Philippines’ mobile payments firm Coin.ph to open up a remittance corridor that uses ODL between the countries.
Nobuo Ando, Representative Director, SBI Remit, commented,
“We see tremendous potential in leveraging blockchain technology to transform not only the way payment transactions are made but in how we manage our business by unlocking trapped capital. The launch of ODL in Japan is just the start, and we look forward to continuing to push into the next frontier of financial innovation, beyond real-time payments in just the Philippines, but to other parts of the region as well.”
Ripple In Discussions With Central Banks
The General Manager of RippleNet, Asheesh Birla, disclosed in a recent interview that Ripple has been meeting with central banks over discussions of a private version of the XRP ledger. With multiple central banks looking at launching their own CBDCs, Birla believes that XRP’s fast transaction speed makes it a ‘natural fit’ for the purpose.
“I think you are going to see more and more central banks around the world realize some of these benefits. Again, it’s not gonna happen overnight. We wanna build and gain momentum,”
He also disclosed that Ripple’s discussions with banks are not limited to CBDCs.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.