These actions align with the current phase of penalties in the ongoing Ripple versus the SEC lawsuit.
Users will also have the option to rare NFTs and create NFTs, but these tokens are commemorative and, as a result, cannot be transferred or sold.
Kraken’s lawyer, Matthew Solomon, challenged the SEC’s approach of treating the exchange as a unified “ecosystem” with all tokens as investment contracts. He stressed the fair, consistent application of regulations to crypto assets.
The ruling dismissed four of the five claims in the class action lawsuit against Ripple which were termed as “failure to register claims”.
Ripple-backed XRP has outshined the rest of the top ten most valuable crypto assets in the past seven days.
Ripple’s increasing influence is evident as 80% of Japanese banks have partnered with the company for blockchain-based payment solutions.
Ripple argued that Terraform Labs’ $420 million civil penalty was just around 1.27% of its “$33 billion gross sales”. However, the SEC rejected it stating that this is an apples-to-oranges comparison.
Amid all this, the price of XRP has continued to decline, losing more than 10% in the last eight days.
The enhanced adoption of Ripple-backed XRPL by institutional investors will significantly help increase XRP’s bullish outlook in the ongoing crypto bull run.
Ripple Labs intends to enable DeFi developers to build Ethereum-compatible applications through Wrapped XRP (eXRP) on the Axelar network.s
As of the latest update, XRP’s one-day circulation has decreased to 228.53 million tokens.
The launch of the fund is a testament to Ripple’s strong belief in the potential of Japan and Korea as pivotal regional hubs for blockchain innovation.
Despite the odds against the coin, the crypto analyst stated that there are still positive predictions about its future.
The SEC vs. Ripple lawsuit has been ongoing for the past four years since the regulator accused the cryptocurrency company of conducting unregistered securities.
The move has not only stirred speculation about the ongoing case but also the future price trajectory of the cryptocurrency.