Ripple token or XRP is an independent digital asset, native to the Ripple Consensus Ledger. Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network by Ripple. Also called the Ripple Transaction Protocol (RTXP) or Ripple protocol, it is built upon a distributed open source Internet protocol, consensus ledger and native currency (XRP).
Released in 2012, Ripple purports to enable “secure, instant and nearly free global financial transactions of any size with no chargebacks.” It supports tokens representing fiat currency, cryptocurrency, commodity or any other unit of value such as frequent flier miles or mobile minutes. At its core, Ripple is based around a shared, public database or ledger, which uses a consensus process that allows for payments, exchanges and remittance in a distributed process.
Ripple’s XRP registers a solid move as the Judge grants the company to present its defense in response to SEC’s Memorandum of Law.
Blockchain Association’s head of policy said that Ripple is clearly not giving up and is giving the SEC the hardest time in the court, ever.
However, the court still rejected Ripple’s request to access a range of some other SEC documents.
Attorney Jeremy Hogan from the Ripple community believes that Ripple will settle the SEC case by April 2022. Analysts are expecting a new all-time high ahead this year for XRP.
The SEC has been accused of corruption in its dealings with the crypto industry, especially regarding its relationship with XRP.
While Bitcoin has continued to exert a massive weight of about 40.4% of the total industry’s market capitalization, some altcoins are beginning to decouple from the menacing BTC correlation.
The published ruling could provide a strong stance to the Commodity Futures Trading Commission to overlook exchanges that manage commodities.
Just to remind: The SEC had on December 20, filed a lawsuit against Ripple Labs Inc and two top executives for selling unregistered digital asset securities to investors.
The SEC has now filed a motion requesting ‘terabytes’ of additional Slack info from Ripple as part of its case against the blockchain company.
The request was granted by US Magistrate Judge Sarah Netburn to Garlinghouse’s motion to Obtain international discovery of Binance records.
Founded back in 2008, Tranglo has grown to an international payment processing company with 1,300 payout partners.
The news comes as a relief to the Ripple community, which claims that the exchange medium can not be considered as a security.
SBI’s report also mentioned NFTs as a use case for the art community, pointing out Beeple’s $69 million record-breaking auction sale in March.
The SEC claimed that owing to the centralized nature of XRP, it automatically becomes a security thus, it is under its scope.
Ripple filed a motion requesting SEC investigate 14 foreign exchanges. The blockchain firm believes that the records held by the international exchanges will prove that its executives did not violate Section 5 of the Securities Act by selling off units of XRP.