Renowned XRP advocate lawyer Fred Rispoli strongly believes that any regulatory concern that may arise from Ripple’s launch of the USD-backed stablecoin would create a new lawsuit.
American blockchain payments firm Ripple Labs Inc is making significant progress with its US Dollar-pegged stablecoin RLUSD. However, there are concerns that it might catch the attention of the US Securities and Exchange Commission (SEC). Notably, the American blockchain payment platform launched a dedicated website page for the RLUSD stablecoin last week. The stablecoin’s debut is still scheduled for later this year.
SEC May Launch Enforcement on RLUSD
Many XRP community members acknowledged the webpage launch as a milestone that is worthwhile. However, there are two perspectives on how Ripple’s relationship with the Securities and Exchange Commission may progress from here. One group in the XRP community believes that the coming of RLUSD would signal the end of Ripple’s legal debacle with the regulator.
The other group is concerned that it would raise regulatory scrutiny on Ripple. A few legal practitioners shared their thoughts on the matter. Renowned XRP advocate lawyer Fred Rispoli strongly believes that any regulatory concern that may arise from Ripple’s launch of the USD-backed stablecoin would create a new lawsuit. This, he noted, will be different from the one the blockchain payment firm is facing with the Commission.
As insightful as Rispoli’s opinion sounds, it is an indication of how many regulatory hurdles Ripple is required to overcome in its newly found pursuit. To put it in perspective, its current lawsuit with the SEC may not mark the end of enforcement actions from the Gary Gensler-led commission.
Pro-crypto US Administration to Favour RLUSD
On the brighter side, Ripple may stand a better chance with its innovative pursuit if the United States ends up with a pro-crypto leader as President. Currently, a significant percentage of the presidential aspirants are adopting a crypto stance, whether in sincerity or only to win crypto voters as Peter Schiff recently mentioned.
Republican presidential candidate Donald Trump and Independent candidate Robert F. Kennedy Jr. has constantly voiced their pro-crypto stance. In their individual campaigns, they have not failed to spell out their future plans for Bitcoin and other crypto in their administration. RFK Jr. announced a bold plan to integrate Bitcoin (BTC) into the national reserve.
Furthermore, RFK Jr stated that he “feels very aligned with Bitcoiners”. He described BTC as an “honest currency” grounded in proof of work, decentralized, and transparent through its ledger system. The Independent presidential candidate’s plan is to support government currency and debt with a diverse basket of hard assets. These assets include gold, silver, platinum, and Bitcoin.
Similarly, Trump has solidified his backing from the crypto industry and this is evident in the support he garnered during the 2024 Bitcoin Conference. Trump raised $25 million during the event, marking his “second highest fundraiser ever” across his three presidential campaigns.
Newly appointed Democratic candidate Kamala Harris is also trying to pivot towards crypto. Ultimately, the turnout of the elections scheduled for November will go slightly to determine the future of Ripple’s RLUSD.
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