News boosts Ripple XRP price
Ripple XRP continues its path to success. The publisher of the cryptocurrency XRP is celebrating another victory over the SEC in court. At the same time, we are pleased about a new license that was successfully applied for in Singapore. The XRP price reacts.
News boosts Ripple XRP price
The tide has turned quite impressively for ripple’s global network in the last few months. Since 2020, the company and its cryptocurrency XRP, which has been in the top 10 for years, have been considered a shaky candidate. Conflicts with regulators left Ripple XRP with an uncertain future.
However, the SEC, which wanted to take strict action against Ripple XRP, failed in court in July. The judiciary ruled that the sale of XRP was not illegal.
Ripple XRP consolidates victory against SEC
The regulator did not want to accept the initial rejection that Judge Analisa Torres gave the SEC in July and appealed. Documents published yesterday point to Ripple’s continued success.
Judge Torres therefore rejected the appeal filed by the SEC. There was no reason for an appeal, said Torres.
The court also concluded that while the records may have shown that “many investors purchased XRP with the expectation of making a profit,” the SEC did not provide evidence that the “speculative motive of these investors arose from the entrepreneurial or administrative efforts of others.
According to the court, although investors speculate with Ripple XRP, it cannot be seen that speculators make their investments based solely on Ripple’s activities. In addition, the SEC’s objection only leads to an extension of the hearing, but no other outcome is foreseeable.
In the previous trial against XRP, the SEC tried to obtain an injunction to put the sale of XRP and the operations of Ripple on hold. A main hearing on the question of whether XRP is a security is scheduled to begin on April 23, 2024.
Whether Ripple XRP will record an equally clear victory in further negotiations remains questionable. Several of Torres’ colleagues have already publicly expressed their lack of understanding of the New York judge’s ruling.
“The SEC’s motion for a preliminary injunction was denied. “I’m not a lawyer, but it seems that the SEC court just said: You asked me to apply the “Howey” test, I did, and like it or not, you lost,” commented CEO Brad Garlinghouse the case.
The SEC’s request to file an interlocutory appeal is DENIED. I’m not a lawyer but it seems the Court just told the SEC: You asked me to apply the “Howey” test, I did, and like it or not, you lost. https://t.co/0E4MS0iuRY pic.twitter.com/bkhCpum17n
— Brad Garlinghouse (@bgarlinghouse) October 4, 2023
XRP publisher nabs crypto license in Singapore
In addition, Ripple XRP was able to secure a crypto license in Singapore, as the company itself recently announced in a press release . Ripple received a license as an Important Payment Institution ( MPI ) from the responsible Singapore Monetary Authority (MAS).
“[I am] incredibly proud of the Ripple team! Just 4 months after receiving informal approval from MAS, we have now received full license as a payment institution for digital token services in Singapore,” Garlinghouse announced on Twitter.
Incredibly proud of team @Ripple – just 4(!) months after we received our in-principle approval from @MAS_sg , we’ve now secured the full Major Payment Institution license for digital payment token services in Singapore. https://t.co/AH1sDUG4UE
— Brad Garlinghouse (@bgarlinghouse) October 4, 2023
According to the US company, Ripple’s Asian headquarters was opened in Singapore in 2017. The small country itself is seen as a valuable market that is more interested in innovations and new technologies than almost any other country in the world.
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With the new license, Ripple wants to significantly expand its activities in Asia. The company is focusing on the Asian market. Ripple already generates 90 percent of its income outside the USA, where the company is based.
The MPI license (also called MPIL ) allows Ripple XRP to carry out operational activities in dealing with digital payment services as well as the distribution of digital tokens. So far, the MAS has only granted the license to 15 companies. In addition to Ripple, the crypto exchange Coinbase and the Swiss crypto bank Sygnum also received an MPI.
