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Hope for American banks as customers: Ripple (XRP) receives the green light for US business after a court ruling against the SEC
Ripple (XRP) achieved an important victory last week with a court ruling in the case against the US Securities and Exchange Commission (SEC). This means that Ripple now has the green light to use XRP in the USA and can therefore become active in the US business again. The decision has created a positive mood at Ripple and the company is now turning its attention to American banks as potential customers for XRP. Stuart Alderoty, Chief Legal Officer at Ripple, commented on the future of XRP in an interview with CNBC. He emphasized that Ripple now hopes to work with US banks on using XRP as a bridge currency into...
Hope for American banks as customers: Ripple (XRP) receives the green light for US business after a court ruling against the SEC
Ripple (XRP) achieved an important victory last week with a court ruling in the case against the US Securities and Exchange Commission (SEC). This means that Ripple now has the green light to use XRP in the USA and can therefore become active in the US business again. The decision has created a positive mood at Ripple and the company is now turning its attention to American banks as potential customers for XRP.
Stuart Alderoty, Chief Legal Officer at Ripple, commented on the future of XRP in an interview with CNBC. He emphasized that Ripple now hopes to enter into discussions with US banks about using XRP as a bridge currency. Alderoty hopes these conversations will lead to real business. He also noted the benefits of Ripple's On-demand Liquidity (ODL) program, which uses XRP for fast and low-cost cross-border transactions. Alderoty criticized the high fees for international transfers and emphasized that ODL offers a cheaper alternative. An XRP transfer costs less than $1, while traditional bank transfers often charge ten times or even more in fees.
Last year, Ripple CEO Brad Garlinghouse spoke positively about ODL and mentioned Bank of America as a possible XRP customer. Now Ripple wants to increase its efforts to use XRP in the USA. Especially for guest workers and immigrants who regularly transfer money to their home countries, using ODL and XRP could be an attractive option as it allows them to avoid high fees.
In recent quarters, Ripple operated more than 90 percent of its business outside the US as XRP was initially set to come under SEC regulation. But the court ruling has now provided clarity and Ripple has the chance to win US customers again.
Conclusion: Ripple and XRP are looking to make a comeback in the US market after being suspended for a long time due to legal uncertainties related to the SEC. With the ruling behind them, Ripple is confident that they can now win American banks as customers for XRP. XRP's low-cost and fast transactions could be particularly attractive to people who regularly transfer money to their home countries. Ripple will now increase its marketing efforts to establish XRP in the US market.