Ripple President Issues Statement on Ripple VS. SEC Lawsuit and XRP ETF

In a recent discussion, Monica Long, the president of Ripple, illuminated several crucial developments in the ongoing Ripple vs. SEC lawsuit.

🚨BREAKING: The SEC has responded to @Ripple‘s letter regarding the TerraForm Labs Consent Judgment!

It seems like the SEC is asking for a $102.6 million settlement. #XRP

💥 SETTLEMENT INCOMING! 💥 pic.twitter.com/NJFZHzuWty

— JackTheRippler ©️ (@RippleXrpie) June 15, 2024

She also pointed out the potential for an XRP Exchange Traded Fund (ETF), RLUSD stablecoin, and other Ripple strategic initiatives. Her remarks come amid pivotal court decisions and advancements in Ripple’s technological and market strategies.

XRP’s Legal Clarity Has Aided Ripple’s Advancements

Monica Long emphasized the profound impact of the district court’s ruling, which declared that XRP was not a security. This decision marked a significant victory for Ripple, as it directly opposed the stance taken by the U.S. SEC.

Ripple’s upcoming stablecoin will ‘complement’ XRP@Ripple President @MonicaLongSF joins @fintechfrank on The Scoop to discuss the recent growth and expansion of Ripple’s product offerings, including an upcoming stablecoin 💸

OUTLINE
00:00 Introduction
00:50 Ripple Updates… pic.twitter.com/P0sTl2qXS9

— The Block Podcasts (@TheBlockPods) June 26, 2024

Long said the clarity regarding XRP’s legal status has enabled Ripple to pivot toward other critical use cases. It has also pushed for more expansion opportunities, free from the regulatory uncertainty that previously hampered its progress.

It has been noted for a long time that the SEC has continued its rigorous agenda against the crypto industry despite this victory. The agency’s strict stance poses ongoing challenges to the growth of digital assets, blockchain, and related technologies in the United States.

However, she affirmed Ripple’s commitment to advancing its goals, undeterred by these pressures.

Besides that, Long highlighted Ripple’s significant advancements in its payments infrastructure, mainly through the XRP Ledger. She also mentioned the enhanced custody services facilitated by its acquisition of Metaco.

Several strategic partnerships to develop the XRP Ledger and provide robust custody services to banks and other financial institutions have strengthened these improvements.

These partnerships and technological enhancements reflect Ripple’s dedication to solidifying its position in the financial sector and expanding its influence.

By committing to the XRP Ledger and ensuring secure custody solutions, Ripple aims to provide a more efficient and reliable infrastructure for financial transactions.

Introducing RLUSD and Anticipated Developments

Meanwhile, Ripple’s introduction of the RLUSD stablecoin is seen as a strategic move to better its business operations, particularly in markets with lower liquidity.

It has long been clarified that the RLUSD stablecoin is not intended to compete with XRP but rather to complement it. This initiative will drive the adoption of XRP, especially among DeFi platforms and institutional investors.

In addition to Monica Long, Stuart Alderoty, the Chief Legal Officer of Ripple, also made a strong statement regarding the ongoing legal battle with the SEC. 

Alderoty criticized the SEC for acting in bad faith and targeting Ripple Labs despite the company’s successful business operations.

The @SEC is raging. Ripple defended itself – “agreeing to nothing.” The court gave clarity that XRP is not a security. There are no “victims” to compensate. And worst of all for the @SEC, Ripple is thriving. But at least @SEC seems to have abandoned its absurd demand for $2B. https://t.co/KVSkB9OqlH

— Stuart Alderoty (@s_alderoty) June 15, 2024

He urged the SEC to drop its demand for $2 billion in fines. His statements suggested that the regulatory body’s actions are more about hindering Ripple’s growth than enforcing fair regulations.

Moreover, there is a growing consensus among lawyers and former SEC officials that the SEC might not pursue an appeal against Judge Torres’ summary judgment, which was favorable to Ripple.

In the meantime, the court verdict regarding penalties and final judgment in the remedies phase of the lawsuit is expected in July. The outcome of this phase will determine Ripple’s financial and operational consequences following the court’s earlier rulings.