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RIPPLE-SEC LAWSUIT UPDATE: XRP SALES BAN MAY BE LIFTED SOON!
▪️Ripple withdrew its cross-appeal against the SEC, signaling the nearing end of their legal battle.
▪️The SEC may seek to lift the injunction that restricts Ripple’s direct XRP sales to institutions.
▪️If the injunction is lifted, Ripple could resume institutional XRP sales, but must adhere to securities laws.
Ripple’s long-running legal battle with the U.S. Securities and Exchange Commission (SEC) is nearing its final stage. The company has withdrawn its cross-appeal, leading to speculation that the SEC might ask the court to lift the injunction preventing Ripple from selling XRP directly to institutional investors.
If this happens, could Ripple restart these sales? Experts share their views on what this means for Ripple, the SEC, and the broader crypto market.
Could Ripple vs. SEC End Soon?
After the SEC settled its lawsuit with Coinbase, many in the crypto space wonder if Ripple’s case could also be resolved soon.
Ripple CEO Brad Garlinghouse confirmed that the company has withdrawn its cross-appeal, signaling that the legal battle is entering its final phase.
The SEC-Ripple Legal Battle: The Background Explained
The SEC’s injunction has significantly restricted Ripple’s business, preventing direct sales of XRP to institutional investors.
The legal fight began in 2020 when the SEC accused Ripple of selling XRP without proper authorization. Last year, Judge Analisa Torres of the U.S. District Court for the Southern District of New York ruled that Ripple’s institutional sales were an unregistered securities offering. However, she clarified that XRP sales on public exchanges did not fall into the same category.
The SEC has not yet confirmed whether it will request the court to lift the injunction.
Experts Weigh In: Will Ripple Resume Institutional Sales?
Legal expert Fred Rispoli believes that if the court removes the injunction at the SEC’s request, Ripple could restart institutional sales. However, he emphasizes that the company must comply with securities laws.
He says: “Ripple’s institutional XRP sales still must conform to securities law but can now sell to say, hedge funds or private equity firms directly instead of to OTC desks first.”
XRP Community Reacts
While some XRP supporters see Ripple’s decision as a positive step, others remain uncertain about how it will affect XRP’s future.
Currently, XRP is trading at $2.47, reflecting a 6.6% increase over the past week and a 280.2% surge in the past year. At the start of this month, XRP was priced at $2.14602, meaning it has risen nearly 14.98% since then. However, it is still 18.73% below this month’s peak.
Ripple’s withdrawal of its cross-appeal is a key moment in its legal fight with the SEC. If the injunction is lifted, the company could resume institutional sales, but it must still comply with securities laws.
The XRP community remains divided – some are optimistic about XRP’s growth, while others remain cautious due to regulatory uncertainty. Ripple’s next moves and the SEC’s decision will play a crucial role in shaping XRP’s future.
Whatever happens, you can’t deny, this whole Ripple saga? It’s been a wild ride for everyone watching.
@ Newshounds News™
Source: Coinpedia
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WYOMING GOVERNOR SAYS STATE’S LONG-PLANNED STABLECOIN COULD LAUNCH BY JULY
Wyoming’s planned stablecoin—first proposed in 2022—will work across Ethereum, Solana, Avalanche, and multiple ETH scaling networks.
The state of Wyoming is gearing up to launch its long-planned stablecoin in the coming months, Governor Mark Gordon said at the DC Blockchain Summit on Wednesday, with the state eyeing a potential July debut following a period of testing.
The stablecoin, which was first proposed via a state bill in February 2022, will be powered by LayerZero and be usable across multiple chains, including Ethereum, Solana, Avalanche, and the Ethereum scaling networks Base, Polygon, Arbitrum, and Optimism.
“We are thrilled to share Wyoming’s vision for state leadership in the nation’s capital,” Governor Gordon said in a press release issued following his DC Blockchain Summit interview. “Our forward-thinking approach to blockchain and digital asset legislation has positioned Wyoming as a model for not only other states, but the federal government as well.”
The token, WYST, which is now in testing phase across seven blockchain testnets, is poised to benefit both the state and its users, according to the Governor. He said that it will require an over-collaterization of the cash and U.S. Treasuries that back the token to reduce the risk of de-pegging, or shifting from the 1:1 ratio the token is supposed to hold with the U.S. Dollar.
Additionally, interest from the treasuries that back the token will be deposited into the state’s school foundation fund, according to a press release from the Governor.
Though the idea of its state stablecoin first surfaced in 2022, Wyoming’s progress accelerated in March 2023 with the passing of the Wyoming Stable Token Act, which led to the creation of the Wyoming Stable Token Commission—the group ultimately tasked with issuing a stablecoin that “aligns with state laws and fiscal responsibility.”
The Commission, which is leading the launch of WYST, is currently still engaging with vendors as it relates to the “development, deployment, and management of WYST.”
“The next phase of testing and customizing smart contracts is an imperative step towards delivering the best product for Wyoming and stable token holders,” said Commission Executive Director Anthony Apollo. “Once launched, WYST will grant holders the ability to transmit dollar-denominated transactions of any value, anywhere in the world, nearly instantly, with significantly reduced fees compared to traditional ACH or wires.”
The testing process is expected to occur throughout Q2 2025, leading up to the potential July launch.
Stablecoins remain at the center of crypto headlines in recent days and weeks, highlighted by the GENUIS Act, a bipartisan bill to create a regulatory framework for the tokens and their issuers.
On Tuesday, Wyoming-based Custodia Bank said it created the first bank-issued stablecoin on Ethereum. Wyoming’s launch of WYST would be the “first fiat-backed and fully-reserved stable token issued by a public entity in the United States,” according to the release.
@ Newshounds News™
Source: Decrypt
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