![]() ![]() SEC Vs Ripple Update: XRP Partially Wins Lawsuit Against SEC The live price of XRP is updated and available in real time on Binance. In February 2023, XRP Ledger (XRPL) developers unveiled a proposal for a cross-chain bridge they believe would expand the blockchain's functionality. Ripple Labs worked to enhance global payment capabilities, rather than to replace the old system. When XRPL was originally engineered in 2012 by Jed McCaleb, Arthur Britto and David Schwartz prior to the formation of the blockchain company, the idea was for Ripple to be a global payment network that would offer a better solution than the traditional banking and financial systems in place. This means XRP is used in the processing of digital and fiat currency transfers on XRPL network. XRP also functions as an intermediary on the XRPL network, which is able to swap digital and fiat currencies through its network DeFi protocol. This makes Ripple stand out in the cryptocurrency industry, and such factors can affect XRP price. Another interesting feature of XRP is that miners receive their validation fees from the aforementioned charge, as all XRP coins were placed into circulation when the network was first launched. 00001 XRP is charged for every transaction processed on the underlying XRP Ledger (XRPL). The Ripple network is powered by its native cryptocurrency, XRP. Transactions on Ripple are typically completed within four to five seconds, much faster than some on other independent blockchain networks that use different protocols. This model ensures that payments on the network are subject to considerable security measures without compromised efficiency. Ripple is a uniquely designed blockchain that works on a consensus model in which all nodes given access to the system must validate transactions on the network. EST.Ripple (XRP) is a decentralized payment network that was built to replace the traditional money transfer network, SWIFT. After having traded as high as 68.43 cents in November, XRP was trading at 20.814 cents as of 8:45 p.m. Siam Blockchain suggests that XRP may just be the beginning when it comes to the SEC targeting so-called “stable coins” or similar tokens, noting that Tether and USDT may also be targeted soon.Īt a time where bitcoin continues to hit record highs, XRP investors have been hit hard. 15, while will delist the cryptocurrency on Jan. According to, Bittrex and have also announced that they will delist XRP in light of the SEC lawsuit. No other country has classified XRP as a security.”Ĭoinbase and Binance are not alone in looking to delist XRP. “In fact, the Justice Department and the Treasury’s FinCEN already determined that XRP is a virtual currency in 2015 and other G20 regulators have done the same. Ripple continues to deny the allegations strongly. “XRP is a currency and does not have to be registered as an investment contract,” Garlinghouse previously said. While support for XRP including trading and deposits will be suspended, Binance users will still be able to withdraw XRP holdings from their Binance wallets. ![]() Offering cryptocurrency is not illegal when the purpose is to provide a digital currency for trading, but per the Securities Act of 1933, any offer that involves funds being raised for a company must be registered as a security.īinance said in a support article that its support for XRP will end on Jan. and worldwide. The SEC alleges Ripple distributed billions of XRP in exchange for noncash considerations such as labor and market-making services, which is the key to its complaint. Specifically, the SEC claims that Ripple raised capital to finance the company’s business beginning in 2013 through the sale of unregistered securities, XRP tokens, to investors in the U.S. The SEC filing, which targets both Ripple and two of its executives - Christian Larson, the company’s co-founder and executive chairman of its board and former chief executive officer, and Bradley Garlinghouse, the company’s current CEO - alleges that XRP is an unregistered security. 28 that it was also planning to suspend XRP trading in light of the SEC lawsuit again Ripple. The announcement comes after Coinbase Inc. Securities and Exchange Commission alleging that the cryptocurrency is an unregistered security. Binance, the world’s largest cryptocurrency exchange by volume, today announced that it will delist Ripple Labs Inc.’s XRP cryptocurrency following a lawsuit filed against Ripple by the U.S. ![]()
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