Ripple hopes banks will adopt XRP

Thu 20 Jul 2023 ▪ 3 min of reading ▪ by Ariela R.
Getting informed Crypto regulation

The Ripple VS SEC case has undeniably left its mark on the crypto market. The case has taken a new twist, with Judge Analisa Torres ruling in favor of the crypto company. Even if this is only a partial victory, Ripple intends to take advantage of this opportunity to broaden the prospects for XRP adoption.

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Ripple optimistic about XRP adoption by US banks

La décision de Torres reste une victoire partielle

The status of XRP is at the heart of the legal debacle pitting Ripple against the SEC. Three years later, the judge in charge of the case finally issued a verdict: XRP is not a security. For Ripple (and the crypto community in general), this is an important victory.

On the downside, the judge’s decision on the status of XRP is not unanimous. Recently, a New York judge ruled, for example, that XRP is not necessarily a security. This means that Ripple’s victory is only partial. Added to this is an important note from Judge Torres: “Certain sales of the token are considered to be securities transactions”.

Despite this, Ripple remains optimistic about the prospects for XRP adoption by financial institutions.

Ripple/XRP: soon (if not already) in talks with US banks

Ripple plans to start talks with US financial institutions as early as the third quarter of this year. The aim is to promote the use of ODL. This is an on-demand liquidity product that facilitates money transfers using XRP.

Ripple’s general counsel Stu Alderoty said, “We hope this court decision will reassure potential customers of financial institutions or existing customers to at least come in and start discussing the issues they are facing in their business.”

In practical terms, Ripple wants to position XRP as an efficient and cost-effective solution. Discussions are aimed at turning these opportunities into concrete partnerships and fostering the adoption of XRP in the US banking sector.

Although only partial, Ripple’s victory over the SEC represents a major turning point in the adoption of XRP. The crypto company is hoping for a promising future for this crypto in the banking sector. To be continued…

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Ariela R. avatar
Ariela R.

Je m'appelle Ariela et j'ai 31 ans. J'oeuvre dans le domaine de la rédaction web depuis maintenant 7 ans. Je n'ai découvert le trading et la cryptomonnaie que depuis quelques années. Mais c'est un univers qui m'intéresse beaucoup. Et les sujets traités au sein de la plateforme me permettent d'en apprendre davantage. Chanteuse à mes heures perdues, je cultive aussi une grande passion pour la musique et la lecture (et les animaux !)


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