Can SEC Create Problems For Ripple On RLUSD Launch? Bill Morgan Reacts
The post Can SEC Create Problems For Ripple On RLUSD Launch? Bill Morgan Reacts appeared on BitcoinEthereumNews.com.
RLUSD went officially live today on global exchanges, which combines the stability of fiat with the efficiency of blockchain technology. Ripple has described RLUSD as an ‘enterprise-grade stablecoin built on trust, utility, and compliance.’ Backed by US dollar deposits, US government bonds, and other cash equivalents, RLUSD will undergo third-party audits to ensure transparency. Ripple aims to build stronger ties between fiat and crypto while enhancing cross-border payments. Ripple President Monica Long highlighted the significance of the launch, stating, “The release of RLUSD marks a new chapter, both for the XRP Ledger as well as Ripple for use in our $70B+ payments flows.” Looming Regulatory Uncertainty The Tuesday’s launch follows a period of uncertainty surrounding the SEC’s take on the stablecoin. In April 2024, the SEC filed its remedies-related reply brief in the Ripple case, labeling RLUSD an issuance of a new unregistered crypto asset. A recent X user pointed out that in April, the SEC labeled RLUSD the issuance of a new unregistered crypto asset in its remedies-related reply brief. “While the NYDFS approval is one thing, but could the SEC (Gensler) say Ripple failed to register it?” he questioned. That is correct, but like a lot of statements made by the SEC about crypto it is incorrect. Obviously, Ripple does not care about the statement. If it was meant to be a warning or a threat it has been disregarded or worked around and quite frankly neither the market nor anybody… https://t.co/7FabxZvAzr — bill morgan (@Belisarius2020) December 17, 2024 To this, Bill Morgan reacted “That is correct.” However, he added that the SEC made many incorrect statements about crypto and the regulator was wrong here too. Notably, this also includes the term ‘crypto asset securities’ for which the SEC expressed regrets to the court. But “Ripple Does Not…
Filed under: News - @ December 17, 2024 10:19 pm