XRP Recognized as “International Payment Medium” Ahead of Ripple-SEC Case Verdict

Sahana Kiran
Source – Unsplash

The ongoing case between Ripple and the Securities and Exchange Commission [SEC] has put XRP in the limelight. Despite initial concerns that the lawsuit would negatively impact the crypto, XRP managed to experience a surge in adoption. Amidst this, the Federal Reserve Bank of Atlanta, a district of the US Federal Reserve Bank, has recognized and mentioned XRP in its recent report.

The report titled “An Introduction to Web3 with Implications for Financial Services” explores the emergence and potential of Web3 and crypto assets. It specifically notes how Ripple utilizes XRP to meet its cross-border settlement requirements. The report also classifies XRP as an “international payment medium,” recognizing its role in facilitating cross-border transactions. This acknowledgment from the bank highlights the importance of XRP as a tool for international payments and underscores its potential within the realm of financial services.

However, it is important to note that the report is not centered specifically on Ripple or XRP. The report stresses how Ripple employs the altcoin to meet cross-border settlement demands. However, it does not explicitly state that the Fed will use XRP or that it is the only asset employed for such purposes.

Ripple v. SEC case to conclude in ‘Weeks’ not months?

The ongoing case between Ripple and the SEC has garnered significant attention within the crypto community. The SEC has accused Ripple of selling “unregistered securities” dating back to over two years ago. Ripple, on the other hand, has been actively contesting the allegations and aims to achieve a favorable outcome in the case.

A notable development in the case is Ripple’s gaining access to the Hinman documents, which hold relevance to the proceedings. This access is considered a significant step forward for Ripple in its legal battle with the regulator. The crypto community continues to closely follow the developments in this high-profile case

During recent discussions, Brad Garlinghouse, the CEO of Ripple, stated that the court case between Ripple and the SEC could potentially reach a conclusion within a matter of weeks. This remark suggests that the legal proceedings may be nearing their end.

The conclusion of the court case holds significant implications for Ripple’s future operations. Additionally, the regulatory landscape surrounding digital assets will also become clearer. Therefore, this case is touted to be a major one for the crypto industry.

At press time, XRP was trading for $0.4614 with a 2.55% daily surge.