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HomeNewsRipple CEO Clears Air on XRP’s Status as Company Plans Stablecoin Release

Ripple CEO Clears Air on XRP’s Status as Company Plans Stablecoin Release

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  • Court rulings have partially favored Ripple, classifying XRP as not a security while highlighting unregistered institutional sales of the cryptocurrency.
  • Ripple’s CTO, David Schwartz, hinted at innovations in automated market makers, lending protocols, and the upcoming stablecoin at a recent conference.

Ripple CEO Brad Garlinghouse has reaffirmed that XRP and Ethereum are not securities, providing clarity amid regulatory scrutiny. This statement comes as Ripple prepares to launch a stablecoin.

Speaking with Michael Arrington of Arrington Capital, Garlinghouse asserted that XRP and Ethereum do not fall under the classification of securities. This stance is crucial as Ripple navigates a complex regulatory environment.

Garlinghouse emphasized Ripple’s dedication to XRP, stating, “Anyone who thinks Ripple is not fully behind XRP is missing the point. We are fully committed, and we will remain fully committed.”

The status of digital currencies such as XRP and Ethereum has frequently been debated. A court decision in July 2023 partially supported Ripple by stating that XRP does not qualify as a security. Nevertheless, this decision also highlighted that certain sales of XRP to institutions were not registered as securities transactions.

Read more: Charles Hoskinson Clarifies Ripple and XRP Controversy

Ethereum faces similar challenges. Consensys, an Ethereum-focused company, has recently sued the US Securities and Exchange Commission (SEC) to declare that Ethereum is not an unregistered security.

Ripple is gearing up for a new chapter, focusing on developments in its XRP Ledger. During a recent conference, Ripple CTO David Schwartz talked about the forthcoming stablecoin and advancements in automated market makers (AMM) and lending protocols.

The upcoming Ripple stablecoin, supported by deposits in US dollars and short-term US government securities, targets institutions unable to engage directly with digital currencies but who wish to utilize the XRP Ledger.

Vet, a validator for the XRPL dUNL, suggests that this stablecoin has the potential to transform both institutional and decentralized finance through the ledger’s decentralized exchange capabilities and automated market making functions.

Ripple (XRP) current price is $0.529791 USD, with a change of -0.93%. On the last day, it has ranged from $0.524893 to $0.533159 USD.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
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