At this point, the case of whether XRP should be considered a security or a currency has become quite common. Even though Ripple has been working hard to prove that there is no relations between XRP and a security, class-action lawsuits have been issued to Ripple over claims that XRP is a security managed and controlled by Ripple.
The regulators are paying close attention
Obviously, this has brought a lot of attention to Ripple from regulators. While on one hand, the company continues to illustrate that its XRP does not even qualify to be a security, most onlookers and XRP holders are left with unanswered questions on the other hand.
Already, the SEC has declared that Bitcoin and Ethereum are not securities. However, the verdict is still out on other coins like XRP. Given that Ripple’s XRP is the third largest cryptocurrency, everyone is waiting to see the SEC’s ruling.
Ripple owns most of XRP tokens and is the main issuer of the tokens. Meanwhile, William Hinman (head of Corporate Finance Division at the SEC) says that a commodity qualifies to be a security as long as it’s issued by a centralized third party and bought by investors with an expectation of profit.
How is XRP performing with respect to its agenda amid regulatory attention?
Well, these uncertainties and contradicting opinions on the matter have introduced a lot of confusion among XRP holders. However, the biggest concern for XRP holders still remains to be the performance of XRP and whether XRP is still on track towards achieving cross-border payments soon.
Apart from XRP, Ripple is also known for its other products and services including xCurrent, and xRapid. All these services compliment Ripple’s overarching agenda to provide on-demand liquidity, and fast cross-border payment services using XRP token.
The general expectation among XRP holders is that XRP eventually gains value and achieves adoptability once banks and commercial institutions start using the XRP to facilitate payment. In this regard, David Schwartz, the chief cryptographer at Ripple, believes that there is still a long way before banks will start to use decentralized ledger technologies like Ripple to settle cross-border payments.
This comes at a time when Ripple has already made tremendous achievement in terms of partnerships with over 100 banks and financial institutions across the globe. Most holders of XRP remain high spirited hoping for XRP’s performance in the market to improve going forward even as its price keeps moving back and forth around the $0.5 mark.
Banks want privacy and speed
Schwartz further explains that even though financial institutions understand and appreciate the potential of decentralized ledger technologies, they are particularly seeking technologies that will keep transactions private while processing large volumes with accommodation for a variety of currencies and assets. As it stands, Blockchain is yet to achieve such levels of scalability and efficiency.
With so much attention being drawn to Ripple and XRP by regulatory bodies, it will be interesting to see how the company maneuvers through the courts to maintain focus on achieving its agenda. Hopefully, the verdict on Ripple XRP will be out soon and if an agreement document between Ripple Labs and Financial Crimes Enforcement Network is anything to go by, Ripple’s case might be determined sooner. According to the settlement agreement document between Ripple and FinCEN, XRP is identified as a currency and not a security. This could give ripple a fighting chance and release the regulatory pressure that the company is currently facing.
For the latest cryptocurrency news, join our Telegram!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels
How Can Foreigners Get Loans in Singapore
Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.
At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary.
What defines a foreigner in Singapore?
A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also…
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…