Ripple Partners with BIS for Cross-Border Payments Task Force

Ripple has joined the Bank for International Settlements (BIS) cross-border payments interoperability and extension (PIE) task force. The task force aims to improve cross-border payments and meet the goals set by the G20. It is led by Ulrich Bindseil, Director of General Market Infrastructure & Payments at the European Central Bank. The task force focuses on enhancing access to payment systems, extending operating hours, and creating connections between different systems. Ripple, Mastercard, and SWIFT are collaborating with BIS to improve the interoperability of cross-border payments. The BIS emphasizes the need for global coordination and cooperation between public and private stakeholders to implement these improvements.

SEC Appeals Court Ruling on XRP as a Security

The SEC plans to file an appeal against the ruling that declared Ripple Labs’ XRP token should not be considered a security when sold to the public on digital asset exchanges. The appeal aims to address legal issues with substantial differences of opinion. Ripple’s chief legal officer, Stu Alderoty, supports the judge’s decision and believes it was a faithful application of the law. Some experts had already expressed doubts about the summary judgment’s strong foundation and its potential impact on the treatment of the crypto industry by the SEC.

Key Points:

Ripple has partnered with BIS for the cross-border payments interoperability and extension task force.
The task force aims to enhance cross-border payments and meet the G20’s quantitative targets.
The focus is on improving access to payment systems, extending operating hours, and creating connections between systems.
Global coordination and cooperation between public and private stakeholders are crucial for implementing these improvements.
The SEC plans to appeal the ruling that XRP should not be considered a security when sold to the public.

Hot Take:

Ripple’s partnership with BIS for the cross-border payments task force highlights the importance of collaboration in improving payment systems. The appeal by the SEC regarding XRP’s security status raises questions about regulatory clarity in the crypto industry. While Ripple believes the judge made the correct decision, the appeal could have significant implications for how cryptocurrencies are treated by regulators in the future.