Ripple Payments to Go Live in the US Amid SEC Battle & Hack Fiasco
After avoiding the United States for three years due to its legal battle with the SEC, Ripple Payments is now planning to launch its solutions specifically for the US market. This move comes as Ripple prepares to introduce a series of product upgrades powered by its money transmitter licenses (MTLs). The majority of Ripple’s business currently operates internationally, making this return to the US market significant.
Ripple Payments Set to Introduce Product Upgrades
Ripple has announced that it will be unveiling a range of product updates for the US market. These upgrades will leverage Ripple’s money transmitter licenses and will target multiple states across the country. This strategic move marks a notable comeback for Ripple in the US market, despite the ongoing legal battle with the SEC and the recent XRP hack.
Legal Battle & XRP Hack
The legal dispute between Ripple and the SEC continues, with both parties contradicting each other’s statements. Ripple recently submitted a letter to address factual inaccuracies in the SEC’s response to its motion to compel. The company emphasized the need for a nuanced court ruling and disputed the SEC’s assertion about presenting post-complaint contracts.
In addition to the legal battle, reports surfaced about a significant breach at Ripple involving a wallet hack resulting in a $112.5 million loss in XRP tokens. However, Ripple CEO Brad Garlinghouse denied these claims, stating that no wallets on their platform were compromised. The affected accounts were later revealed to belong to Chris Larsen, Ripple’s co-founder.
Hot Take: Ripple Makes a Bold Move Amidst Challenges
Ripple’s decision to launch its payment solutions in the US demonstrates their determination to expand their reach despite facing regulatory hurdles and security concerns. By introducing product upgrades and targeting multiple states, Ripple aims to solidify its position in the US market. However, the ongoing legal battle with the SEC and the recent XRP hack pose significant challenges that Ripple must overcome. It remains to be seen how these developments will impact Ripple’s future growth and the outcome of their legal dispute.
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