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After Legal Victory, Ripple Now Target the American Financial Sector

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Last week, due to a groundbreaking court decision, Analisa Torres, a New York Judge found that Ripple Labs didn’t breach the federal securities laws while trading its XRP token on the public platform.

Despite that, the court still determined that the law Ripple Labs broke was by selling to institutional investors its XRP token.

READ ALSO:Binance Suspends Trading for 9 Cryptocurrencies Including LTC, BTC, SOL, MATIC, ADA

Fast Facts

  • The exemplary court decision which gave Ripple a partial victory over SEC is expected to have a positive impact on the regulatory structure of digital assets.
  • The court judgment is anticipated to restrict the SEC’s regulatory scope in taking charge of the cryptocurrency industry.
  • Contrary to the accusation by SEC, the presiding judge found that the business activities of Brad Garlinghouse, Ripple’s CEO and former CEO and co-founder, Chris Larsen on digital currency platforms didn’t worth being regarded as the “sale of unregistered securities”.
  • Furthermore, the judge noted that the federal securities laws weren’t affected by the staff compensation done by Ripple.
  • Stu Alderoty, the General Counsel of Ripple said during an interview with CNBC that the exchange is optimistic about starting a dialogue with any financial institution that wants to employ Ripple’s ODL (On-Demand Liquidity) service.
  • It is expected that the ODL will start during the 3rd quarter and it utilizes blockchain technology to quicken fund transfers via XRP.

Cryptocurrency Outlook Today

For the past 24 hours, the overall market volume of cryptocurrency is $27.06B making an increase of about 11.45%. at present, DeFi’s total volume is $3.11B which is around 11.50% of the overall crypto market volume for the last 24 hours.

Meanwhile, stablecoins are now $23.82B which amounts to 88.04% of the overall cryptocurrency market volume for the past 24 hours.

READ ALSO:Binance Suspends Trading for 9 Cryptocurrencies Including LTC, BTC, SOL, MATIC, ADA

Bitcoin is dominating presently with 48.57% which is an increase of 0.19% over the day even at the decreased price of $30,118.49. its market cap reduced by 0.37% while volume has an increase of 11.96%.

As of the time of this writing, the price of XRP is trading at $0.7323. it experienced a decrease in its market cap by 2.65% and an increase in the trading volume by 63.40%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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