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Ripple became a participant in the BIS task force focused on cross-border payments.

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The Bank for International Settlements (BIS) has introduced a task force known as the Cross-Border Payments Interoperability and Extension (PIE), which involves the participation of Ripple, a blockchain-based digital payment network.

BIS released a summary of its PIE task force meeting on August 9, highlighting that its members aim to improve cross-border payments and achieve the G20-endorsed quantitative goals for such transactions.

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This initiative operates under the BIS Committee on Payments and Market Infrastructure.

Per the BIS, the PIE task force intends to enhance cross-border payments through various means. These include enhancing payment system accessibility, extending operating hours, and establishing connections between diverse payment systems.

This involves linking application programming interfaces and messaging components.

Ripple, alongside organizations like MasterCard and SWIFT, will collaborate as part of the task force to achieve BIS’ objective of enhancing the interoperability of cross-border payments.

BIS emphasized that enhancing payment systems necessitates worldwide coordination and collaboration among public and private stakeholders.

SEC seeks to appeal its lawsuit torque with Ripple

Meanwhile, in a recent development regarding the legal dispute between Ripple Labs and the United States Securities and Exchange Commission (SEC), the SEC has expressed its intention to pursue an interlocutory appeal.

On August 9, the SEC sent a letter to the overseeing judge of the case, asserting that the court’s decision merits reconsideration by an appellate court.

The SEC deems a review appropriate, requesting an examination of the ruling even during the ongoing proceedings of the case.

In the letter, the SEC formally requested U.S. District Judge Analisa Torres in Manhattan to grant a federal appeals court permission to assess her ruling from July 13.

This ruling pertained to the assertion that Ripple’s XRP digital token sale on public exchanges adhered to federal securities regulations.

The SEC indicated that pursuing an appeal could resolve legal matters in which “significant grounds for varying perspectives exist.”

Additionally, the SEC underscored that the outcome of an appeal holds significant implications for its capacity to enforce securities regulations and could impact numerous other legal cases.

For an extended period, the SEC has maintained that digital assets, including cryptocurrencies, hold the status of securities similar to stocks and bonds and possess the authority to regulate them.

In December 2020, the SEC filed a lawsuit against Ripple, CEO Brad Garlinghouse, and co-founder/Chairman Chris Larsen, alleging that they unlawfully raised over $1.3 billion through an unregistered securities offering by selling XRP.

Judge Torres ruled that Ripple did not violate the law when it sold the XRP tokens on public exchanges, as buyers did not possess reasonable anticipation of profit stemming from Ripple’s endeavors.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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