Cetoex News – In a recent development, a US judge ruled that Ripple XRP should not be classified as a security, effectively resolving the legal conflict between XRP and the SEC. Following this decision, the price of XRP saw a notable surge, experiencing an immediate 30% increase in value. Moreover, the favorable ruling led to a substantial rise in trading activity for Ripple XRP, with trading volume surging by over 800% in the aftermath of the announcement.

However, rumors started surfacing that the SEC might probably appeal the popular and prolonged Ripple case. In one of his recent interviews with Bloomberg, Gensler broke the silence on the Ripple vs SEC decision.

Gary Gensler responds to appealing rumors

When asked about the possibility of Ripple appealing the Ripple v SEC case, Gensler responded, “I’m one of five commissioners. The Commission has not taken any action on that. If the staff presents a recommendation, we will discuss it, but I don’t have any further information on that.”

However, some of his previous comments suggested that the SEC is seriously looking into the options for an appeal. The outcome of the Ripple case was considered one of the most monumental victories for the crypto community as a whole. Nevertheless, it is unclear at the moment whether the SEC will move forward with an appeal or not.

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Cetoex News – The long-standing legal disagreement between the U.S. Securities and Exchange Commission (SEC) and Ripple has attracted considerable public interest for a duration of over two years. The SEC asserts that Ripple promoted its digital currency, XRP, as a security, thereby raising potential implications for its future worth and expansion.

The resolution of this case carries substantial importance for the cryptocurrency sector and the regulatory issues it faces. David Schwartz, the CTO of Ripple, recently spoke out regarding the deadline for the ongoing lawsuit verdict.

Ripple CTO believes that the delay in a judgment is not unusual

In one of his recent tweet replies to John E Deaton’s tweet on the facts of why the lawsuit is allegedly taking unusually long, the Ripple CTO shared his thoughts. He stated that it is indeed annoying to wait and that we all would love to have a ruling on summary judgment motions as soon as possible.

However, he clarified that he wouldn’t think anything was wrong, unusual, or strange until at least the end of September. Attorney John E. Deaton utilized Twitter to present a chronological overview of Judge Torres’ past rulings on comparable cases, aiming to provide comfort to concerned XRP enthusiasts.

Nevertheless, it is unclear at the moment when there could be a resolution to the ongoing Ripple v. SEC saga.

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Cetoex News – The long-standing legal disagreement between the U.S. Securities and Exchange Commission (SEC) and Ripple has attracted considerable public interest for a duration of over two years. The SEC asserts that Ripple promoted its digital currency, XRP, as a security, thereby raising potential implications for its future worth and expansion.

The resolution of this case carries substantial importance for the cryptocurrency sector and the regulatory issues it faces. David Schwartz, the CTO of Ripple, recently spoke out regarding the rumors about Ripple and the allegations that it will be buying back 10 billion XRP. According to the current price, 10 billion XRP is worth almost $5 billion.

We do sometimes buy XRP. But I don’t know of anything specific that this could be referring to. And there’s no official source mentioned.— David “JoelKatz” Schwartz (@JoelKatz) June 25, 2023

Ripple CTO dismisses rumors about XRP buyback

In one of his recent tweet replies, Schwartz dismissed the rumors of the company buying back 10 billion XRP. He stated that while the company does purchase XRP occasionally, he doesn’t remember specific details of the 10 billion XRP buyback. Additionally, he also stated that there is no official source mentioned regarding it.

Crypto lawyer John E Deaton also tweeted that he doesn’t believe that Ripple is buying back 10 billion XRP until he hears it from the company itself.

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Cetoex News – Ripple’s Chief Technology Officer, David Schwartz, has recently dropped his two cents on the decentralized nature of Uniswap. Schwartz has recently taken to Twitter to comment on some of his thoughts on Uniswap and its decentralization.

Ripple’s CTO dropped his thoughts on Lefteris Karapetsas’s tweet, the founder of Rotkiapp. Karapetssa claimed that Uniswap is not open-source and that it was released under a Business Software License (BSL). He also stated that some projects open-source their work and pretend to be decentralized.

Ripple CTO says Uniswap is not decentralized

Schwartz commented on the tweet, stating that Uniswap is not decentralized, linking to one of his earlier tweets regarding his tweet on Uniswap v3. He also shared the opinion that the platform’s decentralization could be called into question if there exists a situation where an individual or group holds the legally enforceable authority to dictate usage parameters to others.

This series of statements comes after Uniswap unveiled its roadmap for Uniswap v4. Uniswap launched its services in November 2018. It provides decentralized financial services based on the Ethereum blockchain. The exchange had grown to become one of the most significant decentralized exchanges. Uniswap also recently launched on the BNB chain after the proposal passed with flying colors.

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Cetoex News – Ripple announced the Ripple CBDC Platform today. It will be a frictionless end-to-end solution for central banks, governments, and financial institutions to issue their own central bank digital currency.

The interest in CBDCs has grown worldwide recently, as countries look for a way to increase financial inclusion and lower the cost and risk of domestic and cross-border payment processes. Ripple’s CBDC platform will use the same blockchain technology used on the XRP Ledger, per the company’s announcement.

“The enhanced platform will now allow its users to holistically manage and customize the entire life cycle of fiat-based central bank digital currency, transaction, and distribution.”

What the New Ripple CBDC Development Platform Offers

The new Ripple CBDC development platform offers the following, according to the announcement:

• Ledger technology – While still powered by the XRP Ledger, Ripple’s CBDC Platform is built on a new private ledger. It is underpinned by the XRPL’s core energy-efficient technology.
• Issuer – Enabling issuers (e.g. central banks or commercial banks) to manage the full life cycle of their fiat-based digital currency. From minting and distribution all the way to redemption and destruction, all in a highly secure manner taking advantage of the XRP Ledger’s built-in multi-signing capabilities.
• Operator –This allows financial institutions who are holding significant amounts of digital currency to manage and participate in inter-institutional settlement and distribution functions.
• End user wallets – Users of digital currencies such as corporate users will be able to hold their digital currencies securely. They’ll also be able to pay and receive payment for goods and services the same way other banking apps provide. This includes offline transactions and non-smartphone use cases.

The Ripple CBDC development platform allows central banks and governments to bring new levels of digitization to their financial services. It also allows these groups to promote access to millions of people around the world who do not have banks.

“As a trusted partner to several central banks, we believe this platform will help solve problems for many central banks and governments who are devising plans and developing a technology strategy for CBDC Implementations,” says James Wallis, VP of Central Bank Engagements & CBDCs.

“The innovative capabilities of the platform will help enable instant settlement of both domestic and cross-border payments, reduce risk, and improve the user experience of quickly sending and receiving digital currency on either side of a transaction.”

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Cetoex News – SEC vs. Ripple is a well-known dispute that has been going on for more than two years. The SEC charged Ripple with marketing XRP as a security, burdening XRP’s potential for long-term price growth.

It is one of the most well-known court battles in the history of cryptocurrencies and a crucial development for industry regulatory worries. A crucial summary decision in the case of Ripple v. SEC is imminent, and fresh developments could change the outcome.

Amidst this, there have been some issues going on between cryptocurrency exchange Coinbase and the SEC after the latter filed a Wells notice with the exchange. Coinbase has recently responded to the Wells Notice and XRP supporter and lawyer Bill Morgan has something to say about it.

Morgan says Coinbase’s fair notice defense is a bad idea

Morgan highlighted that if the exchange uses the fair notice defense in the response, it could possibly backfire. “It even submits it has a stronger fair notice defense than other defendants and footnotes Ripple’s fair notice defense.”

Morgan pointed out that Coinbase faces a challenge because it delisted XRP in January 2020, following the SEC v. Ripple lawsuit, which suggests that it evaluated the matter of XRP trading closure and opted to halt it. He highlighted that the SEC will definitely notice the point and tagged Paul Grewal and Brian Armstrong in his tweet to reconsider their submission in the Wells notice response.

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Cetoex News – Cointelegraph reported that the Ripple payment corridor between the US and Mexico had seen an increase of billions of dollars. Specifically, aided by the company’s proprietary technologies. Conversely, crypto exchange Bitso recorded total remittance transactions worth a total of $3.3 billion in 2022.

That figure represents an increase of more than three times the volume that was previously reported in 2021. Moreover, the development continues to ensure the growing global relevancy of Ripple and its native XRP token.

Ripple Shows Continued Global Importance

When it comes to the name Ripple, many in the digital asset sector will place their attention on the ongoing legal conflict with the SEC. Conversely, recent news arriving today has noted the growing global importance of the company outside of its legal dealings with the US regulator.

Specifically, Cointelegraph reported that the Ripple payment corridor between the US and Mexico had seen an increase of billions of dollars. Additionally, that number has been aided greatly by the presence of the XRP token.

Despite the ongoing macroeconomic factors that have attacked the global economy, Bitso cross-border transactions have been thriving. Specifically, the remittance flow between the two North American countries has only grown stronger.

Crypto exchange Bitso stated the increase in remittance but also noted it’s happening as part of its partnership with XRP technology payments. Moreover, due to the presence of Ripple On-Demand Liquidity (ODL), the blockchain alternative to costly transactions has been answered. Subsequently giving access to funds at a much quicker rate.

Aaron Sears, the General Director of the Americas at Ripple Labs, noted their commitment to combating payment challenges. “Our collaboration with Bitso allows us to continue to offer unprecedented cross-border payments in Mexico, a key region for our clients,” he stated, according to Crypto News Flash.

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Cetoex News – Ripple’s Chief Technology Officer, David Schwartz, has recently dropped his two cents on the collapse of Silicon Valley Bank. With multiple banks collapsing one by one, it has become difficult for almost anyone not to notice it over the headlines.

Schwartz has recently taken to Twitter to comment on some of his thoughts on the Silicon Valley Bank.

Ripple CTO highlights the anonymity of SVB’s insolvency reason

“Nothing about SVB’s KYC policies or who they extended credit to seems to have anything whatsoever to do with how they became insolvent,” Schwartz said.

He also mentioned that anyone who keeps uninsured funds on deposit with an insolvent bank is not a bright person. Ripple is going through its fair share of trouble with the SEC lawsuit dragging on. In a recent statement, Ripple’s Brad Garlinghouse also addressed the fact that the cryptocurrency firm had a tiny exposure to Silicon Valley Bank.

The collapse of some of the largest cryptocurrency-friendly banks had also raised the question as to whether this is a pre-planned attack against cryptocurrencies. However, despite all the banking chaos, the cryptocurrency market is putting on a positive show. Bitcoin has breached the $28,000 level with over 15% gains in the last seven days, according to CoinMarketCap data.

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Cetoex News – Following the Ripple Vs. SEC court proceedings, XRP could be relisted on Coinbase according to the exchange’s chief legal officer, Paul Grewal. Specifically, the eventual ruling on the case will determine how the exchange moves forward with the token.

Grewal Recently spoke with Tony Edwards on the “Thinking Crypto” Podcast. There, he noted that relisting XRP was a strong possibility. Yet, with the uncertainty of when a ruling could come, and what it could entail, he ensured that the decision would ultimately be based on a few different factors.

XRP to be Relisted?

For over two years, the court battle between Ripple and the SEC has dominated discourse in the crypto community. Moreover, as the US regulator fights against XRP’s status as a security, Ripple gets closer to vindicating its digital asset.

Now, as that fight potentially comes to a close, there is a chance that XRP is relisted on Coinbase. Specifically, the exchange’s chief legal officer, Paul Grewal, has appeared on the Thinking Crypto podcast with Tony Edwards to discuss the possibility.

Speaking on the impending ruling, Grewal stated that the relisting of the token depended entirely on both the grounds of the ruling and the reasoning provided by the judge. Additionally, Coinbase would assess whether or not the courts would affirm the relisting action.

“So a lot is going to depend on the particulars of that court rules. I know that’s not going to be terribly satisfying to some, but we do have a responsibility as a publicly listed company to tread carefully in this area and with respect to any token thas a subject of federal court litigation,” Grewal noted.

Previously Coinbase suspended trading of XRP in January of 2021, following the filling of hte SEC lawsuit. Now, as those legal proceedings potentially come to a close, the XRP community is eager to observe how exchanges respond to a positive ruling in favor of Ripple.

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Cetoex News – In a recent Twitter exchange, Ripple CTO David Schwartz promised an update on the platform’s SVB exposure. Specifically, Schwartz responded to a question from a user regarding whether or not the company would be affected by the Silicon Valley Bank closure this past week.

Within his response, Schwartz stated that Ripple is set to issue an official statement on the matter. Thus, he wasn’t privy to comment on the development until that statement would be made public.

Ripple Set to Address SVB Fallout

The concerning closure of SVB Financial Group has thoroughly rocked the finance sector. Conversely, its rather sudden shutdown has reverberated throughout the tech and finance industries, with a plethora of companies being exposed to the California bank, and the largest failure in the banking sector since the 2008 financial crisis.

Now, as investors and traders wait to uncover the fallout of the event, Ripple CTO David Schwartz has promised an update on the company’s SVB exposure. Specifically, in a Twitter exchange, Schwartz stated, “Ripple will issue a statement shortly. I can’t say anything until they do.”

Conversely, the answer points to Ripple being affected, in some way, by the Silicon Valley Bank closing. Additionally, well-known crypto lawyer John Deaton spoke on why the silence from Ripple could be an indication of more information to come. As stated on Twitter in regard to SVB, “if [Ripple] didn’t have exposure you would already know that.”

The statement from Ripple has not yet been made public. Alternatively, USDC issuer, Circle, is among the most prominent names in the crypto sector affected by SVB’s unclear collapse. Circle stated that it had reserves held in the now-closed bank.

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