Ripple CEO Brad Garlinghouse suggests the possible adoption of XRP by US banks. According to blockchain expert Ben Armstrong, such adoption is seen as the crucial factor for XRP’s success in the cryptocurrency market.
Ripple has faced challenges for over two years after the Securities and Exchange Commission (SEC) filed a lawsuit in 2020. The SEC accused Ripple and its executives of conducting an unregistered digital asset securities offering, allegedly raising more than $1.3 billion.
Ripple’s XRP: Legal Victory and Path to More Adoption
Ripple’s journey to global expansion faced significant legal challenges, especially with the Securities and Exchange Commission (SEC) lawsuit in 2020. The turning point came in 2023 when Judge Analisa Torres ruled that XRP is a non-security, providing the token with unprecedented “legal clarity.” This legal win has set the stage for Ripple to realize its vision, according to insights from Ben Armstrong.
Armstrong highlighted the historical hurdles, including a “fatal flaw” in Ripple’s software that hindered banks’ adoption of XRP. The initial software, used by many banks for cross-border transactions, didn’t require users to hold XRP. To address this, Ripple introduced RippleNet and On-Demand Liquidity (ODL), creating a more conducive environment for the adoption of XRP.
The introduction of RippleNet and ODL represents a crucial shift, requiring users to hold XRP for utilizing Ripple’s blockchain. Armstrong sees this as the “true value proposition of XRP,” positioning it for broader adoption. Ripple’s CEO, Brad Garlinghouse, strategically addressed these issues, and Armstrong anticipates news of wider XRP adoption on the horizon.
Armstrong emphasizes Garlinghouse’s strategic approach and expects significant developments for the XRP community by Monday. The anticipated wider adoption hints at Ripple making substantial progress toward realizing its mission.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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