Ripple is feeling very confident following its recent SEC victory. So confident, in fact, that in a recent interview, representatives said they think many banks will want to use XRP (the official cryptocurrency of Ripple) to aid in cross-border payments.
Ripple Wants XRP to Be a Primary Cross-Border Tool
The company stated it’s already engaged in several talks with banks and other traditional financial institutions throughout the U.S. about the use of XRP in payments being sent across international borders or to other countries. This is what Ripple has always been designed for, and executives now feel the time has come to push this agenda even further given its winning battle with the SEC.
General counsel for Ripple Stu Alderoty explained in a recent discussion:
I think we’re hopeful that this decision would give financial institution customers or potential customers comfort to at least come in and start having the conversation about what problems they are experiencing in their business. Real-world problems in terms of moving value across borders without incurring obscene fees. Hopefully, this quarter will generate a lot of conversations in the United States with customers, and hopefully some of those conversations will turn into real business.
He went on to comment that Ripple now has most of its business outside the U.S., mentioning:
[Ripple], its customers, and its revenue are all driven outside of the U.S. even though we still have a lot of employees inside of the U.S.
As it presently stands, Ripple is one of the largest crypto companies around and employs more than 900 people. Only about half of them are in the U.S.
The company has been engaged in a lawsuit with the SEC since 2020. The suit was filed given that representatives of the financial agency felt XRP was a security, and the firm was going against present securities laws by failing to properly register the currency.
However, a judge in the state of New York ruled in favor of XRP, claiming it wasn’t a security on its face (whatever that means). While this was generally celebrated as a win for the enterprise, it was also ruled that some sales of the token, in the past, qualified as securities transactions.
What Could This Mean?
Responding to this, Alderoty said he and his constituents would study the decision to see if there was anything else they could do. He said:
She [Judge Analisa Torres] found, although we had disagreed with her, that our earlier sales directly to institutional buyers had the attributes of [securities] and should have been registered. We’ll study the judge’s decision. We’ll look at our clients’ needs to look at the market and see if there’s a situation here that complies with the four corners of what the judge found when it comes to institutions.
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