The crypto industry is creeping into mainstream businesses, at a brisk pace. The coin market is no longer an enigma for the tech-savvy youths and blue-chip corporates. Digital assets and their underlying tech have awestruck not one but many. As a result, institutions and countries have been expressing their interests in blockchains and cryptocurrencies.
In the race towards prominence, Ripple for instance has what it takes for mass adoption, with its cross-border payment initiatives. The team has also been working in the regard to emerging as a benchmark for fellow platforms. The firm’s On-demand liquidity solution has caught the attention of geeks from the industry. On the other hand, the firm’s lawsuit gets another twist as the SEC appoints an enforcement counsel.
Will Ripple’s ODL Invite Partnerships With The Central Banks ?
As previously mentioned, cryptocurrencies and blockchain are now venturing into mainstream businesses. Ripple has been putting in requisite efforts in mass adoption. Ripple’s On-Demand Liquidity (ODL) solution enables financial institutions to deliver instant cross-border payments without the need for pre-funding. Azimo uses the On-Demand Liquidity to power faster international payments into the Philippines.
Earlier the Republic of Palau had partnered with Ripple to develop strategies for cross-border payments. And for a USD-backed digital currency for Palau, the initiative will be powered by the XRPL. The firm in its report cites that about 1.7 Billion underbanked people in the world are expected to benefit from CBDCs.
The CBDCs are expected to play a crucial role in the future of global financial transactions. Ripple’s ODL could further persuade more countries to empower the issuance of CBDCs, by integrating with Ripple.
The SEC Appoints An Enforcement Counsel!
The legal brawl betwixt the U.S SEC and Ripple has now panned three years, which partisans hope to dissolve this year. Successively, the lawsuit is expected to terminate either from the court’s end or through a mutual settlement. The lawsuit has been ruthless for the innocent XRP holders, who have lost their hard-earned assets.
Grundfest had earlier warned the SEC commissioners that filing a case against Ripple and alleging XRP to be a security. Would result in more damage to innocent holders than the any-other non-fraud case in history.
SEC Chairman Gary Gensler has appointed an enforcement counsel in its fight against the Ripple. The appointed staff includes Jorge Tenreiro, Corey Frayer, Phil Haverstein, and Jennifer Songer. Jorge Tenreiro is the one in charge of the litigation against Ripple and co-defendants Garlinghouse and Chris Larsen.
Collectively, the move by the SEC is now a growing concern for supporters of the defendants. However, it would not cause much harm, as the stance of Ripple weighs heavier to the irrational claims made by the SEC. On the other hand, Ripple’s ODL could help XRP price retrieve its lost gains in near future. The case termination would be a game-changer for the digital asset.