Ripple Payments Making a Comeback in the U.S. Market Despite Ongoing SEC Troubles
Ripple Payments is poised to re-enter the U.S. market after three years of silence due to a legal dispute. Despite the majority of its operations being outside of the U.S., Ripple Payments has announced a significant upgrade to its products specifically tailored for the American market.
After maintaining a low profile in the United States for the past three years due to an ongoing legal battle with the SEC, Ripple Payments is now preparing to bounce back into the U.S. market with a series of strategic product updates.
The announcement, made by W. Oliver Segovia, Head of Product Marketing at Ripple, outlines the introduction of these product upgrades. These improvements, supported by extensive money transmitter licenses (MTLs), are aimed at targeting various states within the U.S.
While Ripple has experienced success globally, accounting for 90% of its business, this move represents a significant re-entry into the U.S. market. Previously, Ripple had explored the possibility of going public outside of the U.S. due to what it described as “hostile” regulatory conditions, but now the decision to bring Ripple Payments back to the U.S. stands as a major comeback for the cryptocurrency firm.
However, despite this positive development, the legal battle between Ripple and the SEC is far from resolved. Both parties continue to refute each other’s statements, with Ripple recently submitting a letter to District Magistrate Judge Sarah Netburn to correct factual inaccuracies in the SEC’s response. The crypto firm also criticized the SEC’s request as being excessively burdensome, stating that it would require a new trial.
In the same week, news broke of a significant hacking incident targeting Ripple, resulting in a loss of $112.5 million in XRP tokens. Despite this incident causing a 4% drop in XRP’s value, Ripple CEO Brad Garlinghouse quickly debunked the claims, asserting that no wallets on the platform were compromised. Binance also stepped in to freeze $4.2 million of the stolen XRP tokens to aid in the ongoing investigation.
Despite these challenges, Ripple remains determined to make a comeback in the U.S., demonstrating that it will not allow legal and security issues to hinder its plans.