Ripple, a company providing cryptocurrency and remittance services, is optimistic about reintroducing its offerings to U.S. businesses. This comes after a recent judgment defining the XRP token as not “automatically a security.” Ripple’s CLO, Stuart Alderoty, noted that the firm plans to engage with potential clients within this quarter.
Ripple Envisions Prosperous U.S. Market Prospects
Following the historical verdict that classified Ripple’s XRP token as not “inherently a security,” the company is eager to revive its business opportunities in the U.S. In a CNBC interview, Ripple’s CLO, Stuart Alderoty, stated that the company is primed to reach out to potential clients who wish to integrate its services.
“We remain optimistic that this decision would provide a sense of relief for our current and potential clients. They can now engage in dialogues about addressing their challenges in their operations, especially when it comes to transferring value across borders without accruing exorbitant fees.”
Reestablishing U.S. Presence
Alderoty expressed his hope for securing U.S. clients following the resolution of Ripple’s legal dispute with the U.S. Securities and Exchange Commission (SEC), a battle estimated to have cost Ripple about $200 million.
He further stated:
“This quarter we expect to engage in many discussions with U.S. clients and hopefully, these dialogues will transition into tangible business.”
In the wake of this historical verdict, some U.S. exchanges, including Coinbase, have relisted XRP, which they had delisted in January 2021 due to the lawsuit. Other U.S. exchanges, like Kraken and Bitstamp USA, have followed suit.
However, Ripple must still reach an agreement with the SEC concerning the so-called XRP “institutional sales” it conducted directly with its clients, which total over $700 million. Alderoty assured that this wouldn’t impede the company’s operations, given that most of its clientele is located outside the U.S.
Frequently Asked Questions (FAQs) about Ripple U.S. Business Growth
What recent ruling is expected to benefit Ripple’s business in the U.S.?
The recent ruling determined that Ripple’s XRP token is not “necessarily a security,” potentially opening doors for Ripple to expand its services to U.S. businesses.
Who is Stuart Alderoty?
Stuart Alderoty is the Chief Legal Officer (CLO) at Ripple.
What is Ripple’s plan following the recent ruling?
Ripple plans to engage with potential U.S.-based clients within this quarter, hoping that the ruling will facilitate conversations and eventually turn into tangible business.
What is Ripple’s specialization?
Ripple specializes in delivering solutions that facilitate cross-border payments and provide liquidity for crypto-to-fiat and fiat-to-crypto hubs. It also has developed a central bank digital currency (CBDC) and stablecoin platform.
How is the Republic of Palau associated with Ripple?
The Republic of Palau has collaborated with Ripple to use its platform for issuing its own Central Bank Digital Currency (CBDC).
What is the status of Ripple’s dispute with the U.S. Securities and Exchange Commission (SEC)?
Ripple still needs to reach an agreement with the SEC concerning the so-called XRP “institutional sales” completed directly with its customers, which total more than $700 million.
What impact does the recent ruling have on XRP’s listing in U.S. exchanges?
Following the ruling, some U.S. exchanges like Coinbase have relisted XRP, which was delisted in January 2021 due to the lawsuit. Other U.S. exchanges like Kraken and Bitstamp USA have also followed suit.
More about Ripple U.S. Business Growth
- Ripple Official Website
- Recent Ruling on XRP
- Interview with Stuart Alderoty
- Coinbase Relists XRP
- Ripple and Republic of Palau Partnership