Ripple President Monica Long also anticipates that Ripple USD (RLUSD) stablecoin will be listed “imminently” on major cryptocurrency exchanges.

In a January 7 interview with Bloomberg, Long confirmed that Ripple is actively working on additional exchange listings for RLUSD.

“We are continuing to expand the distribution and availability of Ripple dollars on other exchanges. So, I think you can expect to see more access and new announcements coming soon… very soon,” she said. However, she declined to provide specifics regarding RLUSD listings on major platforms like Coinbase.

According to Ripple’s website, RLUSD is currently available on Bitso, MoonPay, CoinMina, Bullish, Mercado Bitcoin, B2C2, Keyrock, Archax, Independent Reserve, and JST Digital.

Ripple launched RLUSD on December 17 as a stablecoin pegged 1:1 to the US dollar. At the time of publication, the stablecoin’s market cap was $71.8 million, according to CoinGecko data.

Ripple Market Cap

More than 76% of RLUSD trading volume is concentrated on the Bullish crypto exchange, split between two main trading pairs, RLUSD/USD Coin and XRP/RLUSD.

Meanwhile, the decentralized exchange Sologenic handles a smaller portion of the market. The XRP/RLUSD pair on Sologenic recorded $3.4 million in 24-hour trading volume, representing 3.56% of the total volume.

Ripple President: “Our business has doubled.”

The demand for RLUSD primarily comes from Ripple’s payment services, and President Monica Long stated that this segment of the business has doubled in the past year.

“Our business in the payments sector doubled last year, and therefore we see a very strong growth potential for our payment solution. Along with that, Ripple US Dollar will play an important role,” she said.

Long anticipates strong growth for stablecoins.

“We think this year will be a big year for crypto overall, and so demand for stablecoins will increase along with that. Stablecoins are really the main way to on-ramp and off-ramp,” she added.

According to DefiLlama data, the stablecoin market has grown by 55% since last year, reaching $206.2 billion. USDt remains the largest stablecoin, holding 66% of the market share.

“XRP ETF Coming Soon!”

Long indicated that XRP could be next in line for its own exchange-traded fund (ETF):

“I think we will see one very soon […] XRP is likely to be the next asset after Bitcoin and ETH.”

Several companies, including WisdomTree, have already taken steps to launch an XRP ETF. WisdomTree filed for approval with the US Securities and Exchange Commission (SEC) on December 2, 2024. Bitwise, Canary Capital, and 21Shares have also filed for similar products.

Long expressed that with the change in the US administration, the approval process for ETF filings will “accelerate.”

Ripple Chainlink Partnership

To enhance the utility of RLUSD, Ripple partnered with Chainlink on January 7 to integrate price feeds for RLUSD on Ethereum and the XRP Ledger.

This collaboration aims to provide tamper-proof, accurate price data, support DeFi applications, and reduce risks such as price manipulation or downtime.

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Ripple’s Push for Lower Fines Compared to Terraform

Ripple said that compared to Terraform Labs, the fines suggested by the SEC were out of proportion. With Terraform, the SEC had settled for $4.47 billion including clauses prohibiting co-founder Do Kwon from serving as an officer or director of any public business and restricting participation in transactions involving “crypto asset securities.”

SEC’s Argument: Different Circumstances Between Cases

The SEC said on June 14 that the situation surrounding the Terraform issue differed greatly from that of Ripple. “In asking the Court to tether its penalty determination in this case to the settlement in Terraform, Ripple fails to note that the corporate defendant there is in bankruptcy, going ‘out of business for good,’ burning the keys to all of its crypto asset securities, agreed to return a significant amount to investors in those securities, and removes two of the board members in charge at the time of the violations,” the SEC’s lawyers said.

The SEC underlined that Ripple has consented to none of these remedies and said, “Ripple is agreeing to none of this relief—in fact, Ripple is agreeing to nothing.”

Legal and Financial Implications for Ripple

Using a comparison of the Terraform penalty to total sales—which would provide a 1.27% ratio—Ripple argued for reduced penalties. The SEC argued, however, that a more fitting analogy would be to the violative behavior’s gross profit—in Terraform’s instance, an 11.7% ratio. Using this percentage on Ripple’s $876.3 million in gross income would provide a much bigger penalty of $102.6 million than the $10 million Ripple suggested.

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Reacting to the SEC’s position over the weekend, Ripple Chief Legal Officer Stuart Alderoty said the court had made clear XRP is not a security and underlined there were no victims to reimburse. “The court made clear XRP is not a security,” Alderoty stated. “There are no ‘victims’ to make restitution. worst of all for the SEC, ripple is flourishing. At least SEC appears to have dropped its ridiculous $2B demand.

Alleging an unregistered securities, the SEC charged Ripple with generating $1.3 billion via XRP sales. The New York based judge Analisa Torres last year determined that variance of a blind bid allowed some of Ripple’s XRP transactions to not be in violation of security laws meanwhile some direct sales made by ripple to institutional investors would be securities.

The outcome of this particular case may have significant implications across regulating the management of cryptocurrencies and the disposal of virtual resources in the context of U. S. securities regulations as Ripple continues to dispute the proposed penalties.

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The biggest U.S. cryptocurrency exchange, Coinbase, recently asked the Second Circuit Court of Appeals to decide whether digital assets should be subject to the Howey Test, a historically applicable evaluation for securities established by the Supreme Court.

All digital assets should be subject to the same standards set by the Supreme Court for securities. Ideally, Coinbase would like it not to.

The US Securities and Exchange Commission (SEC) stated on Friday that Coinbase has failed to adequately demonstrate the necessity of this.

The US Securities and Exchange Commission has accused Coinbase of acting as an unlicensed broker, exchange, and clearinghouse, and the central question is whether or not this is true. According to authorities, Coinbase should have obtained the SEC’s approval before allowing consumers to trade some cryptocurrencies if they qualify as securities and pass the Howey Test.

A district court judge had already rejected firm’s attempt to establish a “new legal test” for the potential integration of cryptocurrency into preexisting securities precedent, according to the SEC’s complaint.

“Coinbase remains unable to advance a single, coherent version of this theory, which it now claims presents a controlling question,” according to the lawsuit. “This is unsurprising—in eighty years, ‘no court’ has ever required post-sale ‘contractual undertakings’ or anything beyond the three factors expressly enumerated by the Supreme Court in Howey.”

The document continued by claiming that Coinbase had failed to establish a “controlling question” in its submission.
While Coinbase claims in its appeal to be addressing a particular legal issue pertaining to “contractual obligations,” the SEC maintained that the company was really arguing about a completely separate matter—the application of Howey to cryptocurrency.

“Similarly, attempting to meet the ‘precedential value for a number of cases’ factor, Coinbase again pivots away from the ‘contractual obligations’ question, this time into ‘[h]ow Howey applies to secondary-market crypto transactions,'” according to the document.

The SEC’s action against Coinbase is being presided over by Judge Katherine Polk Failla, who must decide the application for interlocutory appeal. Coinbase will be able to take the matter to the real appeals court if she rules in favor of the exchange.

The post Coinbase vs. SEC: Appeals Court Battle Over Crypto Regulation appeared first on Coin Engineer.

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Celsius filed for bankruptcy protection in July 2022, following a period of industry growth during the COVID-19 pandemic. However, after the SEC rejected the plan, the company decided to focus on Bitcoin mining and new business lines.

The restructuring plan will free up $225 million in cryptocurrency assets to finance the rejected business lines. Celsius’s interim CEO, Chris Ferraro, emphasized the importance of the decision, saying, “We are focused on distributing the cryptocurrency immediately.”

Celsius Network has selected US Bitcoin Corp. to carry out its mining operations. This move is seen as a major step in the company’s efforts to achieve its broader goals and accelerate the post-bankruptcy recovery process. Celsius plans to exit bankruptcy in early 2024.

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