In a series of positive developments for Ripple Labs, the company recently secured significant victories both in the legal and regulatory arenas. On Wednesday, Ripple's Singapore arm, Ripple Markets APAC Pte Ltd, received a license from the Monetary Authority of Singapore. The approval, which followed preliminary consent in June, allows the company to continue its digital payment token services in this rapidly expanding region where it conducts most of its business.
Ripple CEO Brad Garlinghouse hailed the license as a crucial victory and part of two recent favorable developments for the company. He underscored Singapore's balance between innovation, consumer protection, and responsible growth.
In addition to the regulatory approval in Singapore, Ripple also made headway in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) over its right to operate in the U.S. The dispute, which began in December 2020, revolves around the SEC's contention that XRP's distribution constitutes a security and focuses on Ripple's sustained sales to institutional investors.
A key ruling by District Judge Analisa Torres dismissed the SEC's appeal against Ripple. This decision led to a brief increase in XRP's price, according to TradingView data. The judge's verdict in July found Ripple guilty of violating securities laws with institutional offerings but not with programmatic sales to retail customers.
Despite this setback, the SEC sought an appeal in August, advocating for a review due to differences in legal interpretations. However, with Judge Torres' recent dismissal of the SEC's appeal, the case is now heading towards a trial set for April 2024.
The legal feud has drawn attention from industry participants and observers alike. Collin Brown took to Twitter to praise Ripple's victory and its potential in the extensive payments market.
These developments come on the heels of Grayscale's recent victory against the SEC over a Bitcoin ETF application review, further indicating industry resistance against evolving regulatory frameworks.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.