- Ripple has secured approval in Singapore, paving the way for regional expansion.
- AA US Judge has also denied SEC’s appeal boosting XRP price by 4% to $0.53.
- Ripple’s legal wins showcase its resilience and impact on the crypto market.
Ripple is trending today after its legal triumph in Singapore coupled with the denial of the SEC’s appeal. The two developments have led to a resurgence in XRP’s price.
The cryptocurrency community is closely monitoring these developments, which could have far-reaching implications for both Ripple and the broader cryptocurrency market.
As at the time of writing, the price of Ripple’s XRP token had gained over 4%. It is currently trading at $0.53, marking a 5.05% increase over the past month and a 6.77% gain over the previous week.
Ripple secures approval in Singapore
American blockchain payments firm Ripple Labs Inc. has scored a significant legal victory by obtaining full approval to operate as a digital payment token services provider in Singapore.
The Monetary Authority of Singapore (MAS) granted the license, solidifying Ripple’s position in the cryptocurrency space. Just four months after receiving in-principle approval from the regulator, this development paves the way for Ripple’s local subsidiary, Ripple Markets APAC Pte Ltd, to expand its operations across the Asia Pacific region.
It’s official: Ripple is now fully licensed to provide digital payment token services in Singapore by @MAS_sg! Ripple is committed to delivering real-world crypto solutions for businesses in APAC.
Learn more: https://t.co/jD8xSc2pdd
— Ripple (@Ripple) October 4, 2023
The regulatory clarity provided by MAS has played a pivotal role in Ripple’s success in Singapore. CEO Brad Garlinghouse expressed his enthusiasm for the move, emphasizing Ripple’s readiness to create crypto solutions that enhance utility in the financial industry.
While the end-users stand to benefit, Ripple’s primary focus remains on businesses and financial institutions that can leverage its tailored products and services.
Ripple’s win against the US SEC
The ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC) took an interesting turn as Judge Analisa Torres denied the SEC’s request for an early appeal.
The decision is a significant setback for the SEC, as it sought to challenge two aspects of the judge’s summary judgment.
The SEC’s request to file an interlocutory appeal is DENIED. I’m not a lawyer but it seems the Court just told the SEC: You asked me to apply the “Howey” test, I did, and like it or not, you lost. https://t.co/0E4MS0iuRY pic.twitter.com/bkhCpum17n
— Brad Garlinghouse (@bgarlinghouse) October 4, 2023
In essence, the judge’s ruling distinguishes between Ripple’s different transactions involving XRP. Institutional Sales were categorized as sales of securities, while Programmatic Sales and Other Distributions were not.
The judge emphasized that Programmatic Buyers did not have the same expectation of Ripple generating profits on their behalf as Institutional Buyers did.