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SEC v. Ripple: Lawsuit gets tense while Ripple announces tokenization with XRP Ledger

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2021 sees massive demand for blockchain solutions and supply becoming even more capable. Competition is fierce within the space, but a lawsuit with the Securities and Exchange Commission prevents Ripple from progressing further.

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Ripple Labs enters the coding race as the XRP Ledger continues to expand its usefulness despite an ongoing lawsuit with the Securities and Exchange Commission.

The blockchain company has taken steps this year to embark on several use cases for distributed ledger technology, including NFTs (via Mintable) and central bank digital currencies (via a special edition of XRPL).

Asset tokenization is one of the most exciting use cases for the blockchain and Ripple wants to ensure that its XRP will surf that wave.

“Tokenization is changing how people buy, sell, track and manage assets – everything from art and real estate to intellectual property, stocks and supply chain goods. In fact, the World Economic Forum predicts that 10% of global GDP will be converted to tokens by 2027, As Ashish Birla, Managing Director of RippleNet, said on the company’s blog.

“We are expanding from a cross-border payments network to a token service platform that brings crypto capabilities to the enterprise and prepares it for a future where crypto is front and center. RippleNet was initially created to solve the challenges of speed, cost, and transparency in cross-border payments for those who are in short supply. severe financial services by the financial system as a whole.”

On Demand Liquidity (ODL), eliminating the need to pre-fund cross-border payments using XRP as a bridge between two currencies. The company recently introduced Line of Credit, an extension of the ODL that allows RippleNet customers to provide on-demand capital to initiate cross-border payments on a large scale using XRP. ODL clients can send XRP for cross-border payments directly through a crypto wallet.

Birla also stated that gradual crypto regulations in the Asia Pacific region have provided Ripple with amazing momentum, with Southeast Asian transactions growing 10x in 2020, driven by existing RippleNet clients and new connections, such as Novatti and Tranglo.

2021 sees massive demand for blockchain solutions and supply becoming even more capable. Competition is fierce within the space, but a lawsuit with the Securities and Exchange Commission prevents Ripple from progressing further.

Its plans to go public via the IPO will remain restricted until the lawsuit ends. When does the lawsuit end? And why does it take so long? Very legitimate questions in such a fast-paced industry.

This may also be the reason why Ripple Labs and its co-founders are trying to set a date for the former director’s filing for the SEC on July 19, 2021 – one week from now – to show what could be seen as an urgency.

While the reason is not clear, it may be related to a recent letter from US Senator Elizabeth Warren to SEC President Gary Gensler. Requesting a response by July 28, the senator tacitly submits authority over digital assets to the Securities and Exchange Commission in a move that appears to override the CFTC. Attorney James K. Phelan described it as “a strong, structured representation.”

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