Picture this, Ripple, the blockchain heavyweight, just scored a major victory in Dubai while still duking it out with the SEC back home.
It’s like winning a championship abroad while your home court is still a legal minefield. Let’s break it down, how they didi t!
New licence, new business
Ripple announced regulatory approval to operate in the Dubai International Finance Center, the DIFC, making it the first blockchain payments provider licensed by the Dubai Financial Services Authority.
That’s a big deal, guys. Why? Because the UAE is sitting on a $40 billion cross-border payments market, and Ripple just got the keys to the kingdom.
CEO Brad Garlinghouse is understandably pretty hyped. He called this an unprecedented period of growth for crypto, fueled by clearer regulations and institutional adoption.
And he’s not wrong, the UAE has been rolling out the red carpet for innovation while other countries are still fumbling with their rulebooks.
Two steps forward, one back?
But wait, there’s more, because Ripple isn’t just playing defense, it’s launching new products like its U.S. dollar-pegged stablecoin, RLUSD, which now boasts a $135 million market cap.
With around 20% of its global customers already in the Middle East, Ripple is doubling down on a region that clearly loves its tech.
Now, let’s switch gears to the drama back in the U.S., the long-running cage match between Ripple and the SEC. This legal sh*tshow started in 2020 when the SEC accused Ripple of selling XRP as an unregistered security.
Fast forward to today, and while Ripple scored a partial win last year, as XRP isn’t a security on secondary markets, but the SEC isn’t backing down. They’re appealing, rehashing old arguments like a broken record.
Endure
Garlinghouse and his team? They’re unfazed. Confident even. Ripple’s Chief Legal Officer dismissed the SEC’s appeal as weak sauce and said they’re ready to fight as long as we need.
Meanwhile, some legal experts think the SEC might be running out of steam, especially after missing deadlines and offering little new evidence.
So here we are, Ripple is riding high internationally but still navigating stormy waters at home.
Whether this ends with a knockout blow or another round of legal sparring remains to be seen.
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