More legal tussling as the blockchain company claims that the so-called Fox Declaration should have been classified as expert testimony, not "standard summary evidence," as the SEC claims.
The new protocol will function partly off-chain and draws inspiration from traditional banking models. Although it has sparked excitement within the ecosystem, there are also concerns about whether it might be considered an unlicensed lending product.
More legal tussling as the blockchain company claims that the so-called Fox Declaration should have been classified as expert testimony, not "standard summary evidence," as the SEC claims.
The new protocol will function partly off-chain and draws inspiration from traditional banking models. Although it has sparked excitement within the ecosystem, there are also concerns about whether it might be considered an unlicensed lending product.
Aiming for a slice of a rapidly growing market, Ripple, the company behind the XRP Ledger, has announced its own stablecoin. The token, pegged to the value of the US dollar, is expected to launch later this year.
Ripple faces a hefty potential financial penalty following a new proposal from the SEC. The firm maintains the sales were legal and plans to contest the charges in April.
A U.S. judge ruled yesterday that Ripple's XRP token is not a security for programmatic sales. Several exchanges are planning to relist XRP on their platforms following the ruling, and many major crypto prices saw a boost.
The ongoing dispute between Ripple and SEC is closely followed by crypto participants and investors alike, with many anticipating the outcome's potential impact on the market.
