China's historical dominance in the crypto industry persists despite periodic crackdowns, with many crypto companies still earning a significant portion of their revenue from the country and maintaining unofficial channels of liquidity; China's economic uncertainty, including concerns about future crackdowns and a collapsing real estate market, can impact global crypto markets.
Top executives from Ripple, Brad Garlinghouse and Chris Larsen, have provided their availability for the upcoming trial in 2024 in the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC), as the SEC appeals the court's ruling that XRP is not a security.
The Securities and Exchange Commission's (SEC) chances of defeating Ripple in court are slim, as experts believe the court has thoroughly studied all arguments over the years and is unlikely to overturn its previous decision. If the SEC does succeed, it could have significant implications for the crypto market, leading to many companies relocating out of the United States and a decline in cryptocurrency prices.
Western Union is embracing cryptocurrencies, particularly Ripple's blockchain technology and XRP, as it recognizes the potential of digital money to revolutionize the financial industry.
### Summary
Ripple (XRP) has seen a significant rise in price due to a bullish trend in the cryptocurrency market, positive news about partnerships, and its growing popularity in South Korea. Financial institutions are adopting Ripple's technology for cross-border payments, validating the utility of XRP. However, caution is advised as the market remains highly volatile, and XRP's future performance is uncertain.
Prominent lawyer and founder of CryptolawUS, John Deaton, criticizes the SEC for charging Ripple CEO Brad Garlinghouse and argues that if former SEC leaders had testified earlier, the entire situation could have been avoided.
Uphold CEO Simon McLoughlin discusses the impact of the SEC vs. Ripple case, upcoming product launches including Uphold Vault, and plans for institutional and enterprise adoption.
Crypto exchange Coinbase plans to focus on non-U.S. markets, including the European Union, the United Kingdom, Canada, Brazil, Singapore, and Australia, due to their clearer crypto laws, as it seeks to expand its operations and establish partnerships with global and local banks and payment providers while ensuring compliance with governance systems. The company also aims to intensify its lobbying and visibility efforts ahead of the EU elections and engage with the G20 to create global crypto standards.
Ripple is acquiring Fortress Trust, a regulatory and technology infrastructure provider for blockchain organizations, expanding its portfolio of licenses in the United States.
Ripple plans to continue fighting the ongoing lawsuit with the SEC over allegations of breaching securities laws in the sale of its cryptocurrency XRP, with the company asserting that XRP is not a security and seeking to expand its business globally.
Ripple plans to conduct 80% of its hiring outside the U.S. due to greater regulatory clarity in countries like Singapore, Hong Kong, the U.K., and Dubai, according to CEO Brad Garlinghouse.
Hong Kong remains the top jurisdiction for crypto adoption in 2023, while the US falls to third place, and Switzerland takes second place, according to a study.
Ripple CEO Brad Garlinghouse believes that XRP could become the next Bitcoin if it successfully addresses a multi-trillion-dollar problem and leverages its competitive edge in the regulated traditional finance sector.
Ripple CEO Brad Garlinghouse criticizes SEC Chair Gary Gensler, accusing him of pursuing power and politics instead of sound policy, while XRP price remains strong despite being delisted from NYDFS' approved tokens list.
Coinbase, the U.S. cryptocurrency exchange operator, may invest more elsewhere if the U.S. cannot get crypto regulation right, raising questions about whether the U.S. is still the primary hub for crypto innovation and development.
Ripple Labs has appointed a former White House Official as its head of policy and government, following criticisms of the US government's stance against crypto, with the new official responsible for actively engaging with the government to advocate for policies that support the crypto industry and benefit individuals and businesses.
Crypto investment firm CoinShares is optimistic about cryptocurrency regulation in the United States as it enters the market and believes that the US is a global leader in digital asset development.
