Ripple, the blockchain-based digital payment network, has recently partnered with a task force spearheaded by the Bank for International Settlements (BIS). furthermore, the aim of this collaboration is to bolster cross-border payments and fulfill the objectives outlined by the G20.
Moreover, the cross-border payments interoperability and extension (PIE) task force, which is a part of the BIS Committee on Payments and Market Infrastructure (CPMI), has been established. The announcement from BIS on Aug. 9 included a summary of its May 11 meeting.
The BIS has stated that the PIE task force aims to enhance payment system accessibility, extend operating hours, and establish connections between various payment systems. These efforts encompass integrating application programming interfaces (APIs) and incorporating messaging elements.
Moreover, Ripple will collaborate with other task force members, including Mastercard and SWIFT. Their collaboration aims to achieve the Bank for International Settlements’ (BIS) objective of enhancing the compatibility of cross-border payments. BIS emphasizes that fostering engagement between the private and public sectors plays a crucial role in the G20’s cross-border payments program.
Ripple faces SEC lawsuit
Ripple remains entangled in a legal dispute with the United States Securities and Exchange Commission (SEC). Additionally, the SEC alleges that Ripple conducted an unregistered securities offering through its XRP token sales.
The Securities and Exchange Commission (SEC) submitted a letter on August 9th to the presiding judge in the case, formally requesting an interlocutory appeal. This legal maneuver intends for the appellate court to review and reassess the ruling while the overall litigation remains ongoing.
The Securities and Exchange Commission (SEC) is of the belief that conducting a review is necessary. This decision arises due to a crucial legal question that engenders varying opinions among experts. The focus of this inquiry revolves around whether Ripple’s fair notice defense should be deemed permissible or not.
Furthermore, Ripple’s fair notice defense contends that the SEC did not adequately notify that XRP was considered a security, thereby violating due process. Previously, the judge denied the SEC’s motion to dismiss Ripple’s defense.
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Moreover, the outcome of the lawsuit holds significant implications for Ripple and the entire cryptocurrency industry. Should Ripple emerge victorious, it could establish a precedent that may impact other crypto projects facing similar regulatory challenges. Conversely should Ripple face defeat, it could potentially incur substantial fines and encounter operational restrictions within the US market.
“The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.”
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