Seeds of Wisdom RV and Economic Updates Friday Morning 9-27-24
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Ripple President Shares Bold Plans for RLUSD and Ethereum
Along with XRP’s function in smaller transactions, Ripple’s RLUSD aims to improve international transactions backed by dollars.
Ripple introduces Ethereum-compatible sidechains to XRPL, combining Ethereum’s programmability with XRP Ledger’s scalability and low costs.
Ripple has announced plans for its new stablecoin, Ripple USD (RLUSD), which will initially be available in countries or territories outside of the United States where Ripple has already obtained a license. Ripple President Monica Long made the statement during a recent interview with a Japanese media outlet.
She stated that after this initial launch, Ripple will look at entering more markets, with Japan being one of the possible targets due to its high adoption prospects for RLUSD.
Ripple’s Legal Victory Sets the Stage for RLUSD Global Expansion
Before establishing RLUSD, Ripple won a substantial legal struggle with the United States Securities and Exchange Commission (SEC), with the court ruling that XRP is not a security. This decision brought legal clarity to the cryptocurrency market, allowing Ripple to expand its services.
Monica Long hailed this triumph as a turning point moment for Ripple, allowing it to strengthen its footprint in the US market, despite the fact that the majority of its growth continues to come from outside the US, particularly in the Asia-Pacific area.
One of Ripple’s primary objectives is to include RLUSD as part of an effective cross-border settlement solution. A trustworthy and open stablecoin will result from the full backing of RLUSD by US dollars and their equivalents in other currencies.
Within the Ripple ecosystem, RLUSD is expected to play an important role in increasing transaction liquidity and efficiency. Monica Long stated:
“RLUSD is not intended to replace XRP, but to supplement it. While XRP will continue to be used for lower market-cap assets, RLUSD will be an effective vehicle for larger transactions.”
Ripple has lofty intentions to add Ethereum interoperability to the XRP Ledger. This means that Ethereum developers will be able to use XRP as a gas token on sidechains that are compatible with the Ethereum Virtual Machine (EVM).
This interface provides developers with additional chances to implement financial solutions and decentralized applications (DeFi) on the XRPL, using XRP’s scalability and efficiency.
Japan stands out as one of Ripple’s most potential markets, given to its long-standing cooperation with the SBI Group. As we previously reporeted, Ripple and SBI have worked together on a number of projects, including the creation of a digital NFT wallet for Expo 2025 in Osaka, which highlights Ripple’s potential acceptance in Japan’s corporate sector.
Furthermore, SBI Remit, a part of the SBI Group, has been providing international remittance services since 2017, using XRP as a bridge currency to enable quick and cost-efficient transactions.
@ Newshounds News™
Source: Crypto News Flash
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Republicans introduce bill forcing Gary Gensler to testify biannually
Senate Republicans have introduced legislation that would require the SEC chair, currently Gary Gensler, to testify before Congress twice a year.
This move comes amid mounting criticism of SEC Chair Gary Gensler’s leadership and the agency’s approach to regulating the digital asset sector.
As reported by Fox Business, the proposed bill, the “Empowering Main Street in America Act,” would extend provisions from the Dodd-Frank Act to include a mandate for the SEC chair’s biannual appearance.
This follows a postponed hearing originally scheduled for Gensler before the Senate Banking Committee.
The day before, the House Financial Services Committee scrutinized Gensler, with members of both parties questioning his approach to crypto regulation and the broader financial market.
Senate Banking Committee Ranking Member Tim Scott, a key advocate for the bill, criticized the postponement, viewing it as indicative of a lack of accountability under Gensler’s leadership, per Fox Business.
Scott and nine other Senate Republicans argued that more frequent testimony is essential to ensure the SEC maintains its mission of protecting investors, facilitating capital formation, and promoting fair and orderly markets.
Gensler vs. Crypto
Biden-appointed Gensler has vocally expressed skepticism toward crypto regulation. He came out forcefully against the FIT21 bill after it was passed in the House.
The crypto industry mostly views Gensler with skepticism and frustration. Many believe his strict enforcement approach and classifying most crypto assets as securities have stifled innovation and created legal uncertainty.
Gensler’s tenure has faced bipartisan pushback, particularly regarding the SEC’s handling of digital assets.
Critics argue that the agency’s aggressive enforcement actions have caused uncertainty in the crypto market. These concerns were recently highlighted during a congressional hearing in which all five SEC commissioners, including Gensler, were pressed on their stance on cryptocurrency oversight.
Senate Republicans are aiming for greater accountability and transparency in the SEC’s regulatory decisions with the Empowering Main Street in America Act. They want to ensure the SEC remains transparent as the financial landscape continues to evolve.
On Sept. 24, The SEC charged TrueCoin and TrustToken with securities violations over unregistered offerings of TUSD and TrueFi, resulting in a settlement with fines totaling over $500,000. The case adds to the SEC’s growing enforcement actions against crypto firms, with industry fines surpassing $7 billion since 2013.
@ Newshounds News™
Source: Crypto News
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@ Newshounds News™
Source: Seeds of Wisdom Team Currency Facts
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