It is being claimed that alternatives such as Ripple are trying to replace SWIFT. However, Ripple says that it has bigger ambitions than becoming the SWIFT replacement.
Ripple runs RippleNet, which is a platform that enables anyone to send and exchange digital assets along with conducting cross-border transactions. This gave direct competition to the SWIFT banking system (Society for Worldwide Interbank Financial Telecommunications).
The Arab Monetary Fund’s advisory council proposed Ripple as a direct alternative to SWIFT.
In March, Ripple’s well-known partner, the Clearing House, collaborated with an American multinational financial services business, Wells Fargo, to develop a new instantaneous payment system to challenge the supremacy of SWIFT. Ripple also partnered with an internationally recognized body called the Digital European Association (DEA) to work on CBDCs.
Ripple CEO Brad Garlinghouse has announced that once the company’s lawsuit with the Securities and Exchange Commission is resolved, it will consider an initial public offering. Ripple, Brad Garlinghouse, and executive chairman Chris Larsen are accused of selling, according to the SEC.
There are acquisitions on Ripple, Brad Garlinghouse, and Chris Larsen, the executive chairman, of selling XRP in an illegal securities offering, claims SEC.
The Ripple SEC lawsuit: What’s Going On?
James K. Filan, the defense lawyer, shared the updates on the Ripple SEC lawsuit. As per the latest updates, both the parties have agreed upon a fee award in relation to the Metz Supplemental Report and Deposition. In addition, the SEC is preparing along with Ripple Defendants to make the required payment. However, the amount of the award has not yet been revealed.
The month of June will be witnessing some fillings. June 2 is the date on which the SEC’s response to Ripple’s motion to oblige the agency to give a response to certain requests for admission, while the response of Ripple defendants is due on June 13, 2022.
John Deaton, the founder of CryptoLaw, filed a motion on May 21 to take part in an expected challenge to an expert who says he is aware of what motivates the XRP holders when buying the cryptocurrency. The SEC must file an objection to this motion by June 7, and the response is anticipated by June 10.
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