Uphold's Vault Beta Launch and SEC Appeal Chatter in Focus

Uphold’s Vault Beta Launch and SEC Appeal Chatter in Focus

10 December 2023

in XRP

Reading Time: 2 mins read

Increased security measures via an assisted self-custody wallet and 24/7 instant trading means Vault wallet holders have direct access to the Uphold trading platform without holding cryptos in wallets on the Uphold platform.

XRP holders are immediate beneficiaries of the newly launched product, with Vault going live in beta for XRP holders.

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Vault may incentivize crypto investors to target XRP and benefit from Vault’s features. Vault will integrate other networks in 2024.

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Uphold’s decision to go live beta with XRP is another live-case example of increasing interest in XRP. In November, the Dubai Financial Services Authority (DFSA) approved XRP under the virtual asset regime. The regime allows licensed firms in the Dubai International Financial Centre (DIFC) to adopt XRP for virtual asset services.

In September, Strategic Business Innovator Group (SBI) announced intentions to expand remittance services using XRP and the Ripple remittance product. The expansion includes the Philippines, Indonesia, and Vietnam.

Significantly, the XRP Programmatic Sales ruling opened the door to the increased adoption of XRP on the international stage.

Former SEC Chair Jay Clayton Gives Views on the Programmatic Sales Ruling

Amicus Curiae John E. Deaton shared a former SEC Chair Jay Clayton interview, saying,

“All of the sudden, Jay Clayton can weigh in on the Ripple victory and spins it as a partial loss on appeal. There is no humility when there is no accountability.”

The former SEC Chair had this to say about the SEC and its performances in the courts,

“The judge, I believe, found issue its in the initial issuance was, in fact, a securities transaction during the capital raising phase. The question in the Ripple case that I believe the SEC did not win was on the secondary trading. Was that a securities transaction or not? There are other cases with similar facts for the SEC has won that. We will see how that plays out.

Clayton went on to say,

“But that goes to my point about secondary trading and Tim’s point about secondary trading and the need to establish rules of the road, whether it’s a security or a commodity that the people are trading with the expectation of a financial return. I think the SEC’s record on cases decided, it is 95 and 1 and one’s up on appeal. I’d say that’s pretty good.”

The former SEC Chair filed the case against Ripple and XRP on his last day at the SEC.

Concerns about the SEC appealing the Programmatic Sales ruling led to a post-ruling XRP return to sub-$0.60 before the latest bull run.