XRP News Today: Dubai Greenlights Ripple for Global Transfers Despite SEC Challenges

26 June 2024

in XRP

Reading Time: 1 mins read

In the Bloomberg interview shared by Garlinghouse, the SEC Chair said,

“This is a field that the leading lights from a couple of years ago are either in jail, about to go to jail, or awaiting extradition. Think about it, this is that field. That’s the field right now, where the public has really been harmed. And there’s significant non-compliance in the field.”

SEC Chair Gensler and the US stance on crypto contrasts significantly with other jurisdictions.

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Ripple, XRP, and the Latest Approval in Dubai

This week, VARA of the Dubai Financial Authority approved XRP, another win for Ripple on the global stage. The approval means that Dubai can use XRP for money transfers globally.

[crypto-donation-box]

The approval signals more XRP adoption. However, XRP failed to retarget the $0.50 handle. Uncertainties about the ongoing SEC v Ripple case and the threat of an SEC appeal against the Programmatic Sales of XRP ruling remain XRP headwinds. XRP could face prolonged selling pressure if the SEC successfully appeals against the Programmatic Sales of XRP ruling.

A court ruling on the penalty Ripple must pay for breaching US securities laws could come at any time. Ripple expects a ruling in the coming months. Will the court prohibit XRP sales to US institutional investors?

In March, the SEC filed its remedies-related opening brief, pushing the courts for an almost $2 billion penalty and an injunction prohibiting XRP sales to institutional investors.