Ripple, the international cryptocurrency payments titan, is casting its gaze on the UK’s crypto company directory, leveraging a recent favorable court verdict against the US Securities and Exchange Commission (SEC).
A Victory in Court
The US court determination on July 13 dictated that Ripple’s trading of XRP on crypto platforms does not qualify as an investment contract. This verdict has led to a considerable surge in the value of XRP, with a growth of approximately 60% in the week succeeding the ruling. Investors are interpreting this decision as a sign that cryptocurrencies may not be subject to the same regulations as conventional stock and bond trading.
Ripple’s UK and Ireland Plans
During an interview with DL News, Young revealed that the company has recently lodged an application for registration as a crypto asset firm with the UK’s Financial Conduct Authority and a payment institution license in Ireland.
This measure follows the US court verdict. However, Young also stressed that XRP’s growth strategies in the UK are not affected by this ruling.
The Ongoing Legal Battle with SEC
Despite the positive verdict in the US, Ripple’s legal tussle with the SEC is not concluded, with a trial still to ensue. Ripple CEO Brad Garlinghouse has previously hinted that the firm could relocate to the UK if the SEC lawsuit does not resolve in the company’s favor.
Ripple’s Global Expansion
Young confirmed that Ripple’s status as a global hub in the US remains unaltered. Still, most of the company’s expansion has transpired outside the US since the SEC lawsuit was instituted. She stated that Ripple has made substantial investments in various regions due to demand and opportunities, with APAC and EMEA being particularly robust markets.
The SEC’s Approach to Crypto Firms
Regarding the recent SEC crackdown on crypto firms, Young expressed that regulation by enforcement is not a fruitful approach to stimulate innovation or attract investment. She pointed out that jurisdictions like the UK and EU are viewing the uncertainty in the US as an opportunity to attract global companies.
In conclusion, Ripple’s recent court victory against the SEC has bolstered its plans for expansion and registration in the UK and Ireland. Despite the ongoing legal battle with the SEC, the company shows no signs of slowing down its growth in various global markets.