The Ripple ecosystem has been experiencing significant growth, achieving new milestones in its expansion into different geographies and industries.
The cryptocurrency payments network may have had one of its best years yet in 2024 as reports suggest U.S. banks may be preparing to integrate XRP into international payments.
Ripple will disrupt the international payment industry
Cryptocurrency enthusiast and popular influencer Ben Armstrong posted a YouTube video last week announcing that the United States has adopted XRP for international payments. Armstrong calls this potential development “the biggest catalyst for growth in XRP’s price potential.”
Since its inception, one of Ripple’s core visions has been to facilitate cross-border payments using blockchain and cryptocurrency technology. The potential integration of XRP with the U.S. banking system could radically improve challenges in the global financial sector, using cryptocurrency technology to increase transaction speed, cost, and efficiency.
In his YouTube video, Armstrong described XRP as a medium of transfer between digital assets across borders. He said XRP’s potential expansion into U.S. international payments could boost its adoption in the U.S.
Currently, the cryptocurrency regulatory framework in the United States is facing challenges. The U.S. Securities and Exchange Commission (SEC) labeled various cryptocurrencies as securities, triggering negative reactions in the crypto space.
XRP is an example. The U.S. SEC filed a lawsuit against Ripple in December 2020, accusing the crypto payment company of conducting an unregistered securities offering by selling XRP.
XRP’s Journey to Regulatory Clarity
The legal battle between the SEC and XRP continues, and the final stage of the legal drama is approaching. Fortunately, the impact of XRP's regulatory challenges seems to be weakening after Ripple's victory over the SEC.
In 2023, Judge Analisa ruled in favor of XRP, stating that programmatic sales of XRP were not considered securities. Due to its newfound regulatory clarity, XRP has been integrated into multiple cryptocurrency exchanges that had previously delisted it. Additionally, the cryptocurrency is expected to benefit from Ripple’s potential to enter new and innovative markets and sectors.
Ripple Chief Executive Officer (CEO) Brad Garlinghouse recently delved into the current regulatory environment for the cryptocurrency industry in an interview with Fox Business. He revealed that U.S. Securities and Exchange Commission Chairman Gary Gensler is facing setbacks in regulating cryptocurrencies because he has been “going beyond what the law requires.”
Garlinghouse said Gensler was acting on his own agenda instead of prioritizing the interests of the people. He expressed disappointment with the U.S. enforcement actions and slow acceptance of the cryptocurrency industry, declaring it disappointing that the U.S. is spending more time on judicial proceedings instead of quickly providing regulatory clarity for cryptocurrencies. #XRP #国际支付
