Last week, the long-awaited SEC-XRP lawsuit was settled in favor of Ripple, marking a milestone for the cryptocurrency industry.
With this decision, exchanges such as Coinbase, which had delisted XRP following the SEC lawsuit, decided to list XRP one after another, as it became clear that Ripple’s native cryptocurrency XRP was no longer a security.
These developments also led to a significant increase in the price of XRP.
While XRP’s victory is still being talked about, Ripple General Counsel Stu Alderoty said in an interview with CNBC that he believes U.S. banks and other financial institutions will begin to show interest in adopting XRP for cross-border payments.
At this time, Alderoty said it plans to negotiate with U.S. financial companies to use Ripple’s On-Demand Liquidity (ODL) product in the third quarter.
“We hope that the court’s decision in Ripple will provide reassurance to financial institution clients or potential clients about the issues they face in conducting business and the realities of transferring value across borders.
I expect to have several more conversations with U.S. customers this quarter and hope that we get positive results from those conversations.”
Alderoty said it has acquired most of its business from outside the United States over the past two and a half years due to Ripple's legal battles with the SEC.
At this time, he said the court’s decision that XRP will be considered a security in corporate XRP sales will not have a significant impact on Ripple’s current business operations, stating:
“Since most of Ripple’s customers are located outside the US, I don’t think this part of the decision will affect the business.
We will review the judge’s decision, understand our clients’ needs and take appropriate action.”
