XRP News: Ripple Labs and its executives are still battling the US Securities and Exchange Commission (SEC) to prove that its native crypto, XRP, is not a “security”. In the midst of this legal battle, Ripple’s Chief Legal Officer Stuart Alderoty clarified XRP’s exclusion from Liquidity Hub (LH).
Also Read: SEC Loses Grip on Supreme Court Case; Will this help Ripple?
XRP excluded from Liquidity Hub
Ripple’s legal chief stated in a Twitter thread that he wanted to clarify questions about their fresh product Liquidity Hub. He said their LH is a corporate product and not suitable for retail. However, liquidity in the United States is low due to legal uncertainty.
Meanwhile, Ripple and the team emphasized that they are eager to support XRP in Liquidity Hub despite legal complications. Alderoty added that it is clear that the hub is built to access multiple cryptos. Read more XRP news here…
Ripple Legal Chief confirmed that XRP lacks regulatory clarity in the US, but it is important for business users. The defendants in the XRP lawsuit recently filed their response to the Commission’s letter of additional authority. The SEC filed the letter to gain support in its motion for summary judgment.
Also Read: This On-Chain Bitcoin Indicator Points To Massive Bullish Potential, Is The Bear Market Over?
However, Ripple’s On Demand Liquidity (ODL) has been using XRP for years, he assured that it will continue to be used in the future.
On the market side, XRP price is up 35% in the last 30 days. It has managed to outperform Bitcoin (BTC) in the same period. XRP is trading at an average price of $0.516 at the time of writing.
Also Read: Key Agendas in the US SEC Chairman Gensler Prepared US House Testimony
Ashish believes in decentralization and has a keen interest in the development of Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching a thriller or exercising outside. Reach me [email protected]
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post Ripple Facing Problems With Its New Project Due To XRP Lawsuit?
was published first on https://coingape.com/xrp-news-ripple-legal-chief-backs-liquidity-hub-amid-legal-uncertainty/