Ripple is aiming for further expansion in Europe after a historic victory against the US Securities and Exchange Commission (SEC) as Judge Torres ruled that the programmatic sale of XRP is not a security. Ripple has applied to register as a crypto asset company with the UK Financial Conduct Authority (FCA) and to be licensed as a payment institution in Ireland.
Ripple has applied for licenses in the UK and Ireland
Ripple last year announced plans to expand into other European countries, particularly the UK and Ireland, amid the long-running case against the US SEC.
Following Judge Analisa Torres’ landmark decision in the US SEC v. Ripple Labs lawsuit, Ripple is seeking licensing approval in the UK and Ireland, as XRP is not a security. Judge Torres ruled that the sales of XRP to institutions are securities since they are investment contracts, but the XRP token itself is not a security.
Sendi Young, general manager of Europe for Ripple, said the decision was a huge win and positive for Ripple’s overall growth and success.
“We are in the process of applying for our crypto asset registration in the UK and our payments license in Ireland. These are all huge investments for exponential growth in this region.”
Ripple CEO Brad Garlinghouse previously said the community will remain committed to the US as its global hub. However, the US SEC lawsuit and Gary Gensler’s approach to the crypto market meant that most of the developments over the past two years have taken place outside the US.
Last month, Ripple received approval in principle for the Major Payments Institution license from the Singaporean central bank Monetary Authority of Singapore (MAS). Now the company is seeking licenses in the UK and Ireland, as planned last year.
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XRP Price Awaits Major Rally
XRP price surged 70% after Judge Torres’ decision and several analysts are predicting a massive rally in the coming weeks. Some are even saying that the XRP price could reach $15 in 2024.
XRP price is down 2% in the past 24 hours with the price currently trading at $0.77. The 24-hour low and high are at $0.76 and $0.80, respectively. In addition, the trading volume is down 32% in the last 24 hours.
Also Read: Bloomberg Analyst Weighs In On The Spot Bitcoin ETF Clearance By US SEC Following XRP Ruling
Varinder has 10 years of experience in the Fintech sector, with more than 5 years dedicated to blockchain, crypto and Web3 developments. A technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles and newspapers. With CoinGape Media, Varinder believes in the enormous potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
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