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Ripple Payments To Launch In The US Despite SEC Suction & Hack Scandal

After three years of quiet owing to a legal quagmire, Ripple Payments is poised to take the American market by storm with significant product

by V. Sinclair
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After staying out of the US market for three years, Ripple Payments is about to launch there. Due to the organization’s continuing legal dispute with the Securities and Exchange Commission (SEC), the majority of its operations are headquartered outside of the United States. But a recent update indicates that Ripple Payments intends to launch solutions specifically for the US market.

Upgrades To Products Will Be Introduced By Ripple Payments
Ripple has made the calculated decision to end its three-year quiet in the US. W. Oliver Segovia, Head of Product Marketing at Ripple, reportedly stated in a post on LinkedIn that they will be releasing several new product improvements. Their numerous money transmitter licenses (MTLs) would power these upgrades.

Even though 90% of Ripple’s business is conducted abroad, this audacious move represents a noteworthy comeback for Ripple Payments in the US market. The revelation is all the more significant because it comes in the midst of SEC legal scrutiny and the recent XRP breach.

Before, Ripple looked into IPO possibilities outside of the US and accused the “hostile” regulators as being to blame. They also stated that they had no plans to go public in the nation anytime soon. In addition, they moved their activities to other nations a few years ago and even made the announcement that 80 percent of their hiring would take place outside of the United States. Therefore, the launch of Ripple Payments in the area would represent a significant rebirth for the cryptocurrency company.

The parties in the Ripple v. SEC legal dispute have consistently refuted one another, thus it doesn’t appear that the case will soon come to a close. In a letter to District Magistrate Judge Sarah Netburn dated January 25, the business sought to correct factual errors in the SEC’s answer to its move for compulsion.

Ripple emphasized the significance of a counterreply for a complex court decision. Furthermore, the company refuted the SEC’s claim that it faces no difficulties in providing contracts after a complaint. The cryptocurrency company further emphasized that the SEC’s request was “overly burdensome,” claiming that it would require a fresh trial.

However, this week there were rumors of a significant hack at Ripple. Claims suggested that a wallet may have caused an XRP token loss of $112.5 million hack linked to the address “rJNLz3….ojm.” The incident triggered a 4% drop in XRP’s value. In a rapid response, Ripple CEO Brad Garlinghouse refuted the claims, asserting that no wallets on the platform were compromised.

Garlinghouse sought to allay community worries and make clear the organization’s approach to security. The impacted accounts were later revealed to belong to co-founder of Ripple Chris Larsen. After then, in order to support the continuing investigation, Binance froze XRP tokens worth $4.2 million that had been stolen from the exploiter’s account.

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