Ripple Provides Insights on SEC Lawsuit & New CBDC Partnership

2:13 pm, Fri, 28 April 23

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Blockchain payments firm Ripple has released its quarterly XRP Markets Report, which offers insights into the company’s views on the state of crypto markets. The report features information on Ripple’s quarterly XRP sales, XRP Ledger and XRP-related announcements, and market developments from the previous quarter. It also includes updates on the Securities and Exchange Commission (SEC) lawsuit filed against Ripple in December 2020.

The SEC accused Ripple and two of its executives of selling $1.3 billion worth of XRP in unregistered security offerings. Both parties have filed briefs seeking summary judgment and now await a final ruling from the judge. In the latest quarterly report, Ripple provided updates on the events that have occurred this year.

On March 6, the court issued a 57-page order indicating which expert opinions from the SEC and Ripple could be considered in summary judgment and during the trial. The testimony of the SEC expert on the “reasonable expectations of an XRP purchaser” and the expert’s attempt to determine what caused the price of XRP to change was struck from the record.

Ripple expects a summary judgment decision to be made in 2023, though the timing ultimately rests with the court. The XRP Markets Report offers a comprehensive view of Ripple’s activities in the previous quarter and its outlook for the future.

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Montenegro’s CBDC Collaboration with Ripple

Ripple’s CBDC advisor, Anthony Welfare, has announced the kick-off of Ripple’s collaboration with the Central Bank of Montenegro (CBCG) on the development of a Central Bank Digital Currency (CBDC). Welfare took to Twitter to share an image of himself and Montenegro officials, describing the collaboration as a “great kick-off” and expressing his excitement to be working with the country’s “great team.”

The CBCG has entered into a partnership with Ripple to create a strategy and pilot program to launch Montenegro’s first digital currency in the form of a CBDC or national stablecoin. The move has been widely celebrated by industry experts, who see it as a significant step towards the adoption of CBDCs globally.

As the world moves towards digital currencies, CBDCs have become a hot topic among central banks worldwide. Several countries have already begun testing CBDCs, including China, which is currently conducting trials of its digital yuan. With the rise of cryptocurrencies and the growing demand for digital payments, the adoption of CBDCs is expected to accelerate in the coming years.

Ripple has been actively involved in the development of CBDCs globally. Its collaboration with CBCG is a significant milestone in its efforts to support the adoption of digital currencies and strengthen its position as a leading player in the industry.