Ripple Payments is making a bold move to go live in the U.S. after 3 years of silence due to a legal conflict. Despite most of the organization’s operations being outside the U.S., a recent update reveals that Ripple Payments is preparing for a significant product upgrade tailored for the U.S. market.
Ripple Bounces Back Into U.S. Market
After three years of maintaining a low profile in the United States due to its ongoing legal battle with the SEC, Ripple Payments is gearing up to re-enter the U.S. market with a series of strategic product updates.
The announcement, shared by W. Oliver Segovia, Head of Product Marketing at Ripple, outlines the introduction of a series of product upgrades. These enhancements, backed by extensive money transmitter licenses (MTLs), are designed to target multiple U.S. states.
While Ripple has thrived internationally, capturing 90% of its business, this move marks a notable re-entry into the U.S. market. Meanwhile, ripple had previously explored IPO options outside the U.S., citing ‘hostile’ regulatory conditions, and expressed willingness to go public in the country.
However, the decision to bring Ripple Payments back to the U.S. now stands as a significant comeback for the cryptocurrency firm.
Ripple vs. SEC
Despite this positive development, the legal battle between Ripple and the SEC shows no signs of resolution. Both parties continue to contradict each other’s statements, with Ripple recently submitting a letter to District Magistrate Judge Sarah Netburn to rectify factual inaccuracies in the SEC’s response.
The crypto firm also deemed the SEC’s request as “overly burdensome,” stating that it would require a new trial.
Hacking Incident and Ripple’s Response
In the same week, reports emerged of a significant hacking incident targeting Ripple, resulting in a $112.5 million loss in XRP tokens.
Despite a 4% drop in XRP’s value triggered by the incident, Ripple CEO Brad Garlinghouse swiftly falsified the claims, asserting that no wallets on the platform were hacked. Binance also stepped in, freezing $4.2 million of stolen XRP tokens to help with the ongoing investigation.
Despite these challenges, Ripple is determined to make a comeback in the U.S., showing that it won’t let legal and security issues stop its plans.
