Ripple (XRP) is on the path to secure crypto license approval in the UK

San Francisco headquartered blockchain firm Ripple applied for the crypto license in the UK.

Ripple is a San Francisco-based fintech firm, known for providing cross-border payment services with the help of XRP coin. Ripple Labs is the backend developer team behind XRP coin. Since Dec 2020, this crypto firm has been in legal conflict with the United States Securities Exchange Commission (SEC) over the nature of XRP coin & the nature of its business model but just a few weeks back the court judge ruled that XRP is not a Crypto security token. 

Recently the Ripple team applied for a crypto license as a crypto asset company with the Financial Conduct Authority (FCA), a top financial regulator in the UK.

According to Binance-owned Cointelegraph crypto news media, a Ripple spokesperson confirmed the report and also said that the company is looking to secure a license in Ireland so that it can invest in Ireland at a big level. 

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Cointelegraph report noted that Ripple is now highly confident to expand its business across different jurisdictions, following the in the court ruling against the American securities regulatory body’s harsh enforcement regulatory efforts. 

XRP is not a security.

This victory for @Ripple is a win for the entire industry and a step toward regulatory clarity in the U.S.

A huge thank you to @bgarlinghouse, @chrislarsensf, and @s_alderoty for their leadership and the #XRPCommunity for their continued support.

— Ripple (@Ripple) July 13, 2023

New legal hurdles for Ripple 

However, the court judge ruled in favor of the Ripple firm but still, the whole case is not over. Reportedly half of the XRP lawsuit case has been solved.

Recently few media reports confirmed that the US SEC may appeal against the court ruling to prove that the XRP coin was always a security asset. 

Today Ripple CEO Brad Garlinghouse talked about such reports and said that the court judge ruled in favor of Ripple on behalf of rules & laws faithfully, so it will not be a fair decision by the SEC to appeal against the court ruling.

It’s absurd to blame a Judge for faithfully applying the law. We all know legislation – not more regulation by enforcement – is the only way forward to provide clear rules and protect retail. Glad to see more members of Congress like @RepRitchie, @PatrickMcHenry champion this.

— Brad Garlinghouse (@bgarlinghouse) July 22, 2023

Read also: $2,900,000 worth of NFT is now valued at only $4

Ripple (XRP) is on the path to secure crypto license approval in the UK

 

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