Some coins have a special place for bitcoin and altcoin market. It almost never happens that we do not come across the news. Ripple (XRP) is one of them. Forbes writer Sam Lyman made a statement today. The Forbes writer highlights Ripple’s potential court victory. He also expresses his admiration for his community.
Altcoin victory will set precedent
Lyman points to a positive decision to come out of court. This could set a precedent for legally protecting digital assets in the United States. It therefore highlights the influence of the altcoin XRP community on crypto regulation. In a recent tweet, Forbes writer Sam Lyman focuses on the so-called XRP Army. Lyman points to the community’s important role in the case. According to Lyman, the community has a significant influence on the course of cases. According to Lyman, if the court decides in favor of blockchain company Ripple, this will have positive results. In this context, digital assets will be protected from the excessive regulatory actions of the US Securities and Exchange Commission (SEC). According to Lyman, the community currently called XRPArmy carries the entire cryptocurrency world on its back.
The Forbes writer noted that the possible decision in favor of Ripple carries the promise of protecting digital assets, including altcoin XRP, from being automatically classified as securities by the SEC. This will have different consequences. For example, companies that will have to leave the country with harsh regulation will abandon this decision. In addition, regulatory bodies will reconsider their sanction-oriented approach to this area.
SEC Hinman documents
cryptocoin.com As we have mentioned before, the final decision in the case between Ripple and the US regulator remains unclear. The blockchain firm recently received a court order requesting the public disclosure of important documents linked to a top SEC official, William Hinman. It was reported on May 17 that a US judge denied a request by the former director of the SEC to keep internal discussions on crypto-assets talk private. The court says the documents are forensic records. That’s why he states that it should be publicly available.
Controversial documents contain positive statements that differ from the SEC’s current stance for cryptocurrencies. So the development weakens the SEC’s hand against Ripple. Altcoin XRP and Ripple continue to be the focus of attention in the traditional banking industry. The Atlanta Fed recently drew attention to Ripple’s business model and how the company uses XRP to meet its cross-border payment needs. Accordingly, the bank sees XRP as an “international payment instrument”.
A new project focus
These topics are covered in the Atlanta Fed’s latest report, titled “Introducing Web3 with Implications for Financial Services.” In fact, the report highlights the promises of Web3 and the use of digital assets. The report also highlights the increasing adoption rate of Web3 and blockchain technology among public institutions such as central banks. He points to Project Mariana, which uses a proof-of-concept mechanism introduced by the Bank for International Settlements (BIS), the Bank of France, and other financial institutions.
The Atlanta Fed article highlights that the goal of the Mariana Project is to facilitate more efficient cross-border payments, mentions Ripple and Stellar as two key blockchain-focused companies to offer cost-effective value transfers. According to the report, Ripple’s business model includes the provision of financial services using the altcoin XRP. The report also states that XRP is “designed as an international means of payment or wholesale payment.” It’s worth noting that this report specifically focuses on the broader Web3 scene, not Ripple or XRP. Regardless, it’s a positive thing that XRP is getting interest from public institutions.
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