Ripple is making an important move and is on its way to acquire Standard Custody. This is the firm’s next high-profile acquisition after Metaco. The deal is awaiting regulatory approval. Meanwhile, Seedstarter founder Jesse Hynes says the SEC case isn’t yet over with a complete victory.
Ripple is on track to acquire Standard Custody
Once the deal goes through, the crypto firm will become the sole shareholder of Standard Custody. Thus, he will become responsible for all the company’s existing licenses and records. Precisely, Ripple Labs will leverage Standard Custody’s limited purpose trust charter as well as money transmitter licenses to increase its portfolio of regulatory licenses, among other benefits. Ripple President Monica Long shared her thoughts on the acquisition and Ripple’s stance. In an interview, Long said:
What Standard Custody adds to our portfolio is a number of other important licenses along with US trust licenses. For financial institutions that want to use Blockchain for all kinds of decentralized financial services, you not only need to provide the technology component, but you also need a compliance piece. So these licenses are really important for us to be able to offer a complete end-to-end solution.
Warning from the expert: There is no clear victory in the SEC case yet!
cryptokoin.comAs you follow from , the war between Ripple and the SEC has been going on since December 2021. Although there is no final decision in this case, those in the cryptocurrency community still claim that Ripple (XRP) will win the battle. In this context, Jesse Hynes, founder of Equity Crowdfunding platform Seedstarter, discussed the outcome of the case. Haynes disputes the rumors and expectations in the Ripple community. He emphasizes that the outcome of the case cannot be leaked. Haynes states that if such information were leaked, it would most likely not be true and would be a move to gain leverage in ongoing negotiations.
Haynes states that any rumors are nonsense until a final conclusion is made. Therefore, he says, it is unreasonable to trust these rumors. It is worth noting that Haynes rejected Ripple’s jubilation over the court decision claiming that the XRP token could be a security. The SEC later appealed the court’s decision on XRP. However, the court has not yet made a final decision.
“They partially won, partially lost!”
A follower said, “Is this an appeal? “I thought Ripple had already won?” asked the question. Haynes responded by explaining that Ripple (XRP) had not officially won. In this context, Haynes said, “Ripple did not win. They partially won, partially lost. “There are other things that need to be decided, and that’s before the appeal.” said.
Jesse Haynes emphasizes that there are still other issues to be determined. He specifically states that Ripple has not achieved an absolute victory. The court noted that the XRP token may not be a security “in some cases.” However; Ripple has not yet achieved a complete victory in this case. According to the statement made by Brad Garlinghouse in June 2022, Ripple will leave the USA if it loses.
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