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“SEC Lawsuit Negative Impact”: SBI Africa Promises To Use XRPL If Ripple Wins SEC Case

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Fingers Crossed As SBI Africa Promises To Use XRPL If Ripple Wins SEC Case.



SBI Japan is a major partner of Ripple.  SBI is Ripple’s largest shareholder and the CEO yoshitaka_kitao is a believer in XRP. Still, SBI Africa needs Ripple to win the SEC case to continue with XRP in Africa.

“Mr. Kitao of SBI gave an investor presentation today in Nagoya. On page 164 of 187 pages, it’s stated, #XRP ODL will be examined for utilization in the SBI Motor Africa business model when @Ripple‘s U.S. trial has ended in desired results.”

 

XRP’s future is currently stuck at the crossroads as Ripple and SEC await a court decision on its market status.

In late December 2020, the US Securities and Exchange Commission (SEC) moved to court to file a case against Ripple, the creator of XRP. The case has dragged on to 2022 and still going on. Granted, it has been a grueling engagement that has seen Ripple and SEC relentlessly after each other.

Ripple has been a globally popular company. It has even scored deals with various financial institutions, government institutions, and even central banks to use its XRPL system. The Ledger uses XRP as the base currency for cross-border funds transfers. Now, another large and global company, SBI, has expressed interest in using the Ledger, but under the condition that Ripple wins the case against SEC.

Why Is Ripple In Court?

Apparently, the US SEC accuses Ripple of illegally raising over $1.3 billion from the sale of its XRP crypto tokens. According to SEC, XRP should be classified as a security as opposed to a cryptocurrency. Ripple maintains that XRP is a decentralized cryptocurrency with various use cases in the crypto and blockchain world.

Ripple Must Win

According to a post shared by John Deaton, a lot of people seem to underestimate the negative impact created by the ongoing case. For, instance, XRP and Ripple have thrived outside the United States where XRP is deemed a functional cryptocurrency. The company has been expanding, even going on a hiring spree, in other parts of the world.

“I’ve stated for over a year that many Ripple and #XRP supporters underestimate the negative impact the SEC lawsuit has had. B/c Ripple has done well outside the U.S. and is hiring, etc., people say otherwise. But XRP must be deemed a non-security in the US to fulfill its promise.”

 

However, the legal scuffles going on in the US market against XRP’s status threaten to hurt this progress. For this reason, John is of the opinion that Ripple must win this battle. This notion is clearly demonstrated by SBI’s decision to wait until the case is decided before it can enter business with Ripple. The US court must deem XRP a cryptocurrency and not a security if Ripple continues engaging with large companies like SBI Africa.

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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