A prominent New York regulator is reportedly mulling over approving payments platform Ripple Labs’ RLUSD stablecoin as soon as next week.
According to a new report by Fox Business, anonymous people familiar with the matter say the state’s top regulator – the New York Department of Financial Services (NYDFS) – has signaled to Ripple that it will approve the product, possibly before its launch date on December 4th.
News of the potential approval sent XRP, the digital asset associated with Ripple, flying as it went from a November 28th low of $1.45 to its current price of $1.88, a nearly 30% increase.
Last month, Ripple announced exchange partnerships for its stablecoin, including popular crypto firms such as Bitstamp and MoonPay.
As stated by Keith Grossman, president of enterprise at MoonPay, to Fox Business,
“For another well-capitalized, highly regulated player to enter into the global stablecoin marketplace – especially as MiCA (markets in crypto assets) regulation in Europe is about to be implemented – is a win-win and MoonPay is proud to provide access to RLUSD for our partners and customers on day one of Ripple’s launch.”
Ripple Labs was sued by the U.S. Securities and Exchange Commission (SEC) in December 2020 for allegedly selling unregistered securities. However, the judge in the case ruled that retail sales of XRP do not qualify as securities.
Furthermore, in May, the regulatory agency made a court filing declaring that RLUSD qualifies as an “unregistered crypto asset.”
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