- XRP has outperformed Bitcoin and Ethereum in the last 24 hours amid reports that the SEC lawsuit against Ripple Labs could be ending soon.
- Fox Business reporters suggest the SEC is weighing whether XRP functions more like a commodity than a security, using Ethereum as a comparison.
- Ripple’s CTO sparked a heated debate by highlighting that unlike Ethereum, XRP was not sold by an issuer before its blockchain existed.
- Ripple has received the first crypto payments license from the Dubai Financial Services Authority, positioning it for growth in the UAE’s US$400 billion international trade market.
The XRP price is rising against the broader market downturn. Although 2% in 24 hours is not a huge gain, the “banker” coin has fared better than its peers, with Bitcoin down 2.4% and Ethereum down 0.5% over the same period.
XRP has all the reasons to move against the market, as we reported yesterday that the case between Ripple Labs and the US Securities and Exchange Commission (SEC) could be over soon.
Read more: Ripple vs SEC Could Be Over Soon, Says Fox Business Reporter
Fox Business reporter Eleanor Terrett suggested that, according to her sources, both parties are weighing up how to exit the lawsuit.
Now, Terrett’s Fox Business associate, Charles Gasparino, said on X that the SEC is also contemplating whether current trading of XRP is similar to a commodity.
[O]ne issue that is being weighed by the commission is whether XRP continues to trade and have a utility that makes it more a commodity and not a security.
Charles GasparinoAccording to Gasparino – a controversial figure, unlike Terrett, who is much respected in the crypto community – the agency is closely looking at Ethereum as an example.
What is being discussed now is the comparison between the 2 cryptos. The SEC believe Eth trades as pure commodity. They are trying to determine if the commission can make that case w XRP.
Charles Gasparino“Semantics-Driven Twitter Battle” Erupts
Ripple Chief Technology Officer David Schwartz was quick to point out the difference between the two coins – namely that XRP was not sold “by an issuer prior to any ledger or blockchain existing”, unlike in ETH’s case.
Gasparino then said he somehow ended up in a “semantics-driven Twitter battle”, which nobody could’ve guessed would happen when XRP and Ethereum are involved.
With some users taking sides, without arguments…
While others refined Schwartz’s argument that ETH was pre-sold (much like in a traditional IPO), while XRP wasn’t.
Others took issue with Ethereum’s development stages…
And in Other Big News, Ripple Reveals Milestone
Be that as it may, these Twitter spats can be entertaining; however, the significant developments for Ripple and XRP are elsewhere.
Because the company has just received the go-ahead from the Dubai Financial Services Authority (DFSA) for crypto payments and services in the Dubai International Finance Centre (DIFC).
This makes Ripple the first company to receive a licence from the DFSA, and it is also Ripple’s first in the region.
Read more: Aussie Analysts Tackle Trump and Alt Season in Latest ‘Tapping Into Crypto’ Episode
Ripple CEO Brad Garlinghouse said the move would start an “unprecedented period of growth” for crypto as an industry. He said this is “driven by greater regulatory clarity around the world and increasing institutional adoption” while highlighting the UAE’s supportive stance.
Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit.
Brad Garlinghouse, Ripple CEOAccording to Ripple, the UAE is a US$400 billion (AU$636.4 billion) market for international trade.
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