Following the ruling, XRP’s price surged by over 20%, reflecting investor confidence and the broader industry’s view of the decision as a positive development for the crypto market.
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The stablecoin will debut on the XRP Ledger (XRPL) and Ethereum (ETH) blockchains, with plans to expand to additional blockchains and DeFi protocols and apps over time.
The SEC’s decision to drop the charges with prejudice marks a significant capitulation by the government in a protracted legal battle that has spanned several years.
Brad Garlinghouse, the CEO of Ripple, emphasized the strategic importance of Singapore in the company’s global operations.