While the industry is not unreasonably expecting an SEC ruling in favor of Ripple, the downside scenario cannot be discounted. Many experts believe that the company can handle defeat. The extent of Ripple’s involvement in the central bank digital currency (CBDC) market and in the payments space has already made it a strong player in the market.
xSpectar founder Dirk Schepens tweeted June 19 that Ripple’s position is so strong that even in the event of a hopeless situation, Ripple will continue to strive for leadership in the CBDC/payments sector market on both continents.
“Ripple is already immune to potential loss in the SEC against Ripple, having taken a strong position in both Europe and Latin America. The victory will be fantastic. Losing means Ripple will continue to move towards CBDC/payments market leadership across two continents.”
Despite the ongoing legal battle with the US SEC, Ripple is still committed to global expansion. Regulatory uncertainty in the United States has prompted Ripple to focus on global expansion, especially in Europe, using MiCA regulation.
During an interview at the Money20/20 Europe event, Sandy Yang, managing director of Ripple in the UK and Europe, highlighted the company’s expansion initiatives. Anthony Welfar, CBDC advisor at Ripple, noted that XRPL is the basis for pilot projects in Hong Kong, Bhutan, Palau and Montenegro, which further strengthens Ripple’s position as a leader in the CBDC market. This list has recently expanded to include Colombia.
Recently, BitGo CEO Mike Belshe said that he believes Ripple’s victory in the legal battle could have far-reaching implications for the entire crypto ecosystem and lead to positive changes in the regulatory framework.
In a series of tweets, Belshe drew parallels between the early days of Bitcoin and the current state of Ripple. He suggested that BTC, like XRP, may have been perceived as centralized between 2009 and 2012, as the decisions and development of bitcoin were largely controlled by its early developers.
He suggested that if Bitcoin were subjected to the same kind of regulatory scrutiny that Ripple is currently facing, it could be called a “security.”
There were many suggestions, including from the leaders of the company itself, that Ripple could change jurisdiction. Finally, we cannot fail to note the great success that the company is making in the Middle East and North Africa region, as well as in the Pacific region.
If we add to this her strong connections in Japan through a partnership with the SBI Group, such confidence in the company is understandable.