The much anticipated MiCA (Markets in Crypto-Assets) Bill, which provides a framework for operating in all member-states, will be voted on in February this year. The EU’s beginning to look pretty appealing to US crypto companies due to its comparatively relaxed regulation.So far however, they haven't been fazed and announced plans to go on a 300-person hiring spree this year.
The company’s been caught up in a lawsuit with the SEC since 2020, in which they’ve been accused of selling unregistered securities to the tune of $1.3bn.It’s not the group’s first foray across the pond either, already having partnered with Paris-based payments company Lemonway in October. Ripple is looking to establish a Virtual Asset Service Provider in Ireland, which would eventually allow it to provide its services throughout the European Union.Rumors are circulating that the case has already been effectively won in Ripple’s favor, and that it’s just a matter of time before it is made official, and much of the crypto world will be watching closely for the outcome.Įyeing the pot of gold across the ocean After its successes in the US, one of the OGs of cryptocurrency is looking to set sail for Europe – though the journey could be perilous. That being said, Gensler has faced criticism for his heavy handedness as some believe a large portion of cryptocurrencies fall under the jurisdiction of the Commodities and Futures Trading Commision (CFTC). Its chair, Gary Gensler has taken a firm stance on the space – reiterating his view in 2023 that everything other than Bitcoin should be considered a security. What happens next? The ruling could prove hugely influential in determining the jurisdiction the SEC has over the crypto space as a whole. Another factor causing optimism in the XRP token was comments made by the judge, who US regulators seem unable to decide what criteria should be used in determining whether a cryptocurrency is a security. They claimed that this lends validity to their argument that XRP is not a security. Defendants of Ripple drew parallels to the recent bankruptcy case of Voyager, in which the judge had dismissed the SEC’s concerns surrounding Binance purchasing its assets. What’s happening with the case? Ripple’s XRP token jumped up by more than 25% on Tuesday on what could be a positive development in its case. But this week has brought signs that Ripple could be in a strong position to win its case – something which the market has taken notice of. The SEC’s case against LBRY’s LBC token sent a shiver through the spine of the crypto world, as it was ruled a security in November last year. Ripple, one the industry’s older cryptocurrencies, has been embroiled in a lawsuit by the Securities and Exchange Commission (SEC) for more than 2 years – and the space has been watching closely for developments. The final ruling could prove significant in the SEC’s belief that most cryptocurrencies are securities.Defendants of Ripple have argued that the ruling against the SEC in its case against Voyager should work in their favor.
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