In December 2020, the US Securities and Exchange Commission (SEC) filed a lawsuit alleging that Ripple and its top executives misled XRP investors by failing to register the digital asset as security and did not provide adequate disclosure.
Brad Garlinghouse, Ripple’s chief executive officer, said in the week that it remains hard to predict the pace of court proceedings. “I think we’ll have an answer in the first half of next year,” Garlinghouse said during an event for DC Fintech Week. “Whether that’s the first quarter or second quarter, we shall see.”
Ripple submitted a motion in September asking for the lawsuit to be dismissed on the grounds that its XRP coin is not a security covered by the SEC’s jurisdiction. The SEC has also requested an uncontested decision in its favor.
According to Garlinghouse on Tuesday, if the SEC rules that XRP is not a security, Ripple would consider reaching a settlement. According to him, the lawsuit “is about the entire industry.” “Everyone understands how crucial this is.” Meanwhile, Ripple’s business is already limited in the US. “For all intents and purposes, XRP does not have liquidity in the United States,” he said.
According to the announcement shared by Wanchain developers, the XRP Ledger is now interoperable as the first batch of “cross-chain XRPL tokens” goes live. This implies that tokens can now be seamlessly transferred from XRPL to other L1s.
Wanchain previously developed the XRP interoperability module, the first coin in the XRPL ecosystem. Now, it has increased support by allowing the transfer of XRPL-based assets to a number of top programmatic blockchains, including Ethereum, BNB Chain, XinFin XDC Network, and Wanchain, through specialized one-time addresses.
The initial assets that are supported are NVL, GZX, xBILBx, and XList. While the GZX token is now accessible on five networks at once, xBILBx, XList, and NVL can only be transferred to the XinFin XDC Network and Wanchain.
Wanchain says more XRPL-based assets will join soon while the instrument to bridge tokens from other blockchains to XRPL is under development.
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