According to James Wallis, the vice president of central bank engagements at Ripple, the long-drawn legal battle with the U.S. Securities and Exchange Commission (SEC) had surprisingly little impact on the company’s talk with central banks. Evidently, since 2020, Ripple has managed to forge ahead with its initiatives and maintain strong ties with key financial institutions worldwide.
Speaking exclusively to EdaFace TV on Friday, Wallis expressed his confidence in the recent landmark decision that affirmed Ripple’s sale of XRP did not fall under the purview of investment contracts. However, industry experts see this victory as not only significant for Ripple as a company but also for the smart and innovative move for the broader industry, reinforcing the legitimacy of digital assets and their utility beyond speculative investments.
Surprisingly, the ongoing legal battle seemed to have had “almost no impact” on Ripple’s conversations with central banks. Wallis emphasized that the firm’s ability to initiate projects and engage with various countries remained largely unaffected by the legal dispute.
In his interview, he clarified that “We’ve had no countries say we don’t want to talk to you because of it.”
Furthermore, the company revealed, one such notable project involved a collaboration with Palau, a Pacific nation, to develop a U.S. dollar-pegged stablecoin (PSC) that operates on the XRP Ledger. The successful implementation of this venture showcased Ripple’s determination to drive innovation in the financial sector, even amidst regulatory challenges.
Even though digital asset enthusiasts cheered the court’s order, the largest financial institution Bank of America, said it’s hard to tell how it will affect the industry.
As Ripple emerges victorious in its legal confrontation with the SEC, the company is expected to leverage this positive outcome to foster deeper ties with central banks and further its mission of revolutionizing cross-border transactions.
