The Dubai Financial Services Authority (DFSA) has granted Ripple an in-principle license to expand its services in the UAE, giving the company access to new markets via the Dubai International Financial Centre (DIFC). This milestone strengthens Ripple’s end-to-end payment services across the UAE.

Ripple’s CEO, Brad Garlinghouse, praised the UAE for its regulatory clarity, stating that “Businesses thrive on clear regulations, and the UAE understands this need.” This approval allows Ripple to introduce enterprise-grade digital asset infrastructure to a wider audience, further enhancing its mission of providing faster, more affordable cross-border payment solutions.

This latest approval highlights Ripple’s strategic focus on the Middle East, a region known for its favorable regulatory landscape and expanding market opportunities across the Middle East, Africa, and South Asia. With its headquarters already established in Dubai since 2020, Ripple continues to position itself as a regulated global leader in blockchain-enabled payment services.

The UAE’s forward-thinking approach to cryptocurrency regulation is drawing significant industry players, such as Animoca Brands, which is reportedly eyeing a potential public offering in the region by 2025. Ripple’s continued investment in key infrastructure underscores the UAE’s rising status as a global financial hub for innovative businesses.

Ongoing Legal Battles with SEC

Meanwhile, Ripple’s legal struggles with the U.S. Securities and Exchange Commission (SEC) are far from over. The SEC may appeal Ripple’s recent legal victory, which ruled that XRP was not a security, leaving uncertainty over Ripple’s future in the U.S. Despite these challenges, Ripple’s expansion in the UAE underscores its global ambitions.

XRP is currently trading at $0.59, down 4% in the past 24 hours, and still below the critical $1.00 psychological threshold. Ripple’s ambitions, however, are clearly undeterred by current market volatility.

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Ripple submitted its redacted reply to the objection that the SEC had made to the defendant’s request for summary judgment on December 2. It was the organization’s closing argument in the highly publicized lawsuit. In its response, the plaintiff also requested that the court rule against the defendant, Ripple.

Gene Hoffman, chief operating officer at blockchain company Chia Network, noted that another blockchain company, LBRY, had just been unsuccessful in a similar action against the SEC. Given that the CEO of Ripple, Brad Garlinghouse, forecasted that the issue would be resolved in the first half of 2023, the current comment that Hoskinson made about the matter needs to be treated with a grain of salt. As a result of the remarks that Hoskinson made on the matter, he has found himself on the unfavorable side of the Ripple community.

The legal fight began in December 2020. It is anticipated to have significant repercussions for the bitcoin industry. The case brought by the SEC dealt a huge blow to the price of the XRP cryptocurrency. And as a result, several exchanges in the United States moved quickly to halt trade. It is important to note that various opinions have been expressed by legal professionals on the possible outcomes of the case.

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Other Companies to Support Ripple

So far, only the non-profit Investor Choice Advocates Network and the crypto mobile app SpendTheBits have been allowed to submit amicus briefs in a federal case. Along with the submission, cryptocurrency lawyer John Deaton asked for permission to write an amicus brief on behalf of the “decentralized community” of XRP. The Crypto Council for Innovation and Valhil Capital also sent papers. On October 28, the Blockchain Association, a crypto advocacy organization, revealed that it had submitted its own amicus brief in favor of Ripple, arguing that SEC chairman Gary Gensler’s views on securities regulations might have had a devastating influence on the industry.

The paper reveals that the cryptocurrency exchange situated in the United States backs Ripple (XRP) in its dispute with the United States Securities and Exchange Commission. In addition, Coinbase claims in its motion that the SEC has been unable to keep up with the lightning-fast speed of the cryptocurrency business.

The following is an excerpt from the filing:

Rather than engage in rulemaking, the current SEC administration has sought to expand the SEC’s jurisdiction over the cryptocurrency industry through ad hoc enforcement actions alleging on a retrospective basis that already-trading digital assets are actually securities subject to SEC regulation.

The call for an amicus curiae brief came right after Brian Armstrong, the CEO of the exchange, asked everyone in the sector to get more involved. However, the CEO of Ripple, Brad Garlinghouse, made fun of the CEO of Coinbase, Brian Armstrong, by saying that Armstrong supports tribalism despite the fact that he is advocating against it.

Ripple Labs has been fighting with the SEC in court for more than two years over whether or not the sale of its XRP coins is an unregistered sale of securities.

It’s hard to say when the lawsuit will be over, but Ripple CEO Brad Garlinghouse said on a panel at DC Fintech Week on October 11 that he thinks it might be over by the middle of 2023.

Moreover, XRP Ledger (XRPL) may soon accept native non-fungible coins (NFTs).

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According to Hinman’s talk, ETH is not a security. Whether the speech’s phrasing will be as relevant as the firm says remains to be seen, but Ripple Labs believes it is a crucial piece of evidence in the lawsuit the SEC has launched against it, charging that sales of Ripple’s XRP violated U.S. securities laws. Many questions remain unanswered about what led up to Hinman’s speech and the circumstances around it.

Since Judge Sarah Netburn’s ruling found that the speech was not covered by deliberative process privilege, as the SEC had claimed, Judge Torres’ decision overturned SEC objections to disclosing the records. After the SEC argued the materials were protected by attorney-client privilege, Netburn ruled against them in July. Despite the SEC’s protests, Judge Torres sided with the plaintiffs.

After Ripple Labs utilized its cryptocurrency XRP to acquire capital in 2013, the SEC launched a lawsuit against the business, its CEO Brad Garlinghouse, and its former CEO Chris Larsen in December 2020. The outcome of an SEC lawsuit has the potential to create a new legal standard.

Initially, it seemed that the lawsuit was not going well for Ripple, but the business has now used several defense methods. On September 17th, applications for summary judgment were submitted in the U.S. Court for the Southern District of New York by Ripple Labs and the SEC.

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XRP currently ranks fourth on Coin Market Cap with a market cap of over $61.1 billion. It is trading at around $1.35 at the time of writing.

The lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple has been ongoing since December 2020. At the time, the SEC has charged Ripple with an illegal securities offering of XRP worth $1.3 billion.  

Last week, Ripple had another small win when the judge allowed the company to look into the SEC’s internal communications, searching for information on what defines cryptocurrency as a security. Also last week, a petition to Gary Gensler, the SEC’s Chairman-Designate, was started asking to end the lawsuit against Ripple.

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A week ago, Gensler spoke about his thoughts on cryptocurrency regulations, specifically the importance of investor protection. During his confirmation hearing, Gensler also commented on viewing cryptocurrencies either as securities or utility tokens. According to his logic, Bitcoin is not a security, but coins like Ripple are.

The lawsuit between the SEC and Ripple started in December 2020 and is still ongoing. Last week, both the CEO Brad Garlinghouse and the Executive Chairman Chris Larsen filed motions to dismiss the lawsuit.  

In the meantime, Bitcoin, the largest cryptocurrency by market cap, posted gains of about 14% in the past 7 days and around 2.45% in the past 24 hours. It is trading at around $56,100 at the time of writing and has a market cap of over $1 trillion. The second-largest cryptocurrency, Ether, has gained about 14% in the past 7 days and lost about 2% in the past 24 hours. It is currently trading at around $1,770, per CoinMarketCap.com data.

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To create fake giveaways, scammers took over existing accounts and changed them to appear as accounts of prominent figures in the crypto world, CoinTelegraph.com says. From such accounts, scammers would ask users to send XRP to a wallet address. In return, they promised to send back five times the money received.

With COVID-19 lockdowns taking place in the first half of 2020, social media scams have increased significantly. According to the data from the U.S. Federal Trade Commission, only in the first half of 2020 losses from social media scams reached $117 million, compared to $134 million over the whole year 2019.

Among the most notable hacks of last year was the massive Twitter breach where hackers took over high-profile accounts of Elon Musk, Barrack Obama, and Bill Gates, among others, and scammed crypto out of users.

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CoinDesk.com cites a letter from Larsen’s lawyers informing the judge about a motion to dismiss. In particular, attorneys suggest that the SEC does not provide sufficient support for its claim that the executive chairman violated Section 5 of the Securities Act 1933. Specifically, the lawyers contest Larsen’s knowledge of the status of XRP as a security, CoinDesk.com reports.

In December 2020, SEC filed a lawsuit against Ripple, its CEO Garlinghouse, and co-founder Larsen. In particular, the Commission accused Ripple of offering illegal securities to investors amounting to $1.3 billion. The SEC has since then amended its complaint to include the accusation of XRP token’s price manipulation.

The ongoing confrontation between Ripple and SEC did not seem to harm the company’s business activities in the Asia Pacific. According to CoinTelegraph.com, Ripple’s CEO attributes this to clear market regulations in those regions. XRP’s price has increased by over 2% over the past 24 hours. The cryptocurrency is trading at about $0.46 at the time of writing.

In related news, MoneyGram is facing a class-action lawsuit from some of the investors who bought securities. In particular, they complain that the company made false statements in relation to XRP and did not confirm its status as a security, Coingeek.com says.

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