#XRPCommunity#SECGov v. #Ripple#XRP The parties have filed a joint motion to hold the appeal in abeyance based on the partiesโ agreement to settle. The settlement is awaiting Commission approval. No brief will be filed on April 16th.
Today, @Ripple announced the acquisition of Hidden Road for $1.25B, one of the largest deals ever in the crypto space. But the price tag isnโt whatโs most important โ itโs that this deal marks a once-in-a-lifetime opportunity for crypto to access the largest and most trusted traditional markets, and vice versa.
Prime brokers (along with other key functions historically managed by banks for the most part) like Hidden Road have proven themselves as *the* trusted intermediary for the largest hedge funds, market makers, OTC desks, quant traders and more. Ripple has been a customer of Hidden Road for years, and we know their breadth of expertise firsthand, clearing $3 TRILLION annually for 300+ of the top financial institutions globally.
This is the capital and activity that will tap into XRP and the XRP Ledgerโs bread-and-butter โ instant, efficient, scalable and low cost movement of value. Instead of waiting for <24 hours to settle trades through fiat rails, Hidden Road will be using XRPL for clearing a portion of trades, and most consequentially, using RLUSD as collateral across its prime brokerage services, including cross-asset (crypto and traditional instrument) trades.
With this deal and the backing of Rippleโs significant balance sheet, Hidden Road will exponentially expand its capacity to service its pipeline and become the largest non-bank prime broker globally.
Ripple and Hidden Road combined are a generational leap forward, ready to truly bring the worlds of traditional and decentralized finance together. https://t.co/UYOOyQ21dG
The final crossing of tโs and dotting of iโs โ and what should be my last update on SEC v Ripple everโฆ
Last week, the SEC agreed to drop its appeal without conditions. @Ripple has now agreed to drop its cross-appeal. The SEC will keep $50M of the $125M fine (already in an interest-bearing escrow in cash), with the balance returned to Ripple. The agency will also ask the Court to lift the standard injunction that was imposed earlier at the SECโs request. All subject to Commission vote, drafting of final documents and usual court processes.
Thatโs all folks!
As I said today on @MorningsMaria, I strongly believe we are UNDERESTIMATING what it means to unlock the US market through upcoming crypto legislation as well as previous guidance / statements rescinded from the SEC and OCC allowing FIs to work with crypto.
With 4+ years of headwinds behind us โ the US is ready to reclaim its leadership position.
Good morning, friends.
$XRP looks excellent!
Road to $2.75 first. A little hassle on $2.55
Don't forget our support at $2.42.
Road to $5.85!
It's not financial advice but my thoughts only!
I hope you have an extraordinary week!