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Following the Commission's vote today, the SEC and Ripple formally filed directly with the Second Circuit to dismiss their appeals.
The end…and now back to business.
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 isn’t what’s most important – it’s 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 Ledger’s bread-and-butter – 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 Ripple’s 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
This is it – the moment we’ve been waiting for. The SEC will drop its appeal – a resounding victory for Ripple, for crypto, every way you look at it.
The future is bright. Let's build.
@scottmelker Its not Ripple's XRP Ledger, no one owns the XRPL.
Ripple didn't restore the XRPL, it points to either self recovery or a validator restarted their server and pulled others to make forward progress again.
Most people do not understand the impact $RLUSD will have on the $XRP Ledger.
If you think this is just about a stablecoin -- you're missing the scale of this opportunity by over 1,000x.
Here is the actual strategy that Ripple is pursuing and the impact it will have on $XRP:
Imagine calling ETH or any other network centralized because USDT or any other token listed on that network has a burn or clawback feature
Gtfo this is stupid
Wendy, please, this is completely inaccurate.
This amendment has nothing to do with the decentralization of the XRP Ledger. It simply means people can issue tokens (eg stablecoins) with clawback enabled if they wish.
This feature has to be enabled when the token is created and issued. It cannot be retrospectively applied. Ie you would have to explicitly consent to this.
This is not much different to the clawback function that USDT has had for the past decade on the Bitcoin network.
Ie if you think this makes the XRP Ledger no longer decentralized, then by the same logic you think the Bitcoin network has not been decentralized for the last decade (since USDT was issued).
📣 Breaking:
Institutional-Grade Ecosystem on #XRP Ledger. Compliant, yield-bearing investment product backed by the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) and high-quality short-term US Treasuries.
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