BREAKING: the final ruling in the SEC vs Ripple lawsuit has been issued by Judge Torres: Ripple must pay $125 million to the SEC. #XRP NOT A SECURITY. It’s over!
The Ripple v. SEC briefs are FINISHED!
And I think the SEC went out with a whimper here.
It didn't even try to attack ODL sales, just noting that Ripple was trying to re-litigate the issue (which it is).
And it brought nothing new on damages.
Just waiting for The Judge now!
What are 'nostro' & 'vostro' accounts?
How could the cryptocurrency XRP be beneficial for the financial system regarding that matter?
-For Dummies 🙃-
Imagine you have a friend who lives in a different country, and you both want to exchange money with each other. You have money in your local currency, let's say US dollars, and your friend has money in their local currency, let's say Euros.
Now, to make the exchange easier, your bank and your friend's bank have a special arrangement. Your bank has an account with your friend's bank in Euros, and your friend's bank has an account with your bank in US dollars.
So, when you want to send money to your friend, your bank will take the equivalent amount of US dollars from your account and transfer it to their account in Euros. This is called your bank's "nostro" account because it's the account they have with another bank in a foreign currency.
On the other hand, when your friend wants to send money to you, their bank will take the equivalent amount of Euros from their account and transfer it to your bank's account in US dollars. This is called their bank's "vostro" account because it's the account they have with your bank in a foreign currency.
Nostro and vostro accounts help banks keep track of the money they have in different currencies and make it easier for them to exchange money with other banks around the world.
But using a digital asset called XRP, we can make this process much easier.
$XRP is like a special kind of money that exists on the internet. It allows us to send money to anyone, anywhere in the world, quickly and at a low cost. With XRP, we don't need to rely on different banks and middlemen to move the money. Everything happens almost instantly!
Using XRP, banks can manage their money more efficiently. They don't have to keep a lot of money tied up in different accounts anymore. Instead, they can use XRP to make real-time transactions using a system called the XRP ledger. This helps banks save money and make better use of their funds.
Another cool thing about XRP is that it reduces the chances of mistakes or disagreements between banks. The XRP ledger keeps a record of every transaction, so it's transparent and trustworthy. This means there's less risk of something going wrong.
XRP is also really good at handling lots of transactions at once. It's designed to be fast and can handle a large number of transactions per second. This makes it easier for banks to handle a lot of payments without any delays or problems.
So, in summary, XRP is a digital asset that makes sending money across borders faster, cheaper, and more efficient. It helps banks save money, reduces the chances of mistakes, and can handle a lot of transactions at once.
$XRP #XRPCommunity #XRParmy #cryptocurrency
Let's all express our gratitude to Judge Analisa Torres by liking, commenting kind words, and reposting this. Her recent ruling in the #SEC appeal has indirectly propelled #XRP to new heights! 🚀 The #XRPCommunity sends love to Judge Torres 💙
The Singapore arm of @Ripple has secured a license there as a major payments institution, the company said.
@jesseahamilton reports
https://t.co/Rz374SPdx0
This is obviously 💯 speculation so I will preface this tweet with that. With that being said…
It’s all too coincidental that ten days after #xrp gets legal clarity and is relisted on most exchanges @elonmusk now chooses to rebrand @Twitter .
My thesis has always been that @elonmusk wants to turn @Twitter into a WeChat type app. Imo what he’s really going after here is the payments platform using blockchain tech.
He is all about speed (rockets @SpaceX ) and efficiency (Tesla). Why not base https://t.co/2vNUGFw9yJ around the fastest most efficient payments coin #xrp .
One has to ask the question… If he’s trying to tap into that market why not choose the ONE coin with legal clarity?
#xrp
Hoping yesterday’s decision is the wake-up call that Congress needs. This ruling directly undercuts the SEC’s claims that nearly all tokens are inherently securities – likely to set a positive precedent for other digital tokens in the US.