Pro-XRP attorney Bill Morgan commented on recent concerns over the U.S. Securities and Exchange Commission’s (SEC) view of the Ripple USD (RLUSD) stablecoin as an “unregistered” crypto asset.
The stance by the SEC came to light during the Ripple lawsuit, where it made reference to the stablecoin in its response concerning remedies. Still, stablecoin issuance got a green light by the New York Department of Financial Services (NYDFS).
Morgan replied to the SEC’s claim in an X post, conceding the SEC’s stance while saying the commission had made many false statements about crypto assets, such as defining what it considers “crypto asset securities.”
“Ripple doesn’t care about the statement. If it was meant to be a warning or threat, it’s been ignored or circumnavigated,” he said.
He further noted that the market and the public, by appearances, were quite unfazed by the utterances from the SEC. Ripple President Monica Long clarified that the RLUSD stablecoin and XRP would serve different purposes within the company’s ecosystem.
According to Long, RLUSD stablecoin and XRP serve different purposes within the company’s ecosystem. Long asserted that XRP was intended to be a bridge asset for cross-border transactions, while RLUSD aims at increasing liquidity, improving use, and supporting decentralized finance (DeFi).
RLUSD will also be utilized in things like cross-border payments, decentralized finance, and turning real-world assets into tokens.
The launch of RLUSD drove XRP’s price up 4% today alone and 22% this week. XRP’s price now sits at $2.61 after rising to a high of $2.72 earlier in the day.
XRP trading volume has shot up to almost $18 billion, a 72% increase within the last 24 hours. Meanwhile, XRP futures open interest now stands at $4.50 billion, having risen by 19% in the last 24 hours alone.
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