Will xRapid Adoption Help XRP Get A Favorable SEC Ruling
The adoption of xRapid by companies like Viamericas seems to be favoring XRP at the end of SEC.
Just as promise, Ripple (XRP) at the SWELL 2018 event, which featured magnificent tech giants from the across the world, unveiled the launch of its most promising tool xRapid for commercial use, and immediately, three top companies which includes Cuallix, Mercury FX and Catalyst Corporate Federal Credit Union adopted it for use.
Added to that, Ripple later announced that Viamericas has joined the league of the companies which will be using xRapid to slash their liquidity costs in sending real-time payments.
“Global payment providers, such as Viamericas, Cuallix, IDT, MercuryFX and others are using xRapid to significantly lower their liquidity costs and send real-time payments, an industry first,” Ripple stated.
Why Viamericas Adoption of xRapid Is Crucial for XRP
It was recently uncovered on twitter that XRP's SEC ruling may get a boost in favor.
There is an interesting fact about Viamericas using #xRapid. The CEO of the company Paul S. Dwyer, Jr, is also the MSBA Chairman. The MSBA is an industry led organization that interacts with Federal and State regulators.#Ripple #XRP #XRPcommunity $XRPhttps://t.co/ZpZ3gBNDfy
— Jerome Steele (@SiriusB12) October 17, 2018
While Paul S. Dwyer, the Chairman of Viamericas, is also the head of service at of the US Money Service Business Association (MSBA), which has huge working relationship with US regulatory bodies like the US Security and Exchange Commission (SEC), Ripple’s XRP has been tipped of better treatment from the regulators end.
This would likely be a major boost for XRP as MSBA mission statement states that its objective is to grant quality innovation and development inroads in the payment industry, as well as “promoting the education and communication with Federal and State Regulators”.
Thus, a major leapfrog for the US-based technology startup, Ripple, as its aim is to use XRP for cross-border remittance services.
“The MSBA helps lead the efforts to ensure that customers get fair, safe and compliant service, and that the industry constantly seeks to team with regulators, banks, law enforcement and consumer advocates to ensure that threats to the efficiency, integrity and reputation of the industry–from unlicensed operators to unjustified adverse direct and indirect regulation–receive the full attention they deserve,” Paul Dwyer in an announcement noted.
Can XRP leverage on Paul Dwyer’s status?
Viamericas adoption of xRapid which uses XRP for transaction would be a mover and shaker for the Cryptocurrency as the corporation holds presence in over 34 countries and about 3 continents with 76,000+ cash out point centers around the world.
It is well known to the world that SEC is yet to declare its regulatory stand on XRP, and if this would later have a negative legal and regulatory implications, Viamericas as a big corporation, and Dwyer who is well familiar with the system, wouldn’t have adopted it for use.
Michael Didiuk an erstwhile worker of the SEC, before now declared XRP is not a security, however, rather as a currency.
“I don’t think XRP is a security, I think XRP is a currency. The reason why is […] Howey test… It’s a 4-factor test – Investment of money in a common enterprise with the expectation of profits based on the efforts of others,” Micheal in an interview stated to back his claim.
Michael Didiuk, 8 year-long former US SEC employee pic.twitter.com/7P3dSFdzg1
— Steven Bull From the Diep (@DiepSanh) October 4, 2018
The Pathway Is Clear For Ripple’s XRP
Although, there is still no comment from the US Regulatory body, but evident of the above, it is gradually becoming clear that XRP has higher chances of being flagged by the regulator as a utility. At the moment, investors are very much curious about the stand of SEC on XRP, and this should be a flashlight.
** xRapid **
Sagar Sarbhai (Ripple) on xRapid:
— C3|Nik (@C3_Nik) September 17, 2018
In the end, investors are likely going to realize that SEC ruling would incline with Ripple’s assertion.
Ripple’s Chief Marketing Strategist, Cory Johnson has commented that their communication with the Head of Government and Regulatory Relations at White House, Sagar Sarbhai is surely a fruitful one. As an addition, APAC & Middle East also added support for Ripple.
Sagar noted that Ripple Labs, Inc. has been having connection with SEC, giving SEC explanations to make them understand XRP better, and that owners of the cryptocurrency cannot obtain any stake from Ripple the company profitability.
Sagar previously stated that Ripple would launch xRapid in months, and the resultant effect was a spike in price of the altcoin. While the tool was truly launched at the evergreen conference, SWELL 2018, Sagar stands as an important figure in driving XRP.