MicroStrategy Chairman of the Board Michael Saylor said in a podcast he attended that he considers cryptocurrencies such as XRP and ETH as securities and that the SEC should close Ripple. These words caused backlash from the XRP community.
One of the names that reacted to Saylor’s words, CryptoLaw founder and staunch XRP advocate John Deaton criticized Michael Saylor for simply coming to such a conclusion. Deaton said that identifying an asset as a security depends on private and legal analysis, and Saylor did a great job of simplifying this scientific fact immensely, but he was wrong.
Stuart Alderoty, Ripple’s legal adviser, said that even the SEC does not have the authority to classify XRP as a security, and that only the court can decide. The case between Ripple and the SEC is thought to have reached the final stage. Finally, the parties conveyed their responses to the summary decisions. The court is now awaiting a decision. Those who follow the case closely agree that the case, which has been on the crypto agenda for 2 years, should be concluded before March.
On the other hand, the outcome of the case is of great interest to the crypto industry in general, due to the possibility of creating a precedent. While the result is so important to the crypto industry, Michael Saylor, one of the biggest Bitcoin advocates, kept Bitcoin apart from the industry and made negative comments about altcoins, which was received negatively by many.
Al Fardan Exchange LLC, one of the strong companies that Ripple provides services in the United Arab Emirates, announced its strategic partnership with banking giant JPMorgan. Al Fardan Exchange, which operates licensed money transfer and foreign exchange transactions in the UAE, will provide daily money transfer services for corporate companies together with JP Morgan. Thus, Al Fardan Exchange customers will be able to transfer major currencies such as dollars, pounds and euros on the same day.
Ripple announced its partnership with Al Fardan Exchange earlier this year. This raised the possibility that both companies could potentially work with Ripple in the future. Ripple’s remittance system is emerging as a fast and less costly solution used by the global banking system for cross-border payments. However, there are some obstacles in front of Ripple working with both financial institutions. The first is that JP Morgan already has a blockchain platform called JPMCoin, which it uses for cross-border payments. This makes JP Morgan less likely to use Ripple’s service for international transfers. On the other hand, Al Fardan launched its own application, AlfaPay.