The XRPL Mainnet has faced several challenges, including issues related to authorized trustlines and a combination of flags when the exchange rate on an offer diverges from the order book rate. These challenges have been classified as core ledger updates. When new features are introduced to the XRPL Mainnet, XLS specifications that involve fundamental changes to the core protocol undergo an amendment procedure. This procedure is subject to a vote by the validator community.
An amendment must receive at least an 80% “yes” or “accept” vote from validators, and this threshold must be maintained for a minimum of two weeks. If both criteria are met, the amendment is ratified, and the functionality outlined in the XLS standard is implemented on the mainnet. This procedural sequence repeats for each amendment independently.
Meanwhile, the battle between Ripple and the SEC continues. Last year, US courts ruled in favor of Ripple, stating that the XRP sales do not constitute a securities laws violation. However, the overhang remains due to the separate observations for the retail and the institutional sale of XRP. This categorization is significant in the SEC’s legal action, as they argue that obtaining access to these documents is crucial for Judge Torres to make well-informed decisions regarding potential injunctions and civil penalties against Ripple.
The recent legal filing specifically focused on XRP sales to institutional investors. Both Ripple and the SEC are expected to conclude discovery related to remedies by February 12. Following the submission of remedy-related briefs and a reply brief from the SEC, Judge Analisa Torres will determine the appropriate penalty for Ripple’s sale of XRP to US institutional investors.
The SEC is focusing on the $770 million generated from XRP sales to institutions. The requested statements are likely to provide the SEC with insights into the proceeds and expenses associated with these sales. Recently, after the spot Bitcoin ETF approval, there have been talks about the possibility of a spot XRP ETF by mid-2024. However, with the ongoing SEC battle, this isn’t going to be an easy milestone to attain.
The XRP price has been under pressure, trading 3.16% down at $0.5987 and a market cap of $32.4 billion. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | negative |
| Relevance Score | 1 |
| People | Marcel Knobloch, Analisa Torres |
| Companies | Crypto News Flash, US courts, SEC, XRPL Mainnet, Ripple |
| Currencies | Bitcoin, XRP |
| Securities | None |
