The Ripple CEO says crypto-backed political action committees (PACs) were a response to the war on crypto.

Ripple CEO Brad Garlinghouse in an interview with 60 Minutes, said that the 2024 election was a “major victory” for crypto as the majority of Fairshake, a crypto political action committee (PAC), backed candidates, won their seats.

And this was a non-partisan effort, as crypto, itself is non-partisan, he argued, pointing to the cross-aisle support for the digital assets bill FIT21.

“Of the 29 Republicans and 33 Democrats the industry backed in congressional races, 85% won. It’s incredible,” he said.

“We absolutely helped supercharge the candidates with the money in the coffers… That’s absolutely right,” he said, arguing that, like other industries, they took the electoral cycle as a chance to educate voters.

“Do I think we had an impact to elect a Democratic senator in Michigan—Elissa Slotkin? Yes, absolutely. Do I think we had an impact in Arizona? A Democratic senator in Arizona, Gallego? Absolutely,” he continued.

While Ripple-supported Fairshake was a non-partisan effort, one of the defining moments during the election was then-Republican candidate Donald Trump’s embrace of crypto, which was a transformation from his prior stance where he said he was “not a fan”.

“I think it’s clear that Donald Trump embraced crypto and crypto embraced Donald Trump,” Garlinghouse said.

Related

Source: Vietnam Insider

Ripple has historically maintained a distance from XRP, the token that powers some of its products and the XRP Ledger network.

The XRP token as much as 5% in the past 24 hours after reports that the U.S. Securities and Exchange’s (SEC) landmark case against Ripple was tilting in favor of the blockchain firm.

At the time of writing, XRP was trading over 2% higher at 46 cents posting gains for the second straight day. While, bitcoin (BTC) and ether (ETH) fell 1%, leading a nominal slide in the broader crypto market.

The XRP token has added nearly 10% value in the past week, becoming the top gainer among major tokens.

In 2020,, the SEC sued Ripple on allegations that the firm sold unregistered securities. Ripple has historically maintained a distance from XRP, the token that powers some of its products and the XRP Ledger network. But any progress in the case clearly has an impact on XRP prices.

Earlier this week, a federal judge ruled that the SEC cannot seal documents tied to former official William Hinman’s 2018 speech on crypto and securities to Ripple, stating that they were “relevant to the judicial process.”

District Judge Analisa Torres, of the U.S. District Court for the Southern District of New York, ruled that the documents tied to that speech, in which the former SEC Director of Corporation Finance stated that in his view, ether was not a security, cannot be sealed in a court order.

Access to these documents would mean Ripple lawyers can learn how Hinman came to that conclusion, which could impact XRP’s own classification as a security. This is considered bullish for XRP tokens by some traders as they price Ripple’s victory in the court case.

“We’re seeing the XRP price jump by double digits and rally above its long-held resistance levels, as rumors filter through that Ripple and the SEC have possibly agreed to a settlement,” Henry Liu, CEO of crypto trading platform BTSE, wrote in a Telegram message to CoinDesk.

“Others are speculating that Ripple could even emerge victorious from the court battle, regardless of which faction is correct, the presumed resolution of the case in Ripple’s favor is driving this positive momentum,” Liu added.

Related

Source: Vietnam Insider

The firm will also showcase a real estate tokenization product as part of Hong Kong Monetary Authority’s e-HKD pilot.

Ripple is starting a central bank digital currency (CBDC) platform which allows central banks, governments, and financial institutions to issue their own digital currency.

Using Ripple’s platform government institutions can manage and customize the entire life cycle of the CBDC, which includes minting, distribution, redemption and token burning. Financial institutions would also be able to manage and participate in inter-institutional settlement and distribution functions using the CBDC.

Central banks can issue both wholesale and retail CBDCs, which can make offline transactions as well.

The platform is an enhanced version of Ripple’s Private Ledger, which was started in 2021 for issuing CBDCs. The platform is based on Ripple’s XRP Ledger.

Ripple will show the use case for its platform under the e-HKD pilot, a program run by the Hong Kong Monetary Authority, the de facto central bank. It is also working with Taiwan’s Fubon Bank, to build a product for real estate asset tokenization and equity distribution, under the e-HKD pilot.

Related

Source: Vietnam Insider