CandleFocus Ripple Issues an Important Warning for its Upcoming Stablecoin: Details
2024-10-02
Author: Content Editor
Ripple plans to launch a stablecoin called RLUSD pegged 1:1 to the American dollar, which could bridge the gap between cryptocurrency and traditional finance. However, despite speculation that the stablecoin is already live, Ripple has confirmed that RLUSD is still in the private beta testing phase and warned users of scams claiming otherwise. The US Securities and Exchange Commission (SEC) has previously described Ripple's stablecoin as a "new unregistered crypto asset" and sued the company in December 2020 for conducting an unregistered securities offering. In August 2024, Judge Torres ruled that the sales of XRP on secondary markets to retail investors did not constitute securities transactions but ordered Ripple to pay $125 million for violating certain securities laws, which is a significant reduction from the initial $2 billion sought by the SEC. Both parties have until October 7 to appeal, with speculation that the SEC is more likely to do so.
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