Palau to freeze USD-backed stablecoin after pilot launch in July
Palau's USD-backed stablecoin build on XRP Ledger will be frozen on Sept. 15 as the government will be collecting feedback from users to shape the way ahead.
Palau's USD-backed stablecoin build on XRP Ledger will be frozen on Sept. 15 as the government will be collecting feedback from users to shape the way ahead.
Deaton clarified that even if an appeal were possible in such a situation, the agency's authority would be diminished.
This move has sparked speculation about its potential impact on XRP’s price.
Lawyers argued the SEC’s grounds for an appeal was based on “dissatisfaction” with a July court decision that the XRP token did not largely qualify as a security.
Deaton points out that former SEC officials Bill Hinman and Jay Clayton's testimony during the US SEC v. Ripple Labs case would have categorized XRP as a non-security early on.
Additional information suggests the possibility that this whale might be selling their XRP assets, as it had previously moved 14 million XRP to Bitso just a few hours earlier.
Attorneys Pascale Guerrier, Richard Best and Robert MacDonald Moye representing the U.S. SEC in its ongoing lawsuit against Ripple have withdrawn from the case.
Crypto lawyer John Deaton cited several instances where major crypto players like Coinbase reached out to the SEC for regulatory clarification before listing XRP, but didn’t face any objection.
According to David Schwartz, the SEC is seeking an appeal at this specific point based on its interpretation that the legal case has not yet concluded.
The court seeks to address issues related to orders that rejected the SEC's plea to seal the Hinman speech documents and Ripple's request to seal information regarding XRP sales.