Ripple's stablecoin, RLUSD, is set to be approved by New York's Department of Financial Services, positioning the company as a leading figure in the regulated digital finance market. Despite Ripple's efforts, its native token XRP faces ongoing regulatory challenges.
New York ’s top crypto regulator is close to greenlighting a new stablecoin issued by cross-border payments company Ripple , FOX Business has learned. People close to the matter say the New York Department of Financial Services has indicated to Ripple it will approve the product and the company is eyeing a possible launch date of Dec. 4.
In 2020, XRP’s price fell more than 50% and its market cap lost $16 billion when the SEC sued Ripple for allegedly violating securities laws by selling XRP without first registering those sales with the commission. The price has largely remained under $1 in the nearly four years Ripple has been locked in legal combat with the SEC. XRP saw a massive jump in the weeks following Donald Trump's victory on Nov. 5 on hopes that he will fulfill his promise to ease crypto regulation and make the U.
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