Is it the right time for RBA launches ripple (xrp) transaction?


According to CCN news on Wednesday this week, Australian Independent Reserve Bank will provide support for Ripple's token currency -XRP transaction this week.

The bank currently offers statutory trading pairs between the US dollar, Australian dollar, New Zealand dollar and bitcoin, Ethereum, Bitcoin cash and Litecoin. Ripple currency trading will be launched on Saturday and users can buy xrp with usd, aud, and nzd. Adrian Przelozny, chief executive of the Independent Reserve Bank, said: Our customers have been asking to trade XRP, and we think this timing is right for them.

However, Is this really the right time? On the next day after the Australian Independent Reserve Bank announced the launch of the Ripple (XRP) transaction (on July 5th), Ripple suffered a third class action lawsuit.

This is the third class action lawsuit received by Ripple Labs in two months. The three lawsuit allegations are similar in that they are about whether the ripple (xrp) is a security. But it seems that there is no final result in every litigation, because due to the ambiguity of the US federal securities laws, it may be difficult for the law to directly decide on Ripple. The main body of the US federal securities law was adopted during the Great Depression. It was vague and not meticulous, and it did not have strong applicability to cryptocurrencies.

According to Jared Marx, a lawyer who provide legal advice to blockchain companies, the US court's criteria for identifying securities are purely subjective and not subject to any rules/ It means that in addition to the Securities and Exchange Commission (SEC) confirmation, it is difficult to predict exactly how the court will determine the Ripple's attributes.

However, at the end of April this year, former US Commodity Futures Trading Commission Chairman Gary Gensler said that he believes that both Ripple and Ethereum should be treated as securities, "especially Ripple, which is a non-compliant security."

In this case, I’m not sure whether it is the right time for RBA launches ripple (xrp) transaction or not. But It is certain is that the clarity of the judiciary should be welcomed by the crypto community.

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