It has been a happy day for the XRP community following the launch of the much-anticipated RLUSD stablecoin. The coin, initially announced in April this year, has finally seen the light of day today, December 17 as it officially launches on global exchanges.
Even so, the XRP price reacted positively, jumping more than 10% in the last 24 hours to trade above $2.7. However, amid the celebration, concerns have been raised by the crypto community members about the possible impact of the long-running Ripple vs SEC lawsuit on the fresh stablecoin.
Read Also: RLUSD Not Available on Binance and Coinbase
Could the SEC Come After Ripple for RLUSD?
Bob Mason, a member of the XRP community raised concerns about the looming regulatory issues surrounding Ripple. In an X post, he recalled that the SEC mentioned RLUSD in its remedies-related reply brief in April, calling it the issuance of a new unregistered crypto asset.
Keeping this in mind, Mason asked if this could pose a problem for RLUSD, even though it successfully secured approval from the New York State Department of Financial Services (NYDFS).
Source: X
Prominent lawyer, Bill Morgan, responded to this query, noting that Mason was correct in his observation. However, Morgan stressed that the SEC is wrong in this case, just like it has been wrong in most of its statements about cryptocurrencies.
RLUSD is Now Regulated
Morgan continued by pointing out that Ripple does not care about the allegations made by the SEC, adding that the market and investors also do not care because RLUSD is now fully regulated under the NYDFS which is the most important thing.
Moreover, Morgan said that if the SEC intended to threaten Ripple by calling RLUSD an “unregistered crypto asset,” the threat has been “disregarded” or “worked around,” highlighting that the statement holds no water.
Mason’s question highlights a growing concern among members of the XRP community as regulatory uncertainties loom over the crypto industry with Gary Gensler at the helm of its affairs. It is worth noting that the SEC has yet to release any statement regarding RLUSD approval and launch.
Read Also: What is RLUSD? Everything You Need to Know About Ripple’s Stablecoin
RLUSD List Across Global Exchanges
Ripple announced on its official X account that RLUSD is now available and can be accessed through several crypto exchanges and partner platforms. According to a press release issued by the company, RLUSD has been listed on Uphold, CoinMena, Bitso, Moonpay, Archax, Bitstamp, Mercado Bitcoin, Bullish, and Zero Hash.
Ripple also disclosed that other platforms would be announced soon. At its initial stage, RLUSD is only available on the XRP Ledger (XRPL), and the Ethereum Network. In the wake of its launch, Ripple also added new members to the RLUSD advisory board including Raghuram Rajan, a former Governor of the Reserve Bank of India, and Kenneth Montgomery, former First Vice President and COO of the Federal Reserve Bank of Boston.
Notably, the XRP price has retraced a bit and is now trading at $2.59, indicating a 5.11% increase in the last 24 hours. Interestingly, XRP has now reclaimed the #3 spot on the global crypto market chart, just after Bitcoin (BTC), and Ethereum (ETH).
