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Ripple CTO Tells The Tale Of How The SEC’s Lawsuit Made The Company Lose Important Deals

Press Releases Crypto News Bitcoinist Ripple CTO Tells The Tale Of How The SEC’s Lawsuit Made The Company Lose Important Deals

Ripple’s ongoing legal battle against the US Securities and Exchange Commission (SEC) is known to have had some negative effects on the company. And now, Ripple’s Chief Technology Officer (CTO) David Schwartz has given an insight into how much the lawsuit has affected the company.

SEC’s Lawsuit Made Ripple Lose Stablecoin Deal

Schwartz revealed during a space on the X (formerly Twitter) platform that Ripple was close to signing a deal with an undisclosed stablecoin issuer in the last quarter of 2020, but the deal never materialized because it was around that period the SEC filed a lawsuit against the crypto firm.

It is possible that the stablecoin issuer likely backed out of the deal to avoid being dragged into the lawsuit between Ripple and the Commission.

Ripple has been in a long-running legal battle with the SEC, with the Commission alleging that the crypto company’s sale of its XRP token constituted an investment contract that invariably makes XRP a security.

Despite this, the company has continued to build towards establishing itself as a decentralized payment system, and Schwartz revealed that as part of its efforts, the company is looking to “integrate the DEX use into ODL.”

ODL stands for Ripple on-demand liquidity, which helps customers transfer money globally without needing any centralized financial institution to be involved. The company aims to create a financial system that is more seamless, faster, and cheaper than the existing financial structure.

Schwartz also touched on the capabilities of Prisma, and how it can help optimize liquidity across the ecosystem by tapping into liquidity from various

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Author: Scott Matherson

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