ripple is optimistic that us banks and other financial institutions will begin to adopt its xrp token xrpusd for crossborder payments this follows a significant ruling that the token is not necessarily a security stu alderoty ripple’s general counsel revealed in an interview with cnbc that the san franciscobased company anticipates initiating discussions with american financial firms in the third quarter about utilizing its ondemand liquidity odl product which employs xrp for money transfers a new york judge last week delivered a pivotal ruling for ripple asserting that xrp a cryptocurrency closely linked with ripple was not necessarily a security on its face this ruling partially disputes claims from the us securities and exchange commission against the company for the past three years ripple has been contesting allegations from the sec that the company and two of its executives conducted an illegal offering of 13 billion through xrp sales ripple has countered these claims maintaining that xrp should not be classified as a security and is more similar to a commodity also read nab places strict restrictions on crypto as australia cyber scam epidemic escalates the legal battle has negatively impacted ripples business leading to the loss of at least one customer and investor moneygram a major us money transfer company ended its partnership with ripple in march 2021 additionally tetragon a ukbased investor that previously supported ripple sold its stake back to the company after an unsuccessful lawsuit to redeem its cash when questioned if the ruling would prompt american banks to return to ripple to use its odl product alderoty responded i think the answer to that is yes ripple also employs blockchain in its operations to transmit messages between banks serving as a blockchainbased alternative to swift alderoty expressed hope that the decision would encourage financial institutions to consider the benefits of ripples services particularly in addressing the challenges and high costs associated with crossborder transactions he stated hopefully this quarter will generate a lot of conversations in the united states with customers and hopefully some of those conversations will actually turn into real business however alderoty acknowledged that the ruling was not a complete victory for ripple and that the company would examine the decision to understand its impact on its business join benzingas future of crypto in nyc on nov 14 2023 to stay updated on trends like ai regulations sec actions  institutional adoption in the crypto space secure early bird discounted tickets now