Latest Crypto News: Ripple Confident Of US Banks Using XPR In Cross-Border Payments; BoA Trains New Hires In Metaverse To Deal With Robberies

Ripple, a blockchain start-up, is confident that US banks and other financial institutions will embrace the XRP cryptocurrency for their cross-border payments. This optimism follows a significant ruling that clarified the tokens' status as not necessarily being securities. The San Francisco-based company intends to initiate discussions with American financial firms in the third quarter to explore the utilization of its on-demand liquidity (ODL) product, which leverages XRP for money transfers, as reported by CNBC.

XRP, currently the fifth largest cryptocurrency with a market capitalization of $37.8 billion, is utilized by Ripple for facilitating international money transfers. Over the past three years, the company has been engaged in a legal dispute with the US Securities and Exchange Commission (SEC), which accused Ripple and two of its executives of conducting an illicit offering worth $1.3 billion through XRP sales. Ripple, however, refuted these allegations and contended that XRP should not be classified as a security but rather as a commodity.

In another domain, Bank of America (BoA) has adopted a combination of artificial intelligence (AI) and virtual reality (VR) technology in the metaverse to train its new employees in various scenarios, ranging from handling disgruntled clients to responding to potential bank robberies. According to a Bloomberg report on July 13, the bank's 2,000 new hires undergo a week-long training program that involves using VR headsets to simulate different events. These scenarios encompass everyday situations like assisting upset customers or dealing with requests for large sums of money, as well as extreme incidents such as simulated bank robberies. The new trainees also have the opportunity to unwind in virtual reality by relaxing on an island or even riding a unicorn.

Katie Haun, CEO of Haun Ventures, a cryptocurrency-focused venture capital fund, expressed her belief that the US Securities and Exchange Commission (SEC) is unlikely to immediately appeal the recent Ripple case verdict. She cited the lack of "legal clarity" as a reason for the SEC to refrain from appealing, as it currently benefits from the existing confusion surrounding the classification of digital assets. Haun warned that an appeal could potentially jeopardize the SEC's broader enforcement agenda if it were to lose. On July 13, Judge Analisa Torres granted a partial summary judgment in favor of Ripple Labs, affirming that XRP should not be considered a security. Despite some analysts predicting an SEC appeal, Haun suggested on Twitter on July 15 that the SEC would likely remain silent to preserve its advantage from the ongoing uncertainty, as losing an appeal could have implications for its future enforcement actions.