Ripple’s management, led by Monica Long, got into the 2024 predictions game.
The report, published by Ripple on December 19, outlines a series of interesting predictions and insightful analyses.
2024 will be a year of adoption through use cases and compliance
According to Eric van Miltenburg, Vice President in charge of Strategy at Ripple, 2024 will mark a major turning point toward the real usefulness of cryptocurrencies and their regulatory compliance.
Miltenberg emphasizes going beyond the hype to focus on tangible solutions. In other words, practical use cases for cryptocurrencies beyond simple trading.
Although we have seen regulators – primarily in the US – file charges against high-profile companies this year.
But it helps players focused on running facilities and solving real-world problems “rise above the noise,” Mr. Miltenberg said.
For Ripple, there is no doubt. Compliance will come from institutions adopting cryptoassets and blockchain.
Aaron Sears, Vice President of Business Affairs at Ripple, highlights the growing participation of traditional companies in adopting Web 3.0 for core services.
He spoke about the movement in banking and asset management, led by Wall Street giants like Fidelity, JPMorgan, and Citigroup, and by historic payment companies like Visa and MasterCard.
Central bank cryptocurrencies (CBDC) stablecoins and real asset tokenization
Ripple predictably underscores the inherent conflict between central bank cryptocurrencies (CBDCs) and stablecoins.
Stablecoins, according to Ripple’s head of payments products, could redefine global finance, including creating new currency corridors and reducing dependence on the US dollar.
But this will require real, shared progress in tokenization. Another key point highlighted by Markus Infanger, Executive Vice President of Ripple, relates to real-world asset tokenization.
According to him, 2024 will see a radical increase in cross-chain money market products.
In other words, government bonds (government bonds, treasury bills, etc.) were turned into token currencies.
In the United States, the team’s forecasts are more accurate.
Stu Alderoty, chief legal officer, predicts that while progress is expected in regulating the cryptocurrency industry, regulatory uncertainties are likely to continue to impact the sector in 2024.
Last July, Ripple achieved a major but partial victory in its legal battle against the Securities and Exchange Commission (SEC).
A US court ruling clarified that selling the company’s XRP on exchanges and via DEXs does not constitute sales of securities.
However, the institutional sale of the coins was found to violate federal securities laws.
In October, the relief was finally completed: in a letter addressed to Judge Analisa Torres.
The Securities and Exchange Commission announced that it has dropped proceedings against Ripple (XRP) and its directors.
In this trial, which began at the end of 2020, Ripple incurred at least $100 million in legal costs.
