Ripple has recently announced that the commercial availability of xRapid. It is an API which automates the whole process of moving funds from one country to another instantly, by leveraging on XRP. when this first started, three companies were the first to adopt the API however, the entry of Viamericas looks promising to be a game changer. Ripple spoke out on the matter recently and said:
“Global payment providers, such as Viamericas, Cuallix, IDT, MercuryFX and others are using xRapid to significantly lower their liquidity costs and send real-time payments, an industry first”According to Ethereum World News, the chairman of Viamericas, Paul S. Dwyer also happens to be the chairman of the US Money Service Business Association (MSBA) which works directly with US regulators including the US Securities and Exchange Commission (SEC). Looking deeper, we can see what this means. Firstly, the MSBA main aim has been made crystal clear. They want to allow innovation and development of payment industry while they promote the education and communication with Federal and State Regulators. In a recent announcement, Dwyer said:
“The MSBA helps lead the efforts to ensure that customers get fair, safe and compliant service, and that the industry constantly seeks to team with regulators, banks, law enforcement and consumer advocates to ensure that threats to the efficiency, integrity and reputation of the industry–from unlicensed operators to unjustified adverse direct and indirect regulation–receive the full attention they deserve.”How important is Dwyer & Viamericas Dwyer is the leader of the organisation with a presence in more than 34 counties which spreads around three continents with over 75,000 cash out points. The adoption of xRapid and XRP speaks volumes about what the future holds for the token. Viamericas is a huge organisation so it wouldn’t have exposed themselves and allow the use of XRP if it wasn’t aware of the legal and regulatory implications of the use of the virtual asset which the SEC hasn’t made a point on just yet. Viamericas have come to the conclusion that XRP is in fact, a utility. so, as a utility, it doesn’t meet all the conditions by Howey Test. instead, it affirms itself perfectly on previous comments made Michael Diduik. Diduik is a former employee of the SEC and in the past, he has stated that XRP isn’t a security and instead it is a currency. In an interview, he justified his thoughts by saying:
“I don’t think XRP is a security, I think XRP is a currency. The reason why is […] Howey test… It’s a 4-factor test – Investment of money in a common enterprise with the expectation of profits based on the efforts of others.”What are your thoughts? Let us know what you think down below in the comments!