XRP News: IRS DeFi Broker Rule Repealed, Paving Way for Crypto Innovation

In a significant victory for the cryptocurrency industry, the Senate has voted to repeal a controversial tax reporting rule aimed at decentralized finance (DeFi) platforms. Here’s what you need to know about this landmark decision and its potential impact on crypto innovation.

IRS DeFi Broker Rule Repealed: Major Win for Crypto Innovation

The Senate voted 70-28 to scrap the IRS DeFi broker rule, a heavily criticized crypto regulation from the Biden era. With President Trump expected to sign off, the repeal could significantly transform crypto innovation and reshape US financial regulation. The rule sought to pull decentralized platforms into the tax reporting net, demanding information on gross crypto transaction proceeds and user data. Critics argued that it threatened to stifle innovation in the decentralized finance sector due to compliance difficulties. The repeal opens up new opportunities for DeFi exchanges and provides a regulatory edge to compliant infrastructure like XRP.

$100 Price for Ripple (XRP) is Very Possible, Just Not Imminent

The crypto market started the year strong with Ripple (XRP) being one of its best performers, hitting a peak of $3.34. Analysts called for a possible $100 milestone. However, with the market declining, the XRP price has shed over 30% of its gains. Despite the bearish sentiment, XRP might still hit the $100 target, just not as fast as predicted earlier. Currently, XRP trades at $2.55, up 13% in the last 24 hours, after Ripple CEO Brad Garlinghouse stated that the SEC would soon withdraw its four-year-old case against the business. This gain marks notable progress as it breaks out of the range between $2.20 and $2.38.

XRP ETF Approval Odds Hit 87%; Eyes on Best Crypto to Buy Now

The SEC has formally withdrawn its appeal against the Programmatic Sales of XRP ruling, and eyes are on XRP as a potential investment. Despite the positive development, XRP’s price action has been bearish. However, there is hope for an XRP-spot ETF approval, with odds hitting 87% according to the ETF Store president. He expects major firms like BlackRock and Fidelity to be involved. Ripple CEO Brad Garlinghouse is also collaborating with BlackRock for the launch of a US-based XRP-spot ETF, which could further bolster support for XRP. Currently, the focus is on the best crypto to buy now that could benefit from this situation.

Ripple Partners With Chipper Cash to Boost Payments in Africa Using XRP

Ripple has announced a partnership with Chipper Cash, a payments provider serving across Africa, to support cross-border payments into the continent using Ripple Payments. Ripple Payments utilizes XRP to enable quicker, cheaper, and more efficient cross-border transactions compared to traditional financial systems. Chipper Cash, which has five million customers across nine African countries, stated that this move will allow consumers to swiftly receive funds from around the world, around the clock. This process is typically expensive and cumbersome for users. Reece Merrick, Managing Director of Ripple’s Middle East and Africa division, said, "Our partnership with Chipper Cash marks a key milestone in the expansion of Ripple’s business in Africa."

Ripple Partners with Chipper Cash to Transform African Payments

Ripple has partnered with Chipper Cash to improve cross-border payments across Africa. The collaboration leverages Ripple’s blockchain technology to provide faster, more efficient, and cheaper transactions. Chipper Cash, which serves more than five million users across nine African countries, has integrated Ripple Payments to enhance financial access and efficiency. This integration allows users to receive global payments 24/7, streamlining cross-border payments in Africa.