In this photo illustration, a visual representation of the digital Cryptocurrency Ripple is displayed on January 30, 2018 in Paris, France.
Ripple disputed the claims, insisting XRP cannot be considered a security and is more akin to a commodity.
Meanwhile, Tetragon, a U.K.-based investor that previously backed Ripple, sold its stake back to Ripple after unsuccessfully trying to sue the company to redeem its cash.
Asked whether the ruling meant that American banks would return to Ripple to use its ODL product, Alderoty said: "I think the answer to that is yes."
Ripple also uses blockchain in its business to send messages between banks, kind of like a blockchain-based alternative to Swift.
Persons:
Stu Alderoty, Ripple's, MoneyGram, Alderoty
Organizations:
CNBC, U.S . Securities, Exchange Commission, SEC
Locations:
Paris, France, San Francisco, New York, U.S, U.K, United States