Litecoin might be one of the cryptocurrencies that benefit from the U.S. Supreme Court ruling that struck down the Federal ban on sports betting. Not only will states be able to legalize of sports betting but gaming systems that can run through blockchain technology such as Litecoin, will benefit from this opinion.
Supreme Court Overturns 1992 Law
The Supreme Court on Monday cleared the way for individual states to legalize sports betting, which overturned a 1992 federal law that had prohibited most states from authorizing sports betting. The Supreme Court of the United States ruled 6-3 in favor of New Jersey which brought forward the suit against the federal government. This includes betting on the NFL, NBA and NCAA. The court ruled that the Federal law violated the constitutional ideas limiting federal government from controlling state policy.
This will open the door for many companies to enter the legal sports betting environment. Blockchain technology and cryptocurrencies such as Litecoin and Bitcoin are likely to play a large role in facilitating the process. Tokens will likely be the coin of choice for online gambling providing an increase in liquidity for cryptocurrencies. The suit was initially brought be former Governor of New Jersey Chris Christie. West Virginia and 17 other states, and the governors of three more, sided with New Jersey in the case.
The Professional and Amateur Sports Protection Act made it unlawful for a state to operate sports wagering. Nevada was exempted from the law, as well as three other states, which includes Montana, Delaware, and Oregon. By opening the door to other states the Supreme Court bringing back a business that used to be very popular in New Jersey. The advent of online gambling throughout the globe will allow states to increase business as well as their tax base. Blockchain technology is a great candidate to help broaden the security of online gambling placing cryptocurrency coins like litecoin and bitcoin in a great place to help build out this broadening business.
Ripple Continues to Expand
Ripple is expanding the use if the cryptocurrency it created into new businesses beyond payments and moving money. XRP, the Ripple currency is used by small number of pilot business, but this could soon change with Ripple’s new initiative. Ripple is the third most liquid cryptocurrency behind bitcoin and ethereum, and has yet to form a niche that has attracted investors. This could change considerably with Ripple’s new initiative call Xpring, and goes well beyond ripple trading.
The project is geared to provide a mix of investment grants and business incubation to incent companies to expand the use of XRP. It will focus on entrepreneurs that will allow Ripple to continue to focus on financial services. While Ripple does not control XRP it owns 60% of the outstanding tokens. Ripple hired the former director of Facebooks developer network Ethan Beard to lead Xpring.