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You are here: Home / Search for "ripple"

Search Results for: ripple

Ripple’s Strategic Footnote: Unveiling The Pre-2018 Ripple Effect, Gaining Jury Confidence

May 30, 2023 by Ammar Raza

In a recent development in the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), attorney Bill Morgan took to Twitter to shed light on an intriguing argument made by Ripple. 

The tweet highlighted Ripple’s decision not to include an argument in its summary judgment motion regarding pre-2018 price rises of XRP being unrelated to Ripple’s activities. However, XRP expressed confidence in prevailing before a jury on this matter.

Why didn’t Ripple make the argument in its summary judgment motion about pre-2018 price rises of XRP not been caused by Ripple’s activities but say it would prevail before a jury on the issue. Then in this same footnote in its SJ Reply brief /1 pic.twitter.com/hgMjMTYLtd

— bill morgan (@Belisarius2020) May 29, 2023

Interestingly, XRP’s stance on the issue became more pronounced in a footnote within its summary judgment (SJ) Reply brief. The footnote stated that if XRP’s motion to dismiss the SEC’s case is not entirely successful, it should be granted partial summary judgment for the period after mid-2018. 

This request was based on the SEC’s own concession that most XRP price increases during this time were driven by market forces rather than XRP’s actions.

Ripple’s Meritorious Claim: Challenging SEC’s Ability To Satisfy The Third Prong

The argument presented by XRP pertains to the “expectation of profits from the efforts of others” prong of the Howey test, a legal framework used to determine whether a particular transaction qualifies as a security. 

Ripple pointed out that even the SEC’s fifth expert, whose event study showed a correlation between Ripple news announcements and XRP price changes, was barred from testifying about causation.

Furthermore, XRP challenged the third SEC expert’s opinions, as the Daubert decision judge noted that the expert’s views focused on XRP’s actions to influence XRP’s price without directly addressing whether those actions caused a price change.

In addition, Judge Torres did not permit the opinion of the SEC’s first expert, who argued that based on XRP’s design features and XRP’s public statements, a reasonable XRP purchaser would have expected future profits derived from Ripple’s efforts.

Screenshot 2023 05 30 110259

These factors collectively contribute to XRP’s argument that the SEC fails to satisfy the third prong of the Howey test for XRP sales, thereby warranting a dismissal of the case. XRP particularly emphasizes the Court’s consideration of granting partial summary judgment for post-mid-2018 XRP sales.

It is worth noting that XRP’s request for partial summary judgment, mentioned in the footnote of its Reply brief, was made before the Daubert decision. However, the subsequent ruling further bolstered Ripple’s position.

Related Reading | Ethereum: Establishes Strong Support & Battles Resistance Amidst Address Activity

Filed Under: Altcoin News Tagged With: Cryptocurrency, Ripple (XRP), SEC

Ripple CTO Voices Support For Public Disclosure Of Hinman Emails Amid Legal Battle

May 29, 2023 by Ammar Raza

Ripple CTO David Schwartz recently voiced his opinion as the crypto industry eagerly anticipates the public disclosure of former SEC employee William Hinman’s documents. In a speech delivered back in 2018, Hinman controversially stated that Ethereum should not be classified as a security.

I am not a lawyer, but I don't think Ripple can agree not to make them public. The judge has ruled that they're judicial documents and that no factors outweigh the public's right of access to them.

— David "JoelKatz" Schwartz (@JoelKatz) May 28, 2023

Ripple’s Stance: Agreement to Keep Hinman Emails Public?

Schwartz’s tweet was in response to a statement made by Mr. Huber, who suggested that if Ripple agrees not to make the documents public, Coinbase could also request access to them. 

Huber, however, expressed doubt that Coinbase would want to involve itself in anything related to Hinman, considering its previous involvement in the matter. According to Huber, Coinbase was already aware of Hinman’s actions back in March 2018.

The Ripple CTO clarified that, although he is not a legal expert, he believed that Ripple would be unable to agree not to release the documents. 

He pointed out that the judge had ruled that the emails were judicial documents, and the public’s right to access them outweighed any other considerations.

In agreement with Schwartz, John E. Deaton, the founder of Crypto-Law.us, emphasized that even if Ripple and the SEC were to settle the case, the emails would still be disclosed. 

David is correct. Even if Ripple and the SEC settled today, the emails are coming out. @RoslynLayton’s motion to intervene (to obtain the emails) was ruled moot b/c the emails are being unsealed. If the case settled today, the judge would need to revisit her motion.

— John E Deaton (@JohnEDeaton1) May 28, 2023

Deaton highlighted that Roslyn Layton’s motion to intervene to obtain the emails had been ruled moot since the emails were already scheduled to be unsealed. Therefore, if a settlement were reached, the judge would need to reconsider Layton’s motion.

As the community engaged in the discussion, some participants argued that once the court had classified the Hinman emails as judicial documents for public viewing, the litigants had no say in their release. 

They emphasized that any lawyer suggesting otherwise was simply mistaken. The consensus among these voices was clear: the Hinman emails were no longer a bargaining chip for the SEC and would inevitably be made public.

On a different note, others expressed concerns about Ripple’s involvement in the unfolding events, alleging that the company was using the situation to rally the XRP community while reporting exorbitant legal fees and assembling a large team of lawyers. 

They speculated that this entire saga was a calculated move to dismantle and rebuild the existing financial system.

However, as the crypto industry eagerly awaits the public unveiling of the Hinman documents, the ripple effects of this ongoing legal battle continue to reverberate throughout the community.

Related Reading |  Shiba Inu Burns Billions Of SHIB In A Week Amid Price Recovery Efforts

Filed Under: News Tagged With: Crypto, Ethereum (ETH), Ripple (XRP), SEC

LBRY’s Ripple Effect: Lawyer’s Tweet Teases Intriguing Update On Commission’s Remedies

May 28, 2023 by Ammar Raza

In a recent development surrounding the LBRY case, lawyer James K. Filan took to Twitter yesterday to announce an intriguing update. Stirring up anticipation within Ripple’s XRP community, LBRY has filed its Supplemental Brief in Support of Its Motion to Limit the Commission’s Remedies.

#XRPCommunity #XRP In the LBRY case, LBRY has filed its Supplemental Brief in Support of Its Motion to Limit the Commission’s Remedies.https://t.co/ySs03vaJkf

— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) May 26, 2023

Jeremy Hogan: Drawing Parallels To The Ripple Case

Notably, XRP Attorney Jeremy Hogan chimed in on the matter, sharing his insights via Twitter as well. Hogan shed light on LBRY’s motion, suggesting that they are seeking clarification from the court regarding the impact of the judgment on the secondary sales of LBRY. 

LBRY is asking the Court to clarify that secondary sales of LBRY are not affected by the judgment.

Watch out for this ruling! as this is a possible scenario in the Ripple case with the SEC asking for a broad/vague injunction and Ripple seeking clarity from the Judge. https://t.co/mbIijIMKBH pic.twitter.com/B1WdM7lINL

— Jeremy Hogan (@attorneyjeremy1) May 26, 2023

He further emphasized the significance of this ruling, drawing parallels to the ongoing Ripple case with the SEC. Hogan highlighted the SEC’s request for a broad and vague injunction in the Ripple case, while Ripple itself seeks clarity from the presiding judge.

In response to Hogan’s comment, one community member expressed curiosity about the motion’s intricacy and whether external input influenced LBRY’s defense strategy. 

Hogan replied, stating that the primary question posed by LBRY seemingly emerged unexpectedly. He acknowledged that raising such a query for the first time at this stage is atypical.

Another community member, challenging Hogan’s view, contended that the court lacks the authority to make the ruling sought by LBRY. This member believed that the judge had already addressed this matter in a previous ruling and deemed it highly unlikely for the judge to change their opinion. 

A Judge can rule on an issue not explicitly raised by the pleadings ("sua sponte"). Happens all the time – but should be done with caution.

— Jeremy Hogan (@attorneyjeremy1) May 27, 2023

Hogan responded by clarifying that judges can rule on issues not explicitly raised in the pleadings, citing the legal principle of “sua sponte.” He highlighted that such rulings occur frequently but should be approached cautiously.

The XRP community expressed various opinions regarding the implications of LBRY’s motion. Some pondered whether this development would delay or expedite the judge’s ruling on XRP. 

There were also debates surrounding the judge’s previous statement regarding secondary sales not being classified as securities. Confusion arose among some individuals, questioning whether they were confusing multiple cases or if the judge had indeed made such a remark.

Speculation also arose regarding the timing of the decisions in the XRP and LBRY cases. Some anticipated that the XRP ruling would be unveiled before the LBRY ruling.

image 88

However, as the anticipation builds, market participants and XRP enthusiasts are eagerly awaiting further updates on both the LBRY and Ripple cases. 

The outcome of these legal battles will undoubtedly have significant implications for the respective projects and the broader cryptocurrency landscape.

Related Reading | Liquidity Crunch: Tether CTO Warns Of Market Challenges & Potential Path To Healing

Filed Under: News, Altcoin News Tagged With: Cryptocurrency, LBRY, Ripple (XRP)

Whales Ride The Ripple: $22.9M Worth Of XRP Purchases In 3 Weeks

May 28, 2023 by Ammar Raza

Renowned analyst Ali took to Twitter to share some exciting news for Ripple enthusiasts. According to Ali’s recent tweet, it seems that the whales have shown a bullish sentiment toward Ripple. 

In the span of just three weeks, these influential investors have acquired a staggering 52 million XRP, which amounts to an impressive value of approximately $22.9 million. This significant investment by the whales could potentially have a profound impact on the future of Ripple’s market dynamics.

Whales appear bullish on #Ripple! They've purchased over 52 million $XRP in the past 3 weeks, worth around $22.9 million. pic.twitter.com/8RWtFOigQb

— Ali (@ali_charts) May 26, 2023

While Ripple, a digital currency known for its prowess in the realms of cross-border transactions and distributed ledger technology, has experienced its fair share of turbulence in the past, this recent move by the whales has reignited a fervor among cryptocurrency enthusiasts.

It serves as a beacon of hope, a sign that the tides may be turning in favor of Ripple and its ardent supporters.

Some experts posit that the whales’ resolute investment in Ripple could signal an impending surge in value, potentially catapulting the cryptocurrency to new heights.

Ripple (XRP) Price Analysis

According to the latest data from CoinMarketcap, the intriguing world of cryptocurrency continues to captivate investors. XRP is currently trading at $0.4677, showcasing a modest uptick of approximately 0.55% within the past 24 hours. The weekly chart displays a noteworthy surge of $0.4677, signifying a touch of market volatility.

XRP 1D graph coinmarketcap 1
Source: CoinMarketcap

Drawing attention to XRP’s trading volume, it has observed a notable rise of 36.07%, soaring to a staggering $940,862,238. In tandem with this surge, the market capitalization has also experienced a commendable increase of 1.66%.

Delving into the depths of XRP’s technical analysis, a bullish trend becomes apparent when examining the long-term perspective. Consequently, experts predict a promising rise of $0.00891 in XRP’s price over the upcoming week, ultimately reaching $0.4764 by the auspicious date of June 3rd, 2023.

Shifting gears to the short term, a machine learning algorithm has detected a neutral trend engulfing XRP at present. Consequently, investors should brace themselves for a slight upturn, coupled with a possibility of a minor dip in the coming hours.

Related Reading | Ethereum Whales Soars With 30.07M ETH Holdings While Exchanges Hit Lowest Levels 

Filed Under: News Tagged With: Cryptocurrency, Ripple (XRP)

XRPL’s Milestone: 80M Ledgers Sealed, RippleX Unleashes Wave 6 Of XRPL Grants Program

May 25, 2023 by Mishal Ali

In a monumental achievement for the cryptocurrency world, the XRP Ledger (XRPL) has officially closed a staggering 80 million ledgers, marking a historic moment in its illustrious 10.5-year journey. 

The news broke on the social media platform Twitter when XRPScan, a prominent XRP community account, shared the awe-inspiring milestone with its followers.

The XRP Ledger just closed 80 million ledgers (in about 10.5 years). Thank you to all network participants for your contributions. pic.twitter.com/bFgiaTHIXg

— XRPScan (@xrpscan) May 24, 2023

With the XRP Ledger acting as the backbone of the XRP cryptocurrency, this remarkable feat showcases the resounding success and unwavering commitment of network participants who have played an integral role in its continuous growth and development.

The XRP Ledger’s momentous achievement serves as a testament to the immense popularity and global adoption of Ripple’s digital asset XRP, which has garnered significant attention within the crypto sphere. 

While this extraordinary accomplishment is a cause for celebration, it also highlights the boundless potential and limitless possibilities that lie ahead for the XRP ecosystem. 

However, as the ledger continues to evolve, the contributions of network participants will undoubtedly play a pivotal role in shaping the future of digital finance.

XRPL Grants Program Opens Applications for Wave 6

Meanwhile, RippleX, the developer ecosystem of Ripple, recently announced that the XRPL Grants Program had opened its doors for Wave 6. The program aims to fund innovative projects that leverage web3 for financial use cases on the XRP Ledger (XRPL).

Great news comes in waves!
🌊 🌊 🌊 🌊 🌊 🌊
The #XRPL is an ideal platform for building new financial use cases and #XRPL Grants Wave 6 is open until 6/18! https://t.co/ya1u9V5BYF

— RippleX (@RippleXDev) May 24, 2023

The XRPL is an open-source, decentralized blockchain known for its energy efficiency and global developer community. It offers various features, including decentralized exchange, trust lines, and escrow, making it an ideal platform for building new financial use cases. 

The XRPL also supports the incorporation of non-fungible tokens (NFTs) and fungible assets for real-world asset tokenization.

Developers applying for Wave 6 grants can focus on a wide range of projects, such as financial equity and inclusion, regenerative finance, decentralized finance (DeFi), data and indexing, payments, e-commerce, tokenization of real-world assets, decentralized compliance and security, interoperability, developer tools, oracles, and insurance.

The XRPL Grants program will review applications in multiple stages, with notifications expected within 6-8 weeks after submission. Finalists will undergo interviews before the awarded projects are publicly announced in September 2023.

For developers seeking to create innovative web3 financial projects, this is an excellent opportunity to receive funding and support from the XRPL Grants Program. “Applications will be accepted from April 25 – June 18, 2023, at 11:59 pm Pacific Time.”

Related Reading | Cardano’s Total Staked Value Exceed 430M ADA

Filed Under: Altcoin News, Blockchain Tagged With: Cryptocurrency, Ripple (XRP), XRP ledger

Ripple Acquires Minority Stake In Bitstamp, Solidifying Crypto Market Influence

May 25, 2023 by Ammar Raza

Ripple, a prominent crypto payment firm, has made headlines by acquiring a minority stake in Bitstamp, one of the oldest cryptocurrency exchanges. 

The acquisition was made from Pantera Capital, a well-known hedge fund specializing in digital currencies. This news was revealed during the May 9 Galaxy shareholder conference call, where a conversation transcript surfaced.

Ripple’s purchase involves the shares previously held by Pantera Capital, a digital asset investment firm based in the United States. For nearly a decade, Pantera has been the largest shareholder in Bitstamp, owning a substantial 10% of the company along with its CEO, Dan Morehead.

The acquisition signifies Ripple’s strategic interest in expanding its influence within the crypto market. While Ripple has been primarily recognized for its payment solutions and the XRP cryptocurrency, this recent move demonstrates the company’s desire to broaden its reach and establish a stronger presence in the exchange industry.

During the conference call, Chris Ferraro, the President and Chief Information Officer of Galaxy, a leading financial services provider, shed light on the acquisition. He highlighted their involvement in advising Pantera on the sale of their stake in Bitstamp to Ripple Labs. This transaction was part of Galaxy’s thriving global markets business, which experienced remarkable growth in the investment banking sector throughout the past year.

Chris Ferraro said:

More broadly, in our global markets business, on the back of a record year for our investment banking team, we advised Pantera, a leading blockchain asset management firm, on the sale of its stake in European digital asset exchange Bitstamp to Ripple Labs in Q1.

Ripple Lawsuit & Slow U.S. Crypto Regulations

Meanwhile, industry experts continue to observe and analyze the regulatory landscape surrounding cryptocurrencies in the United States. Mike Novogratz, Founder, and Chief Executive Officer of Galaxy, shared his thoughts during the conference call. 

Novogratz expressed concerns about the slow progress of cryptocurrency regulations in the U.S. Congress and the ongoing legal battles, such as the Ripple lawsuit, which has yet to reach a judgment after three years.

Novogratz highlighted Europe’s regulatory progress in cryptocurrencies, surpassing the United States. Hong Kong, Abu Dhabi, and Dubai also strive to build strong crypto regulatory frameworks, drawing interest from crypto companies.

He further expressed industry frustration over businesses moving offshore due to U.S. regulatory uncertainties. He notes a pro-crypto faction in the Republican party pushing for favorable legislation and holding the SEC accountable through hearings.

However, this acquisition showcases Ripple’s determination to expand its global markets business and reinforces its position as a significant player in the crypto space. As the market eagerly awaits further developments, the future implications of this acquisition remain to be seen.

Related Reading | Bitcoin Sell-Side Risk Ratio Approaching All-Time Lows, Signaling Potential Volatility

Filed Under: News, Blockchain Tagged With: Bitstamp, Cryptocurrency, Ripple (XRP)

Ripple Effect: Unveiling The SEC’s Crypto Conundrum & Its Far-Reaching Impact

May 24, 2023 by Mishal Ali

In the midst of the Ripple-SEC lawsuit, the co-founder of Sologenic, Bob Ras, took to Twitter to express his views on the Securities and Exchange Commission’s (SEC) handling of crypto regulation. 

7/7 The SEC needs to shift from its regulation-by-enforcement approach. It's time to embrace a regulatory framework that encourages innovation while protecting investors. If the SEC continues its current approach, it risks further damaging its reputation and the US's position in…

— Bob Ras (@bobrasX) May 23, 2023

Ras’s tweet highlighted the “Ripple Effects” of the SEC’s aggressive stance, which he believes is having far-reaching consequences within the industry. He further argued that the SEC’s current position on cryptocurrencies is weaker than ever before.

Ras pointed out that the SEC’s attempt to categorize almost all digital assets as securities demonstrate a lack of understanding of the unique characteristics of these new technologies. 

Unnecessary Legal Battles: Ripple & Other Companies Affected

He specifically mentioned companies like Ripple, which are currently entangled in unnecessary legal battles due to the SEC’s oversight.

The co-founder of Sologenic further criticized the SEC’s unwarranted pursuit of crypto projects, suggesting that it has backfired and hindered innovation. Ras claimed that as a result of the SEC’s actions, numerous projects had relocated offshore. 

He emphasized that this issue goes beyond stifling innovation and has broader implications for job creation, investments, and capital loss in the United States.

Ras compared the SEC’s approach to that of an outdated lawmaker attempting to apply archaic laws to a technology they do not fully comprehend. He argued that crypto-assets represent a new asset class, and treating them solely as securities overlooks their distinctive qualities and potential. 

According to Ras, a smarter approach for the SEC would have been to develop a regulatory framework that takes into account the unique nature of these assets.

Recent developments in the Ripple case have shed light on the SEC’s inconsistent stance regarding cryptocurrencies. It has raised the possibility that not all crypto-assets satisfy the criteria to be classified as securities. Ras noted that this revelation could have implications for other companies, including Coinbase.

In light of these issues, Ras urged the SEC to shift from its regulation-by-enforcement approach and adopt a regulatory framework that fosters innovation while safeguarding investors. 

He warned that if the SEC persists with its current approach, it not only risks damaging its reputation but also jeopardizes the United States’ position in the global crypto market.

However, as the resolution of the Ripple-SEC lawsuit approaches, the crypto industry awaits a verdict that could potentially shape the future of crypto regulation in the United States. The outcome will likely be pivotal in determining whether the SEC will reevaluate its approach to cryptocurrencies or maintain its rigid stance.

Related Reading | Crypto Regulations Unveiled: Hong Kong’s Path To Secure & Responsible Trading

Filed Under: News Tagged With: Cryptocurrency, ripple, SEC

Ripple’s XRP Sales To ODL Customers Challenge SEC’s Classification As Investment Contracts

May 24, 2023 by Ammar Raza

In a recent Twitter thread, attorney Bill Morgan shed light on a significant challenge faced by the U.S. Securities and Exchange Commission (SEC) in its ongoing case against Ripple. 

The SEC wants to be able to say that all XRP in the market are or represent Ripple’s investment contracts (meaning all XRP Ripple has offered/sold/distributed). Problem is the uncomfortable truth about what the SEC calls the ‘small subset’ of sales to ODL customers/1

— bill morgan (@Belisarius2020) May 23, 2023

According to Morgan, the SEC’s argument that all XRP tokens represent Ripple’s investment contracts is undermined by the “small subset” of sales to On-Demand Liquidity (ODL) customers.

Morgan contends that these sales to ODL customers do not align with any aspect of the Howey test. He argues that since the SEC alleges that ODL customers immediately utilize the XRP tokens as a bridge asset, no investment is involved, no profit expectation, and no common enterprise. Instead, these customers are simply using XRP as a product.

This poses a significant problem for the SEC. If sales to ODL customers are considered exceptions, the SEC’s claim that all XRP tokens are securities or investment contracts loses its foundation. As all XRP tokens are fungible, any exceptions undermine the notion that the asset itself is a security.

Ripple: ODL Sales & The SEC’s Elusive Response

The SEC’s response to ODL sales has been elusive, with the regulatory body employing a series of disparate facts to obfuscate the issue. They argue that until the introduction of the ODL product in 2018, there was no use for XRP. 

They further claim that Ripple primarily did not sell XRP to ODL customers until mid-2020, instead compensating MoneyGram to use XRP for over 90% of ODL transactions.

The SEC also highlights the fact that ODL customers promptly resold any XRP they acquired from the market. Additionally, they note that Ripple repurchased the XRP it sold to protect its price, implying that this behavior does not align with typical commodity sales.

From the SEC’s perspective, ODL served as a mechanism relying on speculative investment-related trading of XRP. The SEC acknowledges some sales of XRP to ODL customers since mid-2020 but classifies them as a small subset. 

They view these sales as an indirect distribution of XRP into secondary markets, potentially involving statutory underwriters or evading registration requirements.

Screenshot 2023 05 23 215513 1

Curiously, the SEC does not apply the Howey test to any specific sales of XRP to ODL customers. Conversely, Ripple argues that the Howey test does not apply to any of its XRP sales.

Moreover, the SEC’s case faces additional challenges in the form of exceptions. These include XRP giveaways to early adopters and developers and charitable donations. 

The SEC does not claim that the charities were statutory underwriters, indicating that these XRP tokens were not considered securities.

The crux of the issue lies in the SEC’s assertion that all XRP tokens are fungible. However, once exceptions such as gifts, giveaways, and sales to ODL customers are recognized as not being securities or investment contracts, the argument that all other XRP tokens are securities becomes untenable. 

These exceptions cast doubt on the SEC’s claim that XRP is inherently a security, establishing it as nothing more than an asset.

As the case between the SEC and Ripple continues, these exceptions undermine the SEC’s attempt to categorize XRP as a security or investment contract, leaving it in a precarious stance to defend in court.

Related Reading | Tether’s Market Cap Surge Is Puzzling-Kaiko

Filed Under: Altcoin News Tagged With: ODL, Ripple (XRP), SEC

Ripple vs. SEC Lawsuit: Controversy, Conspiracy, & The XRP Community’s Resilience

May 22, 2023 by Mishal Ali

Ripple vs. SEC Lawsuit Sparks Controversy and Speculation In a series of tweets, John E Deaton, Founder of Crypto-Law.us, expressed his views on the ongoing Ripple vs. SEC lawsuit, shedding light on the motivations behind the case. 

There are several reasons the SEC is in this position:

1. The lawsuit was NOT only about enforcing U.S. Securities laws. If it was, the case would have been limited to specific sales made by Ripple and it would’ve settled by now. The lawsuit was used as a weapon with bad motive. https://t.co/OUmXa15yHw

— John E Deaton (@JohnEDeaton1) May 21, 2023

Deaton argued that the lawsuit had surpassed its initial scope of enforcing U.S. securities laws and instead became a weapon with a hidden agenda.

Deaton’s response came after Sam Lyman, a Contributor at Forbes, tweeted about the potential repercussions of the lawsuit. Lyman suggested that the SEC might have bitten off more than it could chew, as the “Ripple effects” from the case could potentially benefit the XRP Army, Coinbase, and the entire crypto industry.

Deaton highlighted the doubts Joe Grundfest, a highly respected former SEC Commissioner, raised regarding the motives behind the lawsuit. He also pointed out that Ripple had assembled a formidable legal team, including former high-ranking SEC officials and accomplished attorneys, indicating that $200 million had been invested strategically.

The unexpected unity of the XRPArmy and the support of 75,000 individuals caught the SEC off guard. This groundswell of public backing could potentially impact the case outcome and force the SEC to reconsider its approach.

Ripple’s Impact: Speculation & Unity In The XRP Community

Community members also chimed in with their perspectives. Some claimed that the lawsuit was primarily focused on MoneyGram, as Ripple’s alternative financial solutions posed a threat to traditional corresponding banking. Others speculated that a settlement might be imminent to allow the SEC to shift its attention to other crypto projects.

Intriguingly, references were made to hidden agendas and the involvement of Bitcoin maximalists who harbor a deep-rooted dislike for Ripple. The accusations of misinformation and tribalism within the crypto space fueled the controversy surrounding the case.

Screenshot 2023 05 22 154745

Despite the uncertainty and lengthy legal process, members of the XRP community expressed resilience and optimism. They viewed the lawsuit as an opportunity to gain a deeper understanding of the legal system and to highlight the potential of XRP beyond the scope of securities violations.

However, some individuals demanded more than just financial compensation. They called for accountability, urging figures such as Clayton, Hinman, Herren Lee, and Crenshaw, among others, to face severe consequences for their alleged corrupt actions.

Screenshot 2023 05 22 154910

Nevertheless, as the lawsuit unfolds, it remains a contentious topic, stirring speculation and raising questions about the motivations and implications behind the legal battle. However, the outcome of this case will undoubtedly have far-reaching effects on the future of Ripple, the crypto industry, and the regulatory landscape.

Related Reading | Weekly Market Watch: Bitcoin & Ethereum Struggles While Altcoin Surges

Filed Under: Altcoin News Tagged With: Bitcoin (BTC), Cryptocurrency, Ripple (XRP), SEC

Ripple vs. SEC: John E Deaton’s Insight On Delayed Release Of Crucial Documents

May 22, 2023 by Ammar Raza

In a recent development in the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), anticipation grows as the court-ordered release of key documents draws near. 

John E Deaton, Founder of crypto-Law.us, took to Twitter to share his thoughts on the matter, sparking a wave of discussion within the crypto community.

A lot of comments about whether this delay is for settlement discussions. If the Hinman emails were going to lead to a settlement it would’ve been before they turned them over to Ripple. IMO, the SEC has accepted that the Hinman emails are eventually going to be made public. https://t.co/Plo9Vw4ER7

— John E Deaton (@JohnEDeaton1) May 19, 2023

The catalyst for Deaton’s comments was a joint letter filed by the parties involved, requesting a one-week extension until June 13th, 2023, to submit unredacted versions of cross-motions for summary judgment and accompanying exhibits. 

This extension aims to provide public access to these crucial documents, including the highly anticipated Hinman materials. Deaton highlighted the significance of this development, implying that the delay in releasing the documents was not indicative of settlement discussions. 

He speculated that if the Hinman emails were likely to lead to a settlement, it would have happened before they were handed over to Ripple. According to Deaton, this implies that the SEC has accepted the eventual public disclosure of the Hinman emails.

Addressing the community’s curiosity regarding the document release, Deaton mentioned that multiple parties, including Dragonchain and Coinbase, would undoubtedly seek access to these documents once they were made public. He also referenced the intervention of Roslyn Layton, emphasizing the importance of public access to these materials.

Meanwhile, the SEC recently filed a joint request for the extension; Deaton expressed doubts about the SEC’s intentions, suggesting that filing an appeal or writ of mandamus after seeking the extension would be highly unlikely. He remained confident that the documents would ultimately be released.

Ripple Community’s Anticipation For Document Release

Acknowledging the differing opinions within the community, Deaton welcomed the healthy debate surrounding the case. He emphasized that speculation plays a significant role in these discussions, but sometimes the most obvious answer turns out to be the correct one. 

Want to take a guess at how much 💰 Ripple will be billed for multiple paralegals, associates, and partners to review each document to make sure each redaction complies and satisfies Judge Torres’ decision? And then review the SEC’s submissions as well?

I say $250K minimum.

— John E Deaton (@JohnEDeaton1) May 19, 2023

Deaton also posed a thought-provoking question about the extent of Ripple’s potential legal fees, considering the extensive review process required for each document’s redaction, both by Ripple’s legal team and the SEC.

Nevertheless, as the crypto community eagerly awaits the release of these documents, the implications for Ripple and the broader cryptocurrency industry remain uncertain. The community fervently hopes for a resolution, but the outcome of this legal battle will shape the future landscape of digital assets.

Related Reading | Ripple Vs. SEC: Document Unveiling Date Extended Until June 13th

Filed Under: News, World Tagged With: Cryptocurrency, Ripple (XRP), SEC

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