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Ripple Attorney Breaks Down SEC’s Intepretation Of XRP

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Ripple advocate James K. Filan has briefly summarized the SEC’s argument in his opinion. According to him, although the regulator does not explicitly state that XRP is a security, its major line of defense is that any purchase of the token is, in actuality, an investment with other XRP holders and with Ripple.

While XRP may not be a security per se, the only way it can be offered or sold is as a security, he continued. “And when you grasp what the SEC is saying, regardless of how it is presented, the SEC wants a judgment that encompasses secondary sales.”

SEC considers every unit of XRP, to be an investment contract with Ripple and unregistered securities, even if it is purchased and sold on the secondary market by people who are not affiliated with or familiar with the firm.

Ripple, on the other hand, argued that XRP is not a security because it has no “post-sale” obligations to purchasers and slammed the plaintiff’s stance as “overreaching and illegal”.

Last week, the San-Francisco-based payment firm filed its application seeking a summary judgment as there is no “investment contract” giving investors rights or obliging the issuer to perform in their best interests.

In a similar manner, the SEC is requesting a decision in its favor without a trial, arguing that purchasing the token involves an “investment in a shared company with other XRP holders and with Ripple” and that purchasers anticipate making a profit.

That said, the XRP litigation has drawn focus from the crypto community. David Gokhshtein, the founder of Gokhshtein Media, recently commented that a victory for Ripple would significantly affect the entire crypto market.

Ripple’s Win Will Trigger XRP Price Explosion

A dramatic XRP price explosion could result from the court judgment in Ripple’s favor in the legal battle with the agency.

The SEC filed the action in December 2020 after alleging that Ripple and two of its senior executives, Chris Larsen and Brad Garlinghouse, sold XRP tokens worth more than $1.3 billion while misleading investors into believing they would receive substantial returns on the company’s earnings.

Gokhshtein praised the XRP Army in a different tweet. He said that it takes “patience and diamond hands” to endure such a hard legal process.

XRP Lawsuit: Ripple Gets A Legal Boost Ahead of Crucial Court Verdict

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In a new update to the XRP lawsuit, Ripple’s legal team got a major boost with the addition of Attorney Bethan Rhian, as shared by the former federal prosecutor, James K. Filan.

“Attorney Bethan Rhian Jones has filed an application to appear and join the Ripple Labs’ defense team. Attorney Jones is with Kellogg Hansen,” the tweet read.

According to attorney Jones’ bio, 2018 saw the lawyer working as an associate for Kellogg Hansen. Ms. Jones advises clients in complicated business disputes and specializes in instances involving antitrust, telecommunications, and the False Claims Act.

The latest addition comes at a time when Ripple awaits important decisions, including those relating to the DPP and the legal dispute over the records of former SEC official William Hinman.

James K. Filan recently predicted that the SEC may attempt to submit a motion for certification of an interlocutory appeal to the Second Circuit if it loses privilege issues before Judge Torres.

Previously, Ripple hired two Kellogg Hansen attorneys in July who were Kylie Chiseul Kim and Clayton J. Masterman to add teeth to its legal team.

XRP Rose By 68% In A Week

Ripple CEO Brad Garlinghouse appeared on Fox Business this week and spoke about XRP’s price and its implications with the Ripple lawsuit. 

“Before the SEC got involved with us and ETH, XRP was the second-most valuable digital asset ahead of ETH,” he stated. Garlinghouse also said for Ripple, a trial is unnecessary since the facts of the case “aren’t really in dispute”.

“We think [the judge] has the information she needs to make a ruling, and we think it’s very clear the SEC is grossly overreaching their authority,” he said.

Following a robust week of gains and investor confidence in the SEC’s case against Ripple, XRP, a cryptocurrency originally founded by the creators of the crypto payments business Ripple, soared an impressive 68% on 23 Sept in just seven days.

Since then, the price of the sixth-ranked asset has retraced and is exchanging hands at 48 cents, at the time of writing this post. In the last 24 hours, XRP is down 0.42% with a market cap standing at $24 billion.

XRP lawsuit: Amicus brief request approved

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In the XRP Lawsuit, the two sides had fought one another once more. The legal counsel for Ripple had taken issue with the SEC’s interpretation of the Chamber of Digital Commerce amicus papers. Ripple criticized the SEC’s actions in asking the Court for more time or pages so that more amici curiae may submit briefs.

This incident was caused by the Chamber of Digital Commerce asking for amici status. In this motion, the SEC chose not to “take a position.” However, if more amicus papers are permitted, the SEC has asked the Court to allot extra time and/or pages.

The Chamber of Digital Commerce submitted copies of their amicus brief motion, memorandum of law, and a statement from Lilya Tessler, the group’s amicus brief attorney, to Judge Analisa Torres in response to a request.

According to Ripple, the SEC should use the space allotted in its opposition and reply briefs to respond to points made by amici. Ripple also said that the SEC should do so in the already set briefing schedule while speaking before Judge Torres.

John Deaton, the creator of CryptoLaw, also offered his thoughts on the subject in a recent tweet. Deaton slammed the SEC’s most recent action as “pathetic and embarrassing” and expressed his outrage at it.

He considers the call for a postponement to be “mean and cruel” because it targets XRP investors. The XRP Lawsuit’s main focus has been on John Deaton’s issues with the SEC.

So, with Ripple’s most recent response, the question is: Where does the case go from here? The Court will probably prolong the SEC’s delays, but this will do absolutely nothing to bring the matter to a successful conclusion.

In his tweet regarding the SEC’s plans to target XRP holders’ “fear,” Deaton seems to have had a point. However, it is now up to the SEC to show whether he is correct or not.

Could XRP’s request approval be a boon for regulatory clarity?

The court has granted the Chamber of Digital Commerce’s request to submit an amicus brief. CEO Perianne Boring argues that the high-stakes case offers the client a chance to establish the legal guidelines for the cryptocurrency sector. The outcome of this case, in Boring’s opinion, will have a substantial impact on the cryptocurrency market in the United States.

A clear and uniform set of regulations are required for the developing sector, according to the head of the Chamber of Digital Commerce. The Chamber of Digital Commerce stated in its brief that it had no opinion about whether or not the token is an unregistered security. It does, however, want to make sure that the legal framework is “clear and consistent” for digital assets.

Furthermore, to expedite the case, Ripple and the SEC both filed requests for summary judgment last week. There is no need for a trial because, according to the parties, the court has access to sufficient information to render a decision.

XRP-Based ODL Expands Its Use Case In Philippines’ Largest Fintech

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Ripple’s ODL Solution which leverages XRP for cross-border treasury flows, would be now utilized for scaling up the internal treasury management in Philippines’ largest non-bank remittance firm, I-Remit.

This isn’t the first time for the domestic fintech as it has been an early adopter of ODL and was using the blockchain-enabled enterprise solution to clear cross-border payments in real-time and cost-effectively into the Philippines.

In order to provide rapid and inexpensive settlement without the need to hold pre-funded money in a destination market, On-Demand Liquidity, or ODL, leverages XRP, the digital currency created for payments as a bridge between two fiat currencies, as stated in the press release.

But in this case, it would be used to accelerate I-Remit’s internal payout capabilities, instead of relying on outdated infrastructure.

By leveraging ODL for treasury payments, I-Remit is now able to get 24/7, all-year-round access to liquidity for their funding requirements, thereby enabling same-day settlement globally. Having eliminated the need to pre-fund destination accounts over several days, I-Remit can now channel these funds to scale the business operations of its overseas subsidiaries and support its partners.

The latest expansion has put I-Remit in the league of companies such as FOMO Pay, Novatti, FlashFX, Tranglo, SBI Remit, Pyypl.

First High-profile Game On XRP Ledger Announced

Just yesterday, one of XRP ledger’s top projects, the onXRP modular ecosystem, inked a deal with Ripple, Armiin van Buuren’s music label, Armada, and Styngr simultaneously with the launch of its highly anticipated free-to-play battle royale game Maladroids.

The in-game radio will be combined with a playlist prepared by top electronic dance music artists including Tom Staar and Kryder, both of whom are on the Armada label, thanks to the collaboration of onXRP’s new partners.

According to Styngr, who revealed the partnership’s specifics, the musicians would create two new songs each month just for Maladroids. Additionally, as part of the collaboration, NFT audio will be made available.

It is the first play-to-win multiplayer game project built on the XRP blockchain.

Meanwhile, the token’s price rallied by over 13% in just a few hours, making it the biggest gainer among the top 10 crypto assets in the backdrop of Ripple‘s legal win prospects.


SHIB, XRP, ADA See A Spike In Social Media Discussions

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Top 10 altcoins such as ETH, SHIB, ADA, XRP, etc are the most talked about tokens, on-chain data analytics platform Santiment revealed. On the other hand, Bitcoin and Ethereum have fallen by 16% and 25% over the last week.

Crypto markets have obviously taken a big hit over the past week, but it’s interesting to see where social interests have shifted. ETH, XRP, ADA, MATIC, and SHIB have increased in discussions, while most other assets are being discussed far less.

Interestingly, each cryptocurrency that made it to the list has at least one active or completed development. The presence of Ethereum, Shiba Inu, Ripple, and Cardano on the roster is therefore not surprising.

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SHIB, XRP, ADA See A Spike In Social Media Discussions 2

Here’s What Is Driving SHIB, XRP, ADA, and ETH’s Social Interest

Memecoin SHIB achieved a three-month record for social media mentions in the latter part of August. Shiba Inu recently launched its Play-to-Earn [P2E] game, Shiba Eternity, for beta testing in Australia.

The project’s leading pseudonymous developer, Shytoshi Kusama, announced the other day that the game would soon go global.

Drawing similar traction is XRP due to the Ripple and SEC’s lawsuit that intensified after both the parties filed their applications seeking summary judgment. Many believed that the outcome would provide much-needed clarity on the token’s classification as a commodity or a security.

With regards to ADA, Vasil’s hard fork is hogging the limelight for the PoS ecosystem that has reached the end of the update as Cardano founder famously tweeted, “The Rocket is in the air.”

On the other hand, the second-largest altcoin, Ethereum, has undergone a smooth transition, which changed the Proof-of-Work protocol to Proof-of-Stake. But its prices continued to register a steep decline, reaching low as $1294 from $1772 this past week.

That said, the crypto market is likely to remain volatile in the near term as investors remain cautious in anticipation of the upcoming Federal Reserve rate hike on Sept. 20 and 21.

Many experts predicted that Bitcoin [BTC] will fall below its June low and continue to decline and the crypto market, in general, will be under pressure.

But if the FED does not shock the markets, anxious traders would take the opportunity to dive straight in, leading to a temporary relief recovery.


XRP records three-fold increase in inflows; Details

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Over the past two years, XRP has had many ups and downs. The asset kept working on the developmental side of things notwithstanding the continuing dispute. Numerous assets suffered as a result of the bears’ hegemony over the cryptocurrency market. Many of them experienced a severe downturn, and some continued the downward trend they already had.

CoinShares said that XRP has seen a three-fold surge in inflows despite weak money flows into crypto-focused products. the altcoin-focused cryptocurrency products saw a fund inflow of $100,000 the week prior, but this week it was already $300,000. One of the few cryptocurrencies that have continued to draw investment over the past six weeks is XRP. The initiative is still running strong despite unfavorable market conditions and the ongoing SEC v. Ripple dispute, thanks to authorities’ ambitions to have XRP recognized as a security.

Investments into token-focused goods have also increased by $500,000 month over month. The statistics are even better year over year, with an excess of $8.5 million.

XRP was not the only cryptocurrency product with favorable funds flow values; Short Bitcoin, Solana, and Cardano products were also part of the list. A $7.3 million fund flow surplus, the first in the previous six weeks, was the overall outcome of the week.

Despite the favorable figures, the CoinShares analyst observes a lack of investor participation and conflicting opinions about the cryptocurrency industry. The simultaneous infusion of money into Bitcoin itself and its Short form reflects the same.

XRP’s position in SEC vs Ripple

Less than a week ago, the Chamber of Digital Commerce submitted a motion to intervene in the current SEC v. Ripple litigation. Many in the sector supported the Chamber’s involvement in the conflict. However, several others expressed skepticism about the development.

A purported lawyer and pro-XRP activist who goes by @Belisarius2020 on Twitter shared his thoughts on the Chamber of Digital Commerce entering the SEC vs. Ripple fight.

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Source: Twitter

According to the lawyer, the chamber wants to give the court the impression that the digital asset and any XRP-related transactions are two separate entities. The rule that cryptocurrency trading on the secondary market turns into securities dealing would not have been established if the court had accepted the reasoning that Ripple transactions utilizing XRP and the independent circulation of XRP are not the same.

The attorney further asserts that even if the court finds that the token in this specific case meets the definition of a security, the chamber and the cryptocurrency sector will still benefit from a favorable outcome if at least the requirement of two independent investigations is recognized.

The lawyer also emphasized that the Chamber of Digital Commerce’s participation in the case makes sense given the ongoing operation of the bitcoin business. This is neither good nor bad for Ripple or XRP, though.

XRP Lawyer- SEC Is “Wrong” For Labelling Eth A Security

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XRP representative John E Deaton feels that ETH is an alphanumeric code and as such the SEC labeling ETH as security is wrong.

“I’m not saying the gov’t shouldn’t go after bad actors. Going after individuals who broke the law is different”, he stated.

Deaton who is a former Marine-turned-class-action lawyer shared his thoughts on what SEC’s head Gary Gensler might do once Ethereum’s transitioned to PoS in September. He also addressed rumors of his supposed favoritism towards the SEC for going after ETH or its founders.

Recently, I was very critical of VitalikButerin over his childish and hateful comment about XRPHolders losing their rights for protection because Ripple executives described ETH and BTC as Chinese-controlled technologies 2 yrs ago when Ripple was being sued by the SEC.

He continued by saying even if he felt Vitalik’s comments to be “demoralizing and stupid”, that doesn’t mean that he would back the authorities attacking today’s ETH the way it has other tokens.

“Tokens like XRP, ETH, ALGO, ADA, XLM, etc., traded for 5-10 years should be treated as commodities, not securities”, he added.

XRP lawsuit- Ripple Would Spent $100M

The founder of the CryptoLaw, recently said that more than $15 billion were lost because the SEC “intentionally chose not to limit the allegations against Ripple to specific sales made by Ripple and its executives but instead alleged all XRP, including secondary market sales of the token, are unregistered securities.”

This was in response to a tweet from Messari CEO Ryan Selkis, who claimed that investors lost roughly $1 billion to crypto frauds last year and another $7 billion due to the SEC’s refusal for a spot ETF.

Selkis also cited statements by Ripple CEO Brad Garlinghouse, who previously claimed that the firm would spend $100 million for its legal battle with the SEC.

Earlier, Stuart Alderoty, Ripple’s general counsel, criticized the SEC’s approach to consumer protection in a recent op-ed. Alderoty said that rather than protecting consumers, the SEC intends to leave them “holding the bag.”

He then went on to add that instead of working with other regulatory agencies, SEC Chair Gary Gensler has taken an assertive regulatory stance.

Alert! A New XRP Scam Lurking Around The Corner

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A new XRP scam is doing the rounds after scammers took control of the official Twitter account of PricewaterhouseCoopers [PwC] Venezuela.

The illegal advert featured Ripple CEO Brad Garlinghouse’s image with the tagline “Big Event Hurry up!” along with a link that tricked potential victims into sending their crypto. The tweet has since been removed from the official handle.

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Alert! A New XRP Scam Lurking Around The Corner 5

Tricksters often utilize social media sites such as Twitter, to reach their victims by promoting fake giveaways or sharing phishing links that can steal user information or even drain their cryptocurrency hot wallet.

Twitter however on its part, has sought to allay any such fears before they arise.

“Like any new feature, we’re intentionally testing Edit Tweet with a smaller group to help us incorporate feedback while identifying and resolving potential issues,” said Twitter in a blog. “This includes how people might misuse the feature. You can never be too careful.”

An edit tweet button was several of the features Elon Musk teased through an online poll during his Twitter takeover bid in April.

But midway through the deal Musk reviewed his position and did a U-turn on the $44 billion bid. The tech billionaire accused Twitter of being dishonest on the number of bots and fake users on the platform, a charge which the social media giant disagreed.

Twitter Scams Are Getting More Sophisticated

Twitter then threatened Musk with litigation and the two parties are now headed for a final showdown in court. As of now, it seems that the social blogging site has no plans to create an “Edit Takeover” button.

Recently a cybersecurity analyst Serpent has pointed out some of the most outrageous crypto and non-fungible [NFT] scams that are having a field day on Twitter.

The expert, who has over 250k followers on Twitter, is the founder of artificial intelligence and community-powered crypto threat mitigation system, Sentinel, TronWeekly reported.

In a 19-part thread posted on Aug. 21, Serpent spoke on how scammers target gullible crypto users through the use of copycat websites, URLs, accounts, hacked verified accounts, fake projects, fake airdrops, and plenty of malware.

Shiba Inu, DOGE & XRP Are Available For Future Trading In Bitbns

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Shiba Inu [SHIB], Dogecoin [DOGE], and XRP have gained entry for trading in futures in the Indian crypto exchange Bitbns. It offers futures trading via USDT margined perpetual swaps in Solana [SOL], Cardano [ADA], Polygon [MATIC], BNB, Bitcoin [BTC], Ethereum [ETH], IC15 Index, and BNS token.

The exchange also highlighted that there is no tax deducted at the source [TDS] on futures trading. Launched in 2017, the trading platform was forced to halt withdrawals after its bank account was blocked by local law enforcement officers, in July.

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Shiba Inu, DOGE & XRP Are Available For Future Trading In Bitbns 8

It needs to be recalled that India’s Enforcement Directorate launched an investigation into several cryptocurrency exchanges under the suspicion of money laundering.

That said, meme coins continue to score listings across exchanges. Recently. Shiba Inu’s governance token BONE went live on St. Vincent and the Grenadines’ leading exchange, BlueBit.io.

In the latest announcement, the development wing of Shiba Inu revealed details of the concept of the upcoming SHIB: The Metaverse WAGMI [We’re All Gonna Make It] Temple. 

Shiba Inu Unveiled The Metaverse WAGMI Temple

Per a blog post by Shiba Inu, WAGMI Temple will represent a zen-like realm with calm meditation, natural beauty, sensation, and spiritual connections to the world. 

While sharing a black and white image of the upcoming WAGMI Temple, the team stated that, “Black and white sketches and concept artwork include a strong, physical, powerful potential, especially in abstract artwork.”

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Shiba Inu, DOGE & XRP Are Available For Future Trading In Bitbns 9

The architectural design team of the WAGMI Temple took inspiration from numerous well-known locations like Beijing’s Temple of Heaven, New Delhi’s Swaminarayan Akshardham, the Kinkaku-Ji Temple of Kyoto, Japan, etc.  

The WAGMI Temple is just another attempt made by Shiba Inu’s development team to move past its meme coin image and transform itself into a full-fledged multifaceted crypto project

In another announcement, Shiba Inu disclosed that its metaverse team would introduce Fireside chats. The move is to answer all queries, ideas, and concerns from members of the SHIBArmy. 

The Fireside chats would be first available on Shiba Inu’s official Discord channel, and would eventually be rolled out on other platforms in the future. “We aim to also host some Fireside Chats on other platforms as well in the future,” it said in the post. 

3 CRYPTOCURRENCIES THAT YOU SHOULD BUY RIGHT NOW: PUGGLIT INU, RIPPLE, AND LITECOIN

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Cryptocurrency is an evolving financial solution that has grown exponentially over the years. One of the substantial purposes of crypto assets is to enable peer-to-peer (P2P) financial transactions and minimize reliance on third parties. The crypto industry wants everyone to have access to simple and affordable services. According to World Bank records, almost half of the world’s population does not have a bank account or does not have one.

So, undoubtedly, cryptocurrency is helping numerous people and enabling them to use a wide range of financial services. However, the crypto market is faced with various challenges and its unpredictability raises several concerns. In 2022, the crypto market already faced several crashes, which raises several concerns about its stability. In this article, we’ll be discussing 3 viable options to consider that will help you to make a fortune. Starting with Pugglit Inu (PUGT), the latest addition to the crypto market.

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3 CRYPTOCURRENCIES THAT YOU SHOULD BUY RIGHT NOW: PUGGLIT INU, RIPPLE, AND LITECOIN 12
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Pugglit Inu (PUGT)

Pugglit Inu (PUGT) will provide virtual asset owners with new digital tokens to facilitate widespread use on decentralized, secure, and environmentally sustainable platforms. Users will be rewarded with a certain amount of traded tokens, along with offers that claim to encourage more people to join the network.

The Pugglit Inu Network is a Decentralized Autonomous Organization (DAO) with an established reserve currency protocol. The Reserved Currency Protocol is based on the platform’s utility token. The goal of the project is to bring governance to the platform’s community members and empower their owners.

An important aspect of the Pugglit Inu Network DAO project is the establishment of a monetary system controlled by community policies, with DAO itself controlling the behavior of tokens. The project aims to establish itself as a decentralized co-operative that adopts liquidity and existing token models. It will be a framework for user motivation and structuring in the Pugglit community.

The PugglitInu token, called $PUGT, is a utility token for the PugglitInu platform. It sponsors project decentralization through a decentralized wallet with rewards associated with user transactions. Pugglit Inu (PUGT) is a fully decentralized system supported by community members. The Pugglit Inu protocol issues tokens to community members at the time of trading to perform a wide range of functions.

Ripple (XRP)

XRP is the home currency of the payment system developed by Ripple Labs. Ripple (XRP) has a reputation as a digital asset built for global payments. In terms of cross-border payments, XRP is known for being very low cost and almost instantaneous. Ripple makes transfers, SME payments, and other types of transactions cheaper and more reliable for individuals, organizations, and customers.

Ripple is essential for money transfers. Fintech companies charge 0.00001XRP for transactions. On the other hand, the world average remittance fee is 6% of the remittance amount. Ripple’s solution is useful because it has lower transaction costs and allows recipients to receive more. XRP is one of the best cryptocurrencies that can offer fast and cheap digital payments to anyone.

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3 CRYPTOCURRENCIES THAT YOU SHOULD BUY RIGHT NOW: PUGGLIT INU, RIPPLE, AND LITECOIN 13
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Litecoin (LTC)

Following Bitcoin (BTC), the first market-leading cryptocurrency, Litecoin (LTC) was launched in 2011. Litecoin (LTC) is based on an open-source global payment network independent of the control of central authorities and third-party intermediaries.

It is a peer-to-peer (P2P) digital currency that offers immediate payments at almost no cost. Outperforming its competitors in terms of faster block generation rates and faster transaction confirmation times, the network and its native tokens continue to attract more merchants to accept Litecoin.

Litecoin is priced at $59.85 today and has a 24-hour trading volume of $504 million. It currently ranks 21st on CoinMarketCap and has a real-time market capitalization of $4.2 billion. Litecoin (LTC) has a circulating supply of 70 million Litecoin, for a total supply of 84 million.

Purchasing any of the 3 stated cryptocurrencies would be a great choice as all of them are equipped with significant usability features. However, Pugglit Inu (PUGT) do have a certain edge over others as it is a brand-new cryptocurrency that offers various bonuses. You can get 24% more PUGT tokens if you purchase PUGT tokens using USDT. Similarly, you can avail of 10% more PUGT tokens, if you purchase them in Presale Stage I. You can also find more information here.