XRP Attorney John Deaton Comments on SEC's Denial of Coinbase's Mandamus Petition
XRP attorney John Deaton has criticized the SEC's recent decision to deny Coinbase's request for clarity on how securities laws apply to the cryptocurrency market. Deaton believes that the SEC is prioritizing a political agenda over legal wins and that the Coinbase Writ was a necessary move. He also stated that the SEC is fighting on three separate fronts but chose to prioritize politics.
Ripple CEO Reveals Plans to Expand Services Beyond Liquidity Provision and Pursue Acquisitions in Blockchain and Crypto-Friendly Markets
At the Dubai Fintech Summit, Ripple CEO Brad Garlinghouse announced that the company is planning to expand beyond liquidity provision and payment services. Garlinghouse stated that Ripple aims to become more than just a cross-border liquidity provider and is looking to expand into other areas of blockchain technology.
Ripple and SEC Request More Time to Disclose Hinman Documents, Fueling Settlement Speculation
Ripple and the SEC have asked for more time to disclose the Hinman documents, which has led to speculation about a possible settlement in their ongoing legal battle. Both parties have argued that the voluminous nature of the materials and necessary redactions require more time.
Ripple's Products and Operations Can Function Without XRP, Says Pro-XRP Lawyer Bill Morgan
Australian lawyer and pro-XRP advocate Bill Morgan has stated that Ripple has effectively demonstrated that its products and business operations can function without XRP or the XRP Ledger. Morgan's argument emphasizes that this demonstration challenges the notion of common enterprise between XRP holders and Ripple. Ripple has continued to assert that XRP and the XRP Ledger are not under its control and can function independently. Ripple's CTO, David Schwartz, has advocated for a more inclusive approach, suggesting that integrating XRP into products while giving users the freedom to choose between XRP or alternative digital assets would be a better strategy.
Legal Battle Between SEC and Ripple Labs Could Impact Future of Cryptocurrency Regulations
The ongoing lawsuit between the Securities and Exchange Commission and Ripple Labs has the potential to impact cryptocurrency regulations in the future. Ripple's creation of the XRP Ledger and cryptocurrency, XRP, aimed to expedite cross-border fund transfers at a lower cost. However, the SEC filed a lawsuit against Ripple in December 2020, alleging that the sale of XRP was an unregistered securities offering. Ripple has chosen to contest the charges in court, arguing that XRP does not meet the Howey test. The recent ruling in the case has denied certain motions to seal from Ripple, and while the outcome is uncertain, a split decision is the most likely result.
XRP Takes The Lead In Overall Crypto Market
Despite the bearish trend in the crypto market, XRP has managed to outperform other assets with a 55% surge on a quarter-on-quarter basis, according to a report by Messari. XRP's market cap grew by 59.9% in Q1, exceeding the cumulative crypto market cap that witnessed a 46% surge within the same period. XRP hit a 10-month high of $0.5850 on March 29, following a two-week price surge of 56%, and closed with a price of $0.54 on March 31, a 43% price surge for the month. The report also highlighted an increase in XRP's overall network activity metrics in Q1.
HODLing 10K XRP could lead to financial freedom in the long-term, says CEO Edward Farina
Edward Farina, CEO of Alpha Lions Academy and Head of Social Adoption at XRP Healthcare, believes that holding 10,000 XRP until the asset stages its next bull run can lead to financial freedom in the long-term. This statement was made in response to a poll by crypto YouTuber Jenna Kady, who asked the XRP community whether an investor needs to hold up to 150,000 XRP to become an XRP millionaire in the future. Farina's opinion is more ambitious, but he stressed that it is not investment advice. Recent gains in XRP have led to a potential 30,000% pump, which could yield $1.39 million for a $4,643 investment in 10,000 XRP.
Ripple's CTO Believes It's Beneficial to Avoid Building Products That Require XRP Use
David Schwartz, Ripple's CTO, recently stated that it is beneficial for Ripple to avoid building products that require the use of XRP. He believes that removing technical barriers and not mandating the use of XRP unless it is necessary for specific features related to the XRP Ledger allows a broader range of individuals to use the platform, even those who have reservations about XRP. This approach expands the potential user base while encouraging wider adoption for the product. Ripple gives institutions that are on RippleNet the liberty to choose to use XRP as a bridge currency for cross-border payments or use any other digital asset.
US Supreme Court Decision Supports Ripple’s Position
Ripple's Chief Legal Officer, Stuart Alderoty, has stated that the recent U.S. Supreme Court decision on the Twitter and YouTube case aligns with Ripple's argument about Howey principles. Alderoty believes that the Court will adopt the interpretation of investment contracts under the "Howey Test" to accommodate emerging technologies like cryptocurrency. Meanwhile, Judge Analisa Torres has granted SEC and Ripple's request to extend their filing of Hinman's speech and other related documents by one week. XRP has enjoyed a positive price performance over the past week, gaining more than 9% to trade at $0.4662 at the time of writing.
Former Amazon CFO Warren Jenson Joins Ripple Board of Directors and Audit Committee
Ripple has announced the appointment of Warren Jenson, a former CFO of Amazon, to its Board of Directors and as Chairperson of the Audit Committee. The move is part of Ripple's strategy to continue expanding its workforce and launching new products. CEO Brad Garlinghouse expressed his excitement about Jenson's appointment, stating that his expertise in transparency and trust will be a valuable resource for the company. Despite the ongoing SEC lawsuit and the challenges of the Crypto Winter, Ripple has continued to make notable moves towards expanding its operations, including the recent acquisition of Swiss-based digital asset firm Metaco for $250 million.
Ripple Closes Week with Five Major Wins, Including SEC Lawsuit Victory and Expansion Objectives
Ripple has had a successful week with five major wins across various areas, including the SEC lawsuit and expansion objectives. The first development was a landmark ruling from Judge Analisa Torres in the Ripple vs. SEC case, granting Ripple authorization to make the Hinman documents publicly accessible. Ripple also announced its acquisition of Metaco, a Swiss-based company focused on digital asset custody and tokenization, and unveiled its innovative Central Bank Digital Currency (CBDC) platform. Additionally, Ripple secured two major honors at the 2023 Digital Currency Awards and announced the addition of Warren Jenson to its board as the Chair of the Audit Committee.
CryptoLaw Founder John E. Deaton Believes William Hinman's Docs Will Be Made Public Despite Settlement Rumors
CryptoLaw founder attorney John E. Deaton has commented on the joint request filed by the SEC and Ripple regarding the filing of public, redacted versions of summary judgment materials and accompanying exhibits, including the drafts of William Hinman’s 2018 speech. Although the request covers the cross-motion for summary judgment, XRP community members were more concerned about the drafts of Hinman’s speech. Defense lawyer and former federal prosecutor James K. Filan previously disclosed that Hinman’s docs would be released publicly on June 6, 2023. However, the request for an extension has now shifted the deadline to June 13, 2023. Deaton believes that the documents are coming and will be made public, and he does not think Hinman’s documents would give birth to a settlement.
Nielsen CFO Warren Jenson Joins Ripple's Board of Directors as Chair of Audit Committee Amid Ongoing SEC Dispute
Market researcher Nielsen's CFO, Warren Jenson, has been appointed to Ripple's board of directors and will also serve as the chair of the audit committee. Ripple CEO Brad Garlinghouse praised Jenson's background and experience, stating that it will be invaluable as Ripple continues to be a responsible global leader in the space. Jenson joins former US Treasurer Rosie Rios, former JPMorgan Chase Chief Regulatory Affairs Officer Sandie O'Connor, and Managing Director of Albright Stonebridge Group Michael Warren on Ripple's board. Ripple is currently embroiled in a dispute with the SEC over the sale of XRP, with a decision expected later this year.
XRP Community Questions One-Week Extension in Ripple Vs SEC Lawsuit and Speculates on Summary Judgement
The XRP community is discussing whether the recent one-week extension for filing unredacted versions of cross motions, including the Bill Hinman emails, is part of a larger plan in the Ripple Vs SEC lawsuit.
Ripple Launches CBDC Platform for Central Banks and Governments Worldwide
On Thursday, Ripple launched a platform that would enable central banks, governments, and financial institutions to issue their own central bank digital currency (CBDC).
Crypto Market Remains Risk-Averse Ahead of Fed Chair Powell's Speech After Hawkish Comments by Other Officials
The cryptocurrency market showed caution on Friday, with attention turning to a speech by Fed Chair Jerome Powell following hawkish comments from other central bank officials. Bitcoin remained flat at just below $27,000, while other major coins experienced moderate losses except for Ripple's XRP.
DigiToads Emerges as a Safe Haven for Investors Amid Regulatory Challenges in Crypto Market
Investors are looking for safe investment options that offer potential growth and stability, and DigiToads (TOADS) is emerging as an attractive choice.
Bitcoin Slips Under $27K, Altcoins Slightly in the Red
Bitcoin experienced a significant drop in value over the past 24 hours, reaching its lowest price in a week. Other altcoins have also seen minor declines, with Lido DAO's token experiencing the biggest drop at over 6%.
XRP Outperforms Bitcoin as Global Digital Asset Market Sees Selling Pressure
On Friday, major cryptocurrencies like Bitcoin and Ethereum experienced a decline in their indexes due to a surge in selling pressure in the global digital asset market.
Ripple CEO Warns “Confusing Laws” Will Push Crypto Firms To Leave US
Ripple and Coinbase are leading the charge for regulatory clarity around virtual digital assets, but the SEC warns that it is a lengthy process. Ripple CEO Brad Garlinghouse has expressed concern that unclear regulations may push more crypto firms out of the US, prompting his company to actively seek investment and employment opportunities abroad. Garlinghouse specifically mentioned Europe as a leader in crypto regulation, citing the constructive dialogue between entrepreneurs and regulators as a key factor. As a result of growing uncertainty in the US, investment is moving to other jurisdictions, with Europe benefiting significantly. For those looking to stay up-to-date on the latest cryptocurrency news and trends, our updated list of crypto Telegram channels offers valuable insights and information for both seasoned investors and beginners.
