Crypto Lawyer Accuses SEC of Stonewalling in Ripple Labs Case as Whistleblower Group Files Complaint for Transparency
Prominent cryptocurrency lawyer John E Deaton has accused the United States Securities and Exchange Commission (SEC) of stonewalling and hiding crucial documents and emails necessary for Ripple Labs to mount a strong defense in the ongoing legal battle. Deaton, who represents a group of XRP holders in the case against the SEC, expressed his frustration with the regulatory body on Twitter, stating that the SEC leadership is corrupt and not transparent in its dealings with Ripple Labs. Empower Oversight, a non-profit organization, has filed a complaint seeking transparency and to force the SEC to comply with a Freedom of Information Act (FOIA) request previously filed by the body. The FOIA request was made to obtain information about conflicts of interest and selective enforcement by former high-level officials concerning cryptocurrencies.
XRP Faces Bearish Trend in Descending Channel, but Long-Term Potential Remains Intact, Says Egrag
XRP, like the rest of the crypto market, is experiencing a downturn. However, Egrag, a prominent crypto analyst, remains bullish on XRP in the long term and believes that the potential for a bull run is still intact.
Ripple's Managing Director Aims to Increase Diversity in Crypto Industry.
The lack of diversity in the crypto industry has led to the emergence of the "crypto bro" stereotype. Ripple's managing director, Sendi Young, acknowledges this issue and is taking steps to address it. One of the strategies Ripple is implementing is the use of a diverse slate approach in their recruitment process, which requires consideration of at least two candidates from underrepresented groups for every role. Young emphasizes the importance of setting clear objectives and metrics to measure progress in achieving diversity and inclusion goals. Additionally, Young notes that the industry's libertarian roots have made it challenging for institutional adoption, but there are now more balanced approaches to doing business in the space.
Ripple CEO Brad Garlinghouse Predicts End Date for SEC Lawsuit Within Next 2-6 Months
Ripple CEO Brad Garlinghouse has provided a new estimate for the end of the SEC lawsuit, stating that he expects a resolution within the next two to six months. Garlinghouse believes that Judge Analisa Torres currently has the decision on her plate and although she may operate on her own timeline, he is confident that the ruling will come before the end of Q3 2023. This is not the first time Garlinghouse has commented on the end date of the lawsuit, having previously predicted that the case would be concluded in the first half of this year. Despite disappointment from some experts over Judge Torres' ruling, Garlinghouse remains optimistic about the outcome.
Ripple's MENA Managing Director compares UAE and US regulatory environments.
Ripple's decision to expand its presence in Dubai by opening a new regional office in the Dubai International Financial Center has sparked reactions from the crypto community, with some speculating that the company may be planning to move out of the United States. Navin Gupta, Ripple's South Asia and MENA Managing Director, compared the regulatory environment for crypto in the Middle East and North Africa (MENA) to that of the US in a recent interview with CoinDesk TV. Gupta praised UAE regulators for being more open and friendly, making it easier for crypto-related companies to have meaningful dialogue with them and quickly mobilize team members. Other top stakeholders, including Coinbase CEO Brian Armstrong, have also praised UAE regulators for being forward-thinking with crypto and creating an enabling environment for crypto businesses.
US Regulatory Paralysis Drives Crypto Industry Players to Europe, Warns Ripple Policy Head Susan Friedman
The lack of clear regulatory guidelines for the digital asset industry in the United States is causing key business opportunities and innovation to move to other nations with proper frameworks, such as European countries and the UAE. Susan Friedman, the Policy Head at Ripple blockchain, has warned that this migration of crypto industry players to Europe is impacting jobs and investment loss. The recently introduced MiCA regulations in Europe have created a clear set of rules for the industry, which is attracting talent and investment. The US risks losing a significant share of the industry's growth potential if it does not provide a comprehensive regulatory framework.
Ripple Considers Moving Offshore Amid Lack of SEC Regulatory Clarity
Ripple Labs is considering moving offshore due to the Securities and Exchange Commission's (SEC) lack of clarity over regulations for digital assets. The SEC's regulation by enforcement regime has been criticized by the U.S. House Committee on Financial Services Republicans for pushing innovation in the crypto industry overseas and threatening American investors and competitiveness.
Ripple Labs and Top Whales Move 218 Million XRP Tokens Worth $81 Million in Six Transactions
Ripple Labs and top whale addresses have moved 218 million XRP tokens in six transactions, valued at approximately $81 million. The transactions were reported by Whale Alert, with 168 million XRP moved across five transactions by XRP whales. Ripple also moved 50 million XRP tokens on May 9, which were part of assets recently released from escrow protection.
Coinbase Chief Legal Officer discusses decision to continue offering Algorand despite SEC classification as a security
Coinbase's Chief Legal Officer, Paul Grewal, spoke to lawyer John Deaton on his podcast CryptoLaw about the exchange's decision to continue offering Algorand (ALGO) despite the U.S. Securities and Exchange Commission (SEC) classifying it as a security. Grewal explained that secondary sales of assets do not make them securities, but Deaton argued that the same argument applies to XRP tokens. XRP was suspended from trading on Coinbase due to it being classified as a security under U.S. law, causing frustration among XRP holders who feel penalized. Grewal reiterated Coinbase's commitment to upholding the rule of law equally for everyone and believes crypto exchanges and projects must team up to withstand the SEC.
Bitcoin Transaction Fees Soar While XRP's Remain Low
Bitcoin's average transaction fee has increased from $19.21 to over $30 per transaction between May 7 and May 8, 2023, while XRP's average transaction fee remains around $0.0002. This increase in Bitcoin's transaction fee may be due to the rise of BRC-20 transactions and Bitcoin NFTs.
Crypto Whales Move Millions of XRP Tokens as Price Remains Under SEC Regulatory Pressure
XRP, the native cryptocurrency of Ripple Labs, experienced a slight increase in price on Wednesday despite facing regulatory pressure from the US Securities and Exchange Commission (SEC).
Crypto Community Criticizes Venture Capitalist for Calling XRP a Security
Venture capitalist Jason Calacanis received criticism from members of the crypto community after suggesting that XRP is a security. Calacanis stated that Ripple could have avoided legal issues with the Securities and Exchange Commission (SEC) if it had registered with the regulator. Ripple CEO Brad Garlinghouse responded by stating that the US lacks a framework for registering digital assets and criticized Calacanis for commenting on topics he lacks knowledge about. The crypto community also expressed their disagreement with Calacanis, citing the difficulty of registering a digital asset with the SEC due to regulatory uncertainty.
Crypto Lawyer Blasts SEC's "Far-Fetched" Arguments in Ripple Lawsuit, as Ripple CEO Reveals $200 Million Legal Defense Cost
Ripple Labs CEO Brad Garlinghouse has announced that the company will spend approximately $200 million on legal fees to defend itself against the SEC's lawsuit. However, John Deaton, a lawyer and crypto enthusiast, has criticized the lawsuit, describing it as "far-fetched" and lacking in merit. Deaton argues that the SEC has exaggerated its case and has failed to provide any legal authority or precedent to support its definition of XRP as a security. Despite mixed reactions to the news of Ripple's legal expenses, Garlinghouse expressed gratitude to the community for their support during the lawsuit.
Coinbase Retains Algorand Trading Despite SEC Charges: CLO Paul Grewal Addresses Questions on Double Standards
Coinbase has faced questions over its decision to retain trading activities for Algorand (Algo) despite the US SEC characterizing it as a security. This is in contrast to the exchange's decision to delist XRP for the same reason. In a recent interview, Coinbase's Chief Legal Officer, Paul Grewal, acknowledged the frustration of XRP holders and emphasized the need for teamwork in navigating the evolving legal landscape. Grewal also suggested that there may be a political force behind the recent SEC enforcement actions. Despite Grewal's comments, some XRP proponents remain unsatisfied with Coinbase's response.
Ripple Moves 50M XRP from Escrow to Unknown Wallet, Coinciding with Recovery Campaign
Ripple and other large holders of XRP recently moved a total of 218 million tokens, worth around $81 million, in six different transactions. The majority of the movements were made to exchanges such as Bittrex and Bitstamp, coinciding with a recovery campaign by XRP. One of the transactions involved 50 million XRP tokens, worth $21.4 million, transferred from Ripple to an unknown wallet. However, it was later revealed that the recipient wallet actually belonged to Ripple. Other large holders also made movements, with 168 million XRP moved in five different transactions. These movements coincided with a drop in XRP price, but the asset has since recovered and is currently trading at $0.4303.
Ripple Debunks Claims of Conducting an ICO with XRP
Claims that Ripple conducted an ICO with XRP have resurfaced amid the ongoing legal battle to determine whether XRP is a security or not. However, media personality and XRP community member Eri has debunked these claims, stating that Ripple never carried out an ICO.
XRP Plunges to Six-Week Low as Crypto Markets Move Further into Red
On Monday, XRP, also known as Ripple, dropped by 5% and hit a six-week low, with the global crypto market cap falling by over 3%. This comes ahead of the upcoming U.S. inflation report. Similarly, Solana also declined and hit a multi-week low. XRP/USD dropped to an intraday low of $0.4333, breaking out of a floor at $0.4360, while SOL/USD fell to a low of $21.01, its lowest level since April 26.
Stop Protecting American Public, Pro-XRP Attorney Tells SEC Chair
Crypto lawyer John Deaton is urging SEC Chair Gary Gensler to withdraw his regulatory actions against crypto companies, claiming that they harm the industry while failing to protect Americans. The SEC has been enforcing unclear regulatory measures against several crypto entities, including Ripple, Paxos, Bittrex, and Coinbase. Deaton argues that XRP is not a security but a digital currency, and the ongoing lawsuit against Ripple is pushing legal boundaries. The SEC maintains that its actions are necessary to protect investors and ensure compliance with securities laws.
Ripple CEO Thanks XRP Community as Twitter Discussion Heats Up Over SEC Lawsuit
As the Ripple vs SEC legal battle continues, Ripple CEO Brad Garlinghouse expressed gratitude to the XRP community for their support during the case. Meanwhile, a heated Twitter discussion took place between users regarding the case and the expectations of profit. Legal expert and Ripple amicus curiae, John E. Deaton, reiterated his arguments challenging the SEC's argument. The XRP token is currently trading at $0.44, recording a decline of 5.34% on the day and 15.35% on its monthly chart.
Ripple Price Breaks Support, XRP at Risk of More Losses
Ripple's XRP is experiencing a bearish trend and is at risk of further losses if it breaks the $0.40 support level. The price has dropped below $0.450 and the 100 simple moving average (4 hours), with a bearish trend line forming with resistance near $0.450 on the 4-hour chart. Initial resistance is near the $0.440 zone, while initial support on the downside is near the $0.410 zone. If there is a downside break and a close below the $0.40 level, XRP’s price could extend losses.
