Coinbase criticized for apologizing to Pepe community and ignoring XRP enthusiasts
Attorney Bill Morgan has criticized Coinbase's Chief Legal Officer, Paul Grewal, for apologizing to the Pepe community but not to XRP enthusiasts. Grewal issued a public apology to Pepe enthusiasts after the exchange linked the meme-based cryptocurrency to an alt-right hate symbol. However, Morgan pointed out that Coinbase has not apologized to XRP community members for halting trading of the crypto asset on the exchange or for failing to distribute the Songbird airdrop to XRP holders. Morgan has previously commented on Coinbase's decision to halt XRP trading, arguing that the exchange should have relisted XRP if it uses a robust method to relist tokens.
Attorney Deaton Reacts to Empower Oversight's Lawsuit Against the SEC for Compliance with FOIA Request on XRP Communications
Attorney John E. Deaton, who represents thousands of XRP holders in the SEC v. Ripple case, has commented on Empower Oversight's lawsuit against the SEC. Deaton clarified that Empower Oversight has no affiliation with him, CryptoLaw, Ripple, crypto, or XRP. However, he acknowledged that the evidence assembled by the XRP community shows "massive conflicts of interest and gross appearance of impropriety." Deaton has previously called on the SEC to release documents requested by Empower Oversight, and he believes that the agency's leadership is corrupt. Empower Oversight filed a new lawsuit against the SEC to force the regulator to comply with its Freedom of Information Act (FOIA) request, which seeks detailed information involving former SEC chairman Jay Clayton and William Hinman's communications regarding XRP and other crypto assets.
XRP Holders Were First to Call Out SEC's Gross Overreach
According to attorney John Deaton, XRP community members were the first to call out the SEC's overreach. XRP holders have been warning relevant authorities and other crypto communities about the SEC's actions for the past two years.
Ripple Moves 50 Million XRP Amidst Concerns of a Possible Drop in Value
Ripple recently moved 50 million XRP tokens, which were part of the 300 million XRP released from escrow for May. This is the second transaction in three days, with the company having moved a total of 100 million XRP out of the 300 million tokens.
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 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).
