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.
LimeWire Integrates XRP as a Payment Method
Blockchain-based content sharing platform LimeWire has integrated XRP as a payment method for its ongoing Initial Coin Offering (ICO) event of its proprietary LimeWire token (LMWR). This allows XRP investors to participate in the public sale event using their XRP tokens, with XRP set to list on four major exchanges on May 16. LimeWire had to integrate XRP after the XRP community generated more than the required 300 retweets for the payment method's inclusion in less than two hours. The minimum purchase for the token is set at 418 XRP, and the sale is expected to end in the next three days.
Analyst Says $10 or $27 in the Grab for XRP with its Current Bullish Position
And this recent prediction from Egrag, a cryptocurrency analytics firm, is suggesting that the price of XRP could reach $10 or $27 by the end of 2025.
Ripple CEO Issues a Message to XRP Supporters
Ripple CEO Brad Garlinghouse expressed gratitude for the support of the XRP community amid the ongoing legal battle with the Securities Exchange Commission (SEC). Garlinghouse made the remark following his participation in the XRP Las Vegas 2023 event, a two-day conference exclusively dedicated to members of the XRP community. The community's support has not gone unnoticed by Ripple's leadership, and Garlinghouse anticipates the legal matter to be concluded in the first half of 2023. Recent developments, including the SEC's case against Ripple being weakened, could have implications for the outcome of the legal case and the broader regulatory framework for cryptocurrencies. XRP continues to trade in tandem with the general market, with the token trading at $0.46 at press time.
