Ripple To Spend $250,000 For Transparency, But Will It Pay Off? – Coinpedia Fintech News
In a decisive move amidst the ongoing legal battle with the Securities and Exchange Commission (SEC), blockchain payment giant Ripple is reportedly ready to foot a bill of no less than $250,000!
The Price for Transparency
This massive sum, according to renowned cryptocurrency legal expert John Deaton, would cover a meticulous review of the company’s summary judgment materials.
Deaton suggests that Ripple’s commitment of this sum would facilitate a rigorous review by a cadre of paralegals, associates, and partners. Their task would be to ensure that all redactions meet the criteria set forth by Judge Torres’ verdict. Further, they would be responsible for scrutinizing the SEC’s submissions.
Related: Ripple CEO Reveals $200M Lawsuit Expense, Slams US Crypto Policies – Coinpedia Fintech News
Yesterday saw both the SEC and Ripple’s legal team filing a joint letter, seeking an additional week to prepare public, unedited versions of cross-motions for summary judgment, as well as the corresponding exhibits. This notably includes documents relating to a speech by William Hinman. This joint request for additional time has sparked speculation about a possible resolution that may be favorable to Ripple.
The Achilles Heel: The Hinman Speech Documents
The Hinman documents have been a consistent source of vulnerability for the SEC. Their release to the public could potentially unsettle the commission’s internal ranks. Despite the SEC’s multiple efforts (seven, to be exact) to prevent these documents from public disclosure, their protective tactics were thwarted by a recent Court ruling.
Brad Garlinghouse Speaks Out
Earlier this year, Brad Garlinghouse, Ripple’s CEO, voiced his opinion on the controversy surrounding these Hinman documents. He hinted that their public disclosure might bring to light contradictions within the SEC’s internal discourse, which could further challenge the legitimacy of their case against Ripple.
Related: XRP Defies Crypto Decline as Ripple Seems to Have Upper Hand in SEC Case – Coinpedia Fintech News
In a recent interview with CNBC, Garlinghouse alluded to the ambiguous regulatory landscape in the US, which he believes might push more cryptocurrency entities to consider relocation. Ripple itself is actively exploring opportunities for hiring and investing overseas, further reinforcing this sentiment.
It appears that Ripple is going all in its fight against the SEC. Only time can tell if it will pay off.
Why Should Investors Pay Attention To Mooky, Big Eyes, Solana, And Bitcoin?
When deciding to invest in a cryptocurrency, investors may turn to well-known tokens like Bitcoin (BTC) and Solana (SOL), as well as emerging initiatives like Mooky coin (MOOKY) and Big Eyes Coin (BIG), to discover what is preferred. We must all re-evaluate crypto legislation in light of Sam Bankman-Fried. The positive news for many who lost millions of dollars, it was nothing less than a teaching moment. And investors won’t pass over FTX’s increasingly obvious warning signs once again.
Over 1500 projects worth over $50 billion have been obtained by Solidity Finance. Solidity Funding is a trustworthy and well-respected business in the Bitcoin ecosystem.
KYC Capital and Solidity Finance are both partners, and BIG has already been KYC confirmed on CoinSniper. This indicates that Big Eyes has successfully acquired a tier 1 centralized exchange after having to prove its identity (CEX).The Public Company Accounting Board (PCAOB) only audited FTX’s auditors once every three years since they were so tiny. Additionally, FTX used two distinct auditors for its offshore operations and U.S. activities. In the end, either auditor had a full understanding of what was happening with FTX.
This was undoubtedly a warning sign for FTX that investors should have seen, but the absence of regulations allowed the business to take those risks without suffering any consequences.
Who Benefits? What services may indeed Big Eyes Coin provide?
On its own, investing in cryptocurrencies may be profitable and advantageous, but BIG adds a further benefit: charitable giving.The big-eyed cat that serves as BIG’s symbol aims to protect fish in the ocean. The cryptocurrency market has already come under fire for its role in causing pollutants; the blockchain technology that powers it consumes a lot of electricity. Big Eyes is therefore listening and gazing forward.
In its presale, Big Eyes raised $17.5 million, and it has the potential to grow rapidly by 2023. When BIG launches, 90% of the assets will be distributed to the community, with the remaining 10% going to marketing and the charity wallet. Future donations will benefit from the 5 percent set aside for charity.
Another currency that has obviously paid attention to the opponents of cryptocurrencies is Solana. By establishing a compromise that incorporates Proof-of-Stake (PoS) and Proof-of-History, SOL recently decreased its carbon footprint (PoH).
Similar to this, Big Eyes is based upon the Ethereum (ETH) platform, thus it now uses a PoS consensus and hence has a carbon footprint over 99 percent lower.
The finest thing FTX did for the environment in terms of environmental contributions was declared bankruptcy.
Pre-sale for MOOKY is presently Undergoing
The monkey utilized blockchain technology to preserve the tree. Welcome to the MOOKY universe! Join the thousands of Web3 fans across the world who are supporting MOOKY in his mission to protect the environment and help plant trees.
Pre-sale for MOOKY is presently undergoing. Be a market pioneer for the prettiest community-owned defi meme coin that is about to take off! Join the short-lived presale to find out why Mooky is making headlines across the world! Read on to learn more about the presale levels!
MOOKY is the cutest and greatest meme token of 2023, according to Mooky’s mission! We will assist in planting trees all over the world in an effort to improve the environment and spur change. $MOOKY Tokenomics states that because Mooky has a 0% tax rate, there are no slippage requirements for purchasing or selling. The greatest alternative for the community is low-tax tokens. For two years, liquidity will be trapped. No VC or private sale, and no team tokens.
1,000 Different 3D NFTs: 3D Mooky NFTs that are really original and useful! Each NFT also has a trackable connection to a tree that was planted in the real world. You can join the Mooky Ventures club if you own a legendary or exceptionally rare card! Today, give it a try! Create one of our unique NFTs.
Club Mooky Ventures: A special benefit for owners of legendary and ultra-rare NFTs is the Ventures club. Get bimonthly airdrops from our partnering platforms, products, and passive income.
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Just In-Ripple Could Pay $250 Million to Settle the Lawsuit with the SEC-John Deaton
The post Just In-Ripple Could Pay $250 Million to Settle the Lawsuit with the SEC-John Deaton appeared first on Coinpedia Fintech News
The Ripple vs SEC lawsuit is becoming more fascinating every new day as the possibilities of the settlement are now fluttering within the space. Although Ripple CEO, Brad Gardlinghouse has stated that the company will not settle the case with the authority as they are confident to come out victorious. However, the XRP proponent and the representative of XRMArmy in the court, John Deaton believes that the blockchain company may pay millions of dollars to settle if required.
John Deaton asserted that Ripple could pay $250 million to the SEC to settle the case. Answering a query on partial settlement raised by Digital Asset Investor, Deaton made a response seeing the future sales of XRP which may not be considered as securities.
However, Deaton also made it clear that the SEC may certainly not agree to such a condition from Ripple in times when the authorities have wagged a war against the crypto space. Deaton also said the secondary sales of XRP have not been appealed and hence Judge Torres may provide more clarity on this.
Deaton’s statement on settlement came out after the XRPArmy raised multiple queries and their eagerness to know whether both parties settle the case before Judge Torres produces the judgment. In the meantime, the XRP community anticipates the lawsuit to be in favor of the company. This could be a win situation for the company with the XRP being relisted in all the major exchanges and making it accessible for all the traders.
Binance Displays Compliance To Pay Fines For Regulatory Violations Of The Past
Binance Chief Strategy Officer, Patrick Hillmann, announced in an interview with The Wall Street Journal that the world’s largest cryptocurrency exchange is willing to pay fines to “make amends” for past regulatory violations.
Hillmann acknowledged that the company grew rapidly and was initially unaware of the laws and regulations surrounding money laundering, sanctions evasion, and corruption. Binance expects to face fines and is currently working with regulators to remedy the violations.
Binance’s Fate Hangs In The Balance
According to Reuters, Binance has been under investigation by the US Attorney’s Office for the Western District of Washington since at least 2018, and the Department of Justice (DOJ) has reportedly sent at least two trading firms subpoenas requesting records of their past dealings with Binance US.
The DOJ is currently assessing whether the evidence they have collected is sufficient to bring charges against the exchange and several individuals, including CEO Changpeng ‘CZ’ Zhao.
Hillmann did not specify which investigation he was referring to during his interview with The Journal but stated that the outcome could “likely [be] a fine, could be more…We just don’t know. That is for regulators to decide.”
He declined to estimate the size of the fines or a timeline for when the investigation might be settled. However, he expressed confidence in the discussions with regulators, stating, “It will be a good moment for our company because it allows us to put it behind us.”
The company is committed to complying with regulations in the future and is working to improve its compliance measures.
Binance Changes Its Stance
Binance’s willingness to pay fines to address past violations is a change from its previous stance. CEO CZ had previously stated that Binance was not subject to US regulations and that the company had no headquarters or official location.
However, as regulatory pressure has increased, Binance has taken steps to comply with regulations and improve its compliance measures, including hiring former US Treasury Department officials and implementing a new anti-money laundering program.
The outcome of the investigation and potential fines imposed on Binance will have implications for the broader cryptocurrency industry as regulators seek to bring companies into compliance with anti-money laundering and sanctions regulations.
NovaWulf Digital Will Acquire Bankrupt Celsius, Here’s How They Plan to Pay Their Creditors
An agreement in principle has been reached for NovaWulf Digital Management to acquire bankrupt cryptocurrency company Celsius. Out of the more than 130 bids it received during its bankruptcy case, Celsius chose NovaWulf’s offer.
As reported by Coindesk, the arrangement has been approved in principle by the company and NovaWulf, but before moving forward, the parties still require the bankruptcy court’s and the creditors’ consent.
If the proposal put out by Celsius is accepted by US Bankruptcy Judge Martin Glenn, who is overseeing Celsius’ Chapter 11 procedure, those assets would be held by Celsius creditors and managed by NovaWulf under a profit-sharing agreement. According to the proposal’s conditions, the company projects that 85% of Celsius’ clients will receive around 70% of their claims in liquid cryptocurrency.
Creditors would receive the majority of their money back in the form of BTC, ETH, and USDC if they had less than $5,000 in their lending accounts. Larger creditors will obtain tokenized shares in the new company, which will trade on the Provenance blockchain by Figure Technology through a licenced broker-dealer.
NovaWulf has agreed to contribute up to $55 million to the reformed business, which will continue the lending and bitcoin mining operations of Celsius and be held by its creditors. Court filings state that NovaWulf will receive a portion of the new company’s earnings.
After freezing consumer withdrawals, Celsius filed for US bankruptcy in July. At the time, Celsius reported having more than 1.7 million registered members and about 300,000 active users with account balances of at least $100.
The official committee of Celsius’ unsecured creditors stated in a different motion that it was attempting to recover money from the company’s former CEO Alex Mashinsky and other executives who served as the company’s leaders prior to going bankrupt.
Kraken Exchange Agrees to End US Crypto Staking and Pay $30 Million Fine To SEC
The Securities and Exchange Commission (SEC) has announced that cryptocurrency exchange Kraken will pay a $30 million settlement to resolve charges that it offered unregistered securities. The company has agreed to end its staking-as-a-service platform for US customers immediately.
According to the SEC, Kraken’s staking program was marketed as offering an easy-to-use platform and benefits to investors, including regular investment returns and payouts. The regulator has characterized the program as high-risk for investors, as staking-as-a-service providers offer very little protection.
In response to the SEC’s lawsuit, Kraken stated that it will automatically unstake all assets held by US clients, with the exception of staked ether, which will remain staked until after the Ethereum Network’s Shanghai upgrade. US clients will also no longer be able to stake new assets.
The SEC Chair, Gary Gensler, emphasized the importance of proper disclosures and safeguards for crypto intermediaries that offer investment contracts in exchange for tokens. He emphasized that staking-as-a-service providers must register and provide full, fair and truthful disclosure and investor protection.
Other companies, such as Coinbase, also offer staking services. The SEC’s action against Kraken sends a clear message to the marketplace that these types of services must comply with securities laws.
The recent announcement of the SEC fining Kraken for offering unregistered securities does not affect Coinbase’s staking program. According to Paul Grewal, Coinbase’s CLO, staking on Coinbase continues to be available and staked assets continue to earn rewards from the protocol.
Grewal emphasized that the difference between Coinbase’s staking services and Kraken’s is that Coinbase is not considered a security. The rewards earned by Coinbase customers depend on rewards paid by the protocol and commissions, whereas Kraken was essentially offering a yield product. Grewal believes that clear rules that distinguish between the two types of services would provide clarity for consumers, investors, and the industry.
The announcement of Kraken’s settlement comes at a difficult time for the cryptocurrency industry, with recent events such as the collapse of the FTX crypto exchange platform and the shutdown of an argument that NFTs fall under protected speech. The situation shows no sign of improving in the near future.
Calypso Pay Adds Support For Lightning And Now Enables Its Users Send And Receive Payments Faster
Tel Aviv, November 23 – Calypso Pay today announces it added support for Bitcoin Lightning Network enabling almost free and near-instant BTC transfers. Along with Lightning, Calypso Pay utilizes automated transaction formation and mempool analysis to credit the funds before they are placed in a block to ensure near instant settlement that Bitcoin network was unable to provide.
Calypso Pay is a high-volume crypto processing platform that lets merchants receive payments in crypto from their clients and pay their partners and workers almost instantly with minimal commissions. Users can create invoices and use the payment widget to accept payments or charge subscriptions with advanced analytics on top. Calypso Pay even provides a dedicated management module for crypto treasuries to cover their specific needs.
The Lightning Network is a second layer added to Bitcoin’s blockchain that allows off-chain transactions. It enhances the scalability of blockchain applications processing millions to billions of transactions per second across the network while still benefiting from the mainnet’s powerful decentralized security. The payment speed is measured in milliseconds to seconds as it excludes from the process the waiting time for block confirmation, and it allows for exceptionally low fees, and thus can be used for instant micropayments.
“Merchants and their clients tend to choose Bitcoin for their transactions, but at the moment this payment channel limits them significantly in speed and volume. We at Calypso Pay strongly believe the Lightning Network offering scalable and instant blockchain transactions will become the way of payments for the future”, says Svyatoslav Dorofeev, CEO of Calypso Group. “Today we’re glad to announce we’re adopting it at the forefront of global payment platforms — we’ll continue working to allow our users to take advantage of Lightning for recurring payments, and beyond.”
Calypso Pay charges 1% for Lightning transactions — same fee as for all other services with no setup fees, no monthly minimums and no hidden taxes. Transfers via Bitcoin Lightning Network are available to all its users without any limitations: they can enjoy cheap and secure payments with instant deposit and withdrawal and no transaction limits.
According to the report by Arcane Research, the number of payments in the Lightning Network has roughly doubled over 2021, while their value in US dollars has increased by more than 400%.
The Lightning Network support is powered by the technology of WatchBlock, a SaaS platform for tracing and monitoring transactions. Both Calypso Pay and WatchBlock are part of Calypso Group, a crypto-native fintech ecosystem for businesses. The Group aims to bring modern fintech experience to the world of web3 and let businesses accept payments in crypto, confirm their origin for regulatory purposes, run payouts and payroll.
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Buy Games And Pay Online Subscriptions In Crypto With Swapin Services
Gamers and crypto go hand and hand, but it hasn’t always been so simple to buy games with crypto. Coins have been in heavy use around the video game industry since arcades began accepting tokens. Much like physical money is slowly being phased out from the arcade by forcing users to top up value cards versus popping in more coins, crypto is displacing the traditional finance industry.
The connection hasn’t entirely been made between crypto and the gaming industry, with most game publishers and console manufacturers without an easy way to accept crypto from users. Thankfully, Swapin crypto-to-fiat payment solutions are allowing gamers to buy games and pay for online subscriptions right now using crypto assets that are instantly converted to fiat currencies and sent to the recipient’s bank account.
How Gamers Can Power Up The Crypto Industry
The gaming audience and the cryptocurrency market have many synergies, making gamers an early investor class in crypto and a key to unlocking global adoption. Since the early days of the Super Mario Bros., gamers have been doing their best to collect as many coins as possible.
As the gaming industry grew, and so did the digital form of media, collecting coins soon turned into digital economies where users transacted with in-game currencies like gold in World of Warcraft. In the future, downloadable content could be offered as NFTs, which could be sold second-hand via cryptocurrency-based marketplaces.
The evolution of these two industries is unfolding right before our eyes. In the meantime, gamers can immediately utilize their cryptocurrencies with Swapin technology, allowing them to buy their favorite games online or pay for online subscription fees required by most gaming consoles and networks.
Why Gamers Should Press Start On Swapin Services
Swapin B2C solutions like InstaPay allow crypto holders to pay anyone in the world with cryptocurrencies, yet the recipient gets GBP or EUR to a connected bank account. InstaPay makes it possible to buy games with crypto in only a few clicks.
InstaPay also enables recurring monthly payments via a simple to set-up predefined payment template so that crypto holders and gamers can pay for monthly online subscriptions like the PlayStation Network, Xbox Live, and other major subscription services.
Gamers can also contact their favorite retailer and request that they begin accepting cryptocurrencies through one of Swapin’s B2B tools. For example, CoinCollector accepts cryptocurrencies through a prefilled payment link, while the E-Com widget allows any business to accept crypto through an e-commerce checkout process designed by Swapin.
Get Extra Life From Your Crypto With Swapin Solutions
In each case, although the business is sent cryptocurrencies, Swapin’s crypto-to-fiat payment technology instantly converts all crypto assets to fiat without all the fuss. Exchange rates are locked for 30 minutes during the transaction, so there is no risk of price volatility, causing the number of funds to differ when it reaches its destination.
Swapin services are EU-regulated and trusted by individuals from all across Europe and businesses like RE/MAX and E-Jewels. The company recently raised more than €1.88M across early funding rounds, attracting talent from key industries like crypto, finance, and fintech development.
Instant crypto-to-fiat payments from Swapin are changing the game once again. If you want to power up the way you buy games with crypto or give extra life to your monthly online subscription purchases, check out the Swapin app today.
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Mastercard Working On Five Key Areas To Make Crypto “An Everyday Way To Pay.”
The post Mastercard Working On Five Key Areas To Make Crypto “An Everyday Way To Pay.” appeared first on Coinpedia Fintech News
On Wednesday, Mastercard listed five main areas in which it is striving to “make crypto an everyday way to pay.”
Raj Dhamodharan, Mastercard’s executive vice president of Digital Asset and Blockchain Products & Digital Partnerships, went on to describe five critical areas in which Mastercard is trying to make this happen.
The first is crypto cards. He went on to say that Mastercard has already launched dozens of additional crypto card operations throughout the world this year.
The second segment is crypto services. The third is payments. The fourth category is concerned with crypto on Mastercard networks. The fifth area is about the metaverse and non-fungible tokens (NFTs).