Payment Giant PayPal Responds to Shiba Inu Listing Request
With over 1.3 million holders, the Shiba Inu ecosystem is bound to attract institutional investors. Up over 22,981,223 percent from its ATL, according to the latest crypto price oracles, Shiba Inu has obtained favor from most crypto traders. Moreover, SHIB has recorded a 24-hour trading volume of about $440,201,885 despite the sustained year-long bear market.
The upcoming Shibarium layer 2 (L2) network, which is anticipated to be released on Valentine’s Day, will bring more on-chain activity on the second-largest meme coin. Moreover, more developers are reportedly working on decentralized applications to launch on the Shibarium network
Shiba Inu on PayPal?
Over the weekend, a Shiba Inu holder asked payment giant PayPal Holdings Inc. (NASDAQ: PYPL) whether it accepts SHIB for payment. The payment giant replied with the notion that such a payment can be organized. However, the company’s support updated its comments two days later that such a transaction is not available on its system.
The confusion has aroused the Shiba Inu community with the price down 7 percent in the past week. Exchanging around $0.00001297 on Tuesday, Shiba Inu takes pride in a market capitalization of approximately $7,643,722,502. The Shiba Inu ecosystem has a vibrant online community with its token system that includes $BONE and $LEASH.
A possible listing on PayPal could push the second-largest meme coin to mainstream adoption. Moreover, PayPal has over 200 million active accounts worldwide with thousands of merchants accepting it as a form of payment.
Ripple Vs SEC Update : SEC Rejects Third Party’s Request To Redact Information, Atty. James Filan Reveals All!
Brad Garlinghouse, the CEO of cryptocurrency and blockchain business Ripple, believes that a resolution with the US Securities and Exchange Commission would be completed in the first half of 2023. He further added that he is optimistic about where they stand currently with respect to law and facts.
Everyone with an interest in the sector believes that the end is in sight and is closely monitoring all the updates. James K. Filan, a former federal prosecutor, keeps everyone updated.
SEC opposes certain redactions
In a recent tweet, James K Filan, a former federal prosecutor, revealed that the SEC has filed an opposition to Third Party A’s Motion to Redact all references to Third Party A as an entity, as well as Third Party A’s (and Ripple’s) proposed redactions to the names of certain public crypto trading platforms.
Although the identity of Third Party A has been made public in the dispute, the SEC observed that the company is still seeking redactions to 38 of the parties summary judgment filings. The SEC stated that it disagrees with Third Party A’s proposed redactions to the deposition transcript of its employee in 38 of the summary judgment papers.
What are the three categories that the SEC has opposed?
The SEC supports Third Party A’s request to omit the employee’s name and other identifying information, but it opposes three of the proposed redactions adamantly.
Firstly, the agency rejects Third Party A’s request to redact all mentions of the business as an entity. Second, the regulator opposes the redactions to the names of some public crypto asset trading platforms that Third Party A and the defendants propose.
Lastly, the Securities and Exchange Commission opposes the deletion of data from the deposition transcript related to the economics of Ripple’s On-Demand Liquidity (ODL) solution and Third Party A’s function in monetizing the XRP holdings of Defendants.
The SEC’s opposition comes less than five months after Third Party A requested that the court grant its move to modify one of Ripple’s attachments in its application for summary judgement.
What does the community think about this?
Twitter users believe that the SEC’s conduct is suspicious. What the SEC is hiding has been a recurring question. Another person stated that the SEC would ultimately run out of excuses since it always invents new ones. Some have even demanded that SEC Chairman Gary Gensler resign. There is a lot of hate towards the SEC for their statements.
It seems like the SEC wants to keep some of the information related to this lawsuit under the wraps. This seems like an attempt to influence the ruling of the case.
Tether Denies Bailout Request From Ex-FTX CEO Bankman-Fried
As investigators around the world try to gather facts about the FTX and Alameda implosion, stablecoin issuer Tether (USDT) has claimed that SBF, the CEO of FTX, requested a bailout in the billions before filing for bankruptcy protection.
According to a report by Forbes, SBF reportedly wanted Tether to return a favor as one of its largest clients. Moreover, FTX had minted over $36 billion in USDT, almost half of Tether’s entire circulating supply, during its peak-performing period.
Nonetheless, Tether officials declined the request after SBF reportedly declined to outline the details of the economic help he needed. According to Paolo Ardoino, Tether’s Chief Technology Officer, SBF sounded uneasy with the request, which was never the case before.
“He suddenly asked for something that he had never asked for before, and he wasn’t talking about $10 million. The way he was talking suggested that he had a big issue. His request was in the billions,” Ardoino said.
The requests by SBF are not outrageous as he publicly requested bailout funds from the Binance cryptocurrency exchange. However, while Binance CEO Changpeng Zhao (CZ) declined the bailout, FTX’s FTT token plummeted drastically in a few hours, liquidating billions of dollars.
Tether intends to clarify its relations with FTX and SBF as investigators close in on blockchain activities that led to the exchange’s collapse.
Moreover, blockchain data suggests that Tether could have minted for SBF’s companies as high as $500 million in a single transaction. As such, calls for a Tether USDT audit have increased lately to ensure that every minted stablecoin is redeemable.
A Call For Transparency
Following the sudden collapse of FTX and its native token FTT, crypto traders have become cautious about holding and trading most altcoins. As a result, calls for greater transparency have increased, despite the fact that most crypto companies operate on public blockchain technology. Furthermore, Coingecko has been listing the availability of crypto exchanges’ reserve data.
However, crypto traders remain skeptical about security even with reserve data publicly available. Additionally, centralized exchanges hold the keys to users’ coins and can potentially withdraw funds without warning. As a result, decentralized exchanges and non-custodial wallets have gained popularity in recent weeks, as seen with Binance-backed Trust Wallet and its TWT token.
Meanwhile, Tether (USDT) is expected to remain on regulators’ watchlist due to its control over minting programs, similar to the Federal Reserve. However, the creation of the digital dollar is expected to bring more stability and reduce irregularities in the stablecoin industry.
SEC’s Request Denied In Court; Is Ripple One Step Closer To The Finish Line?
The ongoing litigation between Ripple and the SEC has kept everyone apprised of the latest developments. Nicole Tatz, an attorney who has been working with Brad Garlinghouse’s team from the beginning of the litigation, suddenly resigned from her role representing Ripple in the dispute.
The anticipation among investors that December would be a turning point of epic significance for Ripple was building steadily. The deadline for submitting summary judgment papers was extended to November 30, which raised everyone’s hopes.
The Chief Executive Officer of Ripple, Brad Garlinghouse, believes that the lawsuit will not go to trial and that it will be resolved in the first half of 2023. Everyone here is keeping their fingers crossed that the judge will rule in Ripple’s favor.
Judge Torres Grants Ripple’s Request
In a related development, presiding Judge Analisa Torres of the Ripple vs. SEC case has issued an order addressing the parties’ August motion to seal papers related to the expert challenges, generally known as Daubert Motions.
The order requested a decision that would seal and redact certain documents placed by the parties in an effort to exclude expert evidence, as requested by the U.S. Securities and Exchange Commission (SEC).
Ripple argued that its sealing petition would safeguard its highly private business information and the legitimate privacy rights of third parties, while the SEC claimed that its request was required to protect the identity of its expert witnesses.
To further safeguard their privacy and proprietary information, MoneyGram and an unnamed third party requested that some papers filed in support of the parties’ Daubert Motions be partially redacted.
In the SEC’s action against XRP, Judge Analisa Torres partially sided with the agency. As noted in the judgment, the court did not grant the commission’s request to exclude information about the consulting companies that assisted the commission’s expert witnesses. It does, however, approve the watchdog’s motion to redact the papers it submitted in support of its Daubert Motions.
Ripple supporters are still in the dark since the date for the settlement is being challenged at this time. John Deaton, an advocate for XRP who is also an attorney, thinks the verdict will not be given until late April or early May 2023.
According to Deaton, the earliest possible date for the court to provide a decision would be March 31. This is due to the fact that there are many pages of documentation that need to be reviewed by the court before rendering a verdict.
Ripple may not necessarily be assured of a victory at the conclusion of the lawsuit as a result of the latest judgment made by Judge Torres, but this is undoubtedly a success for Ripple on a smaller scale.
Despite this, XRP buyers are keeping their positions open in the event that the lawsuit is decided in their favor. If Ripple were to prevail in this case, it would imply that XRP would be excluded from the definition of a security that the SEC has maintained for a significant amount of time.
What if the SEC Fails to Request Reconsideration Before October 13th?
Ripple VS SEC lawsuit is revolving around the probable rollout of the summary judgement for quite a long time. Previously, the SEC was ordered to hand over the documents related to William Hinman to Ripple, wherein the ex SEC in an event said Ethereum (ETH) was not a security. Finding it irrelevant, the SEC had objected to disposing of the documents, which was turned down.
The SEC has been deliberately encouraging uncertainty within the cryptospace by flaunting most of the orders given by the court. Mainly due to the fact that the documents are considered very crucial as they show Hinman’s personal opinion.
Moreover, if the SEC produces the documents, the Ripple vs SEC lawsuit may end in the next 90 days, as claimed by a 3rd party attorney for Ripple, John Deaton. While the Ripple SEC case is about to reach its destiny, what can be expected in the next 90 days?
A well-known personality, HASHR Ventures, rolled out the upcoming important dates of the case from the documents of the Defense lawyer, James Filan.
The blockchain enthusiast listed out the upcoming events of the Ripple vs SEC case, to which the defense lawyer replied that if the SEC had to request a reconsideration, it would be on or before October 13th, 2022.
Further, when asked whether the decision of the Summary Judgement is in the Judge’s hands after December 12, 2022, Filan replied that it may be considered immediately after the briefing is completed on November 15.
“ Technically, it’s in Judge Torres’s hands and she can start work on it on November 15th because that’s when the briefing is complete.” “Those things due after that relate to sealing issues regarding what will be public and what will remain sealed, but not the substance of the motions,” he said.
Further, when asked whether the Summary Judgement may occur before the sealing, James Filan replied negative.
Collectively, the end game for Ripple vs SEC lawsuit appears to be fast approaching as the SEC has no more acquisition left. On the other hand, Ripple is not much impacted by the case and continues to grow in terms of expansion and development of its ecosystem. Therefore, with the advancement in the case, the XRP token could also be relisted in the US-based exchanges which may uplift the XRP price before the next bull run.