Ripple vs SEC: Pro-XRP lawyer says SEC May Seek Emergency Writ to 2nd Circuit: ‘But That Will be Denied’
In the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple, a federal judge has denied the SEC’s request to appeal its earlier loss. District Judge Analisa Torres issued a brief ruling on Tuesday, stating that the SEC had not met the legal burden to show substantial grounds for differences of opinion.
Pro-XRP lawyer Fred Rispoli commented on the ruling, noting that while the July 13 victory was significant, this latest development is also a positive outcome for Ripple.
Judge Torres’ ruling seemed to express her frustration with the SEC’s approach to the case, with Rispoli interpreting it as a display of contempt for the SEC’s disrespect and misuse of her time. According to Rispoli, the SEC’s position took a turn for the worse during the Hinman Emails saga when it adopted seemingly contradictory stances, ultimately proving detrimental to its case.
One key takeaway from Judge Torres’ order, as pointed out by Rispoli, was a footnote highlighting the SEC’s presentation of shifting and inconsistent arguments regarding its legal theory about “Other Distributions.” According to Rispoli, this observation was an unusual departure from Judge Torres’ typical approach but was deemed necessary to underscore the SEC’s inconsistency.
“The SEC may seek an emergency writ to 2nd Circuit, but that will be denied. It would waste time and money, so I cannot put that at 0% probability. The order’s many references to facts yet-to-be-decided were saturated with implications by J. Torres that any arguments by SEC will be greeted from a starting point of being non-credible,” he wrote on X.
While the SEC may explore options such as seeking an emergency writ to the 2nd Circuit, Rispoli believes such a move is unlikely to succeed and would only waste time and resources. The judge’s repeated references to undecided facts in the case suggest a skepticism towards the SEC’s credibility in future arguments.
“The SEC Lost Big”: Bill Morgan Breaks Down the Sweeping Defeat in Ripple Case
The U.S. Securities and Exchange Commission (SEC) recently lost a motion for an interlocutory appeal in its case against Ripple Labs, the company behind the cryptocurrency XRP. District Judge Analisa Torres denied the SEC’s motion, leading to a considerable stir in the legal and crypto communities.
Australian lawyer Bill Morgan took to Twitter to dissect the court’s decision, emphasizing the comprehensive defeat suffered by the SEC. This article delves into Morgan’s key insights and explores the implications for Ripple and the broader crypto market.
According to him, the SEC failed to meet all three critical elements needed for an interlocutory appeal to proceed, and the court found the following.
- There was no controlling question of law;
- There was no substantial ground for differences of opinion;
- An interlocutory appeal would not materially advance the ultimate termination of the litigation,”
His remarks underscore the thoroughness of the SEC’s defeat, branding it a “complete loss” on all fronts. Morgan further pointed out that the court’s ruling did not conflict with decisions in similar cases, such as LBRY and Terra Labs, thereby quashing any hopes for the SEC to find a silver lining in comparative law.
One of the pivotal elements in crypto-legal battles is the Howey Test, a set of criteria used to determine if a financial instrument qualifies as a security. Judge Torres ruled that the Howey Test was irrelevant to this case, thereby striking down one of the SEC’s main arguments. Morgan concurred, reinforcing that there was no “substantial ground for differences of opinion” concerning the test’s applicability to Ripple’s XRP.
Although this is a setback for the SEC, the battle is far from over. The main trial is set for April 2024, and it promises to resolve lingering questions about the status of XRP as a potential security. As Morgan speculated, this could be an opportunity for Judge Torres to clarify her reasoning further, potentially making the case “appeal-proof.”
Ripple vs. SEC: SEC is Wasting Judge Torres’s Time in a Disrespectful Way
Recent developments suggest that the SEC’s approach may wear thin with the judiciary in the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). District Judge Analisa Torres, presiding over the case, has denied the SEC’s motion for an appeal. Echoing these sentiments, crypto influencer Freddy Rispoli opined that Judge Torres’ recent rulings signal contempt for the SEC, accusing them of “wasting her time” in a “disrespectful way.”
Judge Torres recently rejected the SEC’s motion for an interlocutory appeal, stating that the appeal would not “materially advance the ultimate termination of the litigation.” Her decision included references to “shifting and inconsistent arguments” made by the SEC about their legal theory on Ripple’s “Other Distributions.” For observers like Rispoli, such comments aren’t merely legal parlance but signs of exasperation with the SEC’s approach.
According to Rispoli, the judge’s remarks were uncharacteristically sharp, signaling a veiled critique of the SEC’s shifting arguments. This piercing analysis reflects the SEC’s narrowing options and focuses on the commission’s controversial actions, particularly related to the #HinmanEmails saga.
SEC is Mishandling
District Judge Torres denied the SEC’s pre-motion for an interlocutory appeal. The legal battle seems to have cornered the SEC, forcing them to re-evaluate their stance, especially as they march toward an impending trial in April 2024. This refusal to allow an appeal did not just affect the SEC but also resonated with the community.
Rispoli’s observation about the SEC’s mishandling finds a striking parallel in the controversial Howey Test. Judge Torres dismissed the SEC’s insistence on applying the Howey Test to the case, thus quashing one of their pivotal arguments. This move also bolstered Rispoli’s assertion about the SEC’s increasingly shaky ground in this legal wrangle.
XRP Market Reaction
Echoing the sentiments expressed by Rispoli, the XRP market experienced a 5% rally following the announcement of the denied motion. This pulse of positivity within the investor community is emblematic of the uplifted spirits among Ripple supporters, but it also casts shadows of what may come as the 2024 trial approaches.
With influencers like Freddy Rispoli providing a voice to community sentiment, the SEC may need to rethink its strategy if it hopes to regain judicial and public confidence. As the case heads toward its 2024 trial date, all eyes will be on how the SEC adjusts its approach to avoid “wasting time” in what has already become a high-profile, highly scrutinized legal battle.
XRP Attorney Anticipates Prolonged SEC vs. Ripple, Hints at Possible Resolution by 2027
In a new development in the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), Ripple secured a significant victory on October 3 as a federal judge dismissed the regulator’s intention to appeal the ruling made in mid-July. This ruling determined that Ripple’s XRP sales did not fall under an offer of investment contracts.
The long-standing lawsuit, which the cryptocurrency industry has closely watched, is scheduled for a trial on April 23, 2024. The outcome of this trial is expected to have far-reaching implications for Ripple and the broader regulatory landscape of cryptocurrencies in the United States.
Both parties involved in the case are required to submit all necessary pretrial filings and documents by December 4, 2023, as they prepare for what is likely to be a long legal battle.
Pro-XRP lawyer Fred Rispoli weighed in on the recent developments and opened up about the timeline ahead. He stated that the trial, scheduled for April 2024, could extend for eight weeks or even longer, underscoring the case’s complexity.
He also pointed out that pre-trial motions are expected to be filed in December 2023, with rulings anticipated in early 2024. These rulings could further narrow down the SEC’s case against Ripple. Following the trial, both parties will likely engage in substantial post-trial motions, which will involve several months of briefing and may conclude around September 2024.
The legal battle is far from over, even after these initial stages. Rispoli explained that if appeals are necessary, appellate briefing to the 2nd Circuit Court of Appeals may not be completed until around February 2025. The 2nd Circuit would take approximately a year to decide, potentially extending the legal saga until February 2026.
Furthermore, if the case proceeds to the Supreme Court, assuming it accepts the review, a final decision could be expected around February 2027 or later.
XRP News: New Trial Dates for the SEC vs. Ripple Lawsuit Released by Court
Judge Analisa Torres rejected the SEC’s motion for an interlocutory appeal against the pronounced judgment in the SEC v. Ripple lawsuit.
Just now, there has been another exciting breaking news! The learned Court has released a new trial date for the popular SEC vs. Ripple Labs lawsuit.
What Does the Order Rule?
As per the new Order signed by Judge Analisa Torres, the SEC’s request for an interlocutory appeal has been dismissed by the Court for specific reasons, all of which have been expressly mentioned in the Order sheet dated 03.10.23.
What are the New Trial Dates & What’s Gonna Happen?
The following trial dates are essential, and the prescribed schedule is to be followed as per the order
- 4th December, 2023 – The parties shall submit any motions in limine by December 4, 2023. Motions in limine must be opposed in writing by December 18, 2023.
The parties must file all necessary pretrial paperwork by December 4, 2023, including their proposed joint pretrial order, requests to charge, judgment form, and voir dire questions following Sections V.B, V.C, and V.D of the Court’s Individual Practices in Civil Cases. The parties must additionally provide Word documents with copies of these filings to [email protected].
By December 4, 2023, the exhibits must be pre-marked (i.e., labeled with exhibit stickers), put in a loose-leaf binder chronologically, or in separate manila folders labeled with the exhibit numbers and kept in a suitable container for easy reference. This conforms with the Court’s Individual Practices in Civil Cases, paragraph V.C.v.
- April 16, 2024 – All parties’ solicitors must attend a final pretrial meeting on April 16, 2024, at 2:00 p.m. in Courtroom 15D of the US Courthouse at 500 Pearl Street, New York, New York 10007. 5. Counsel for both parties and the parties themselves shall meet in person for at least one hour to explore the settlement of this case before the final pretrial conference.
- April 23, 2024 – On April 23, 2024, at 9:00 a.m., the trial in this case is scheduled to start in Courtroom 15D of the United States Courthouse. The court’s pre-trial scheduling order’s deadlines are still in force.
Boosting the Legal Team – Addition of Attorney Mukhi
Garlinghouse has been increasing his legal team in preparation for the trial as Ripple anticipates pulling off another triumph over the SEC. As was previously reported, Garlinghouse expanded his legal team by hiring Cleary Gottlieb Steen & Hamilton LLP attorney Rahul Mukhi. Attorney Mukhi has had ten jury trials under her belt as an Assistant Attorney in the Southern District of New York (SDNY), giving her solid jury trial experience.
Ripple News: After XRP Lawyer, Ripple CEO Mocks SEC’s ‘Desperate’ Appeal Failure
Ripple’s legal tug-of-war with the SEC is intensifying. SEC’s denial of the interlocutory appeal is creating a storm of questions in the subsequent desperate move of the regulatory body. Ripple’s CEO took a serious jibe at the SEC’s failure. Here’s what he has to say.
Gaps in SEC’s Arguments, Deaton Gave the Judgement Way Back
The recent victory is undoubtedly a nail in the coffin. But the question arises if the SEC will move to withdraw the case or go for a Settlement with Ripple. The court’s decision to reject the SEC’s appeal reinforces the earlier ruling that secondary XRP sales don’t fall under the category of securities transactions. This proves that Ripple’s actions in selling XRP tokens don’t breach securities law.
Judge Analisa Torres’ decision was a blow to the SEC’s legal strategy and pinpointed some critical loopholes in their arguments. The SEC’s stance relied on the assertion that certain sales of XRP could lead investors to anticipate profits based on Ripple’s endeavors. However, the judge found this argument lacking substantive evidence, further reinforcing the earlier judgment.
Garlinghouse Mocks SEC’s Desperate Appeal Drama
In his X post after Deaton, Brad Garlinghouse, Ripple’s CEO, didn’t miss the opportunity to comment on this latest development. He wryly noted that the SEC, in its pursuit of applying the “Howey test” in the case, ultimately ended up on the losing side. He mocks at SEC’s own created mess of this test based on that they got a bashing in court. It seems they need an excellent lawyer to understand the criticality of their own made-up securities law.
The Curious Case Will See a Trial or a Dismissal?
Looking ahead, the SEC now finds itself in a position where it must await further rulings in the broader lawsuit against Ripple before it can consider any appeals. The following central hearing is slated for April 23, 2024, though both parties are required to submit pre-trial documents by December 4, 2023.
According to Jeremy Hogan, the case will proceed to trial in April or be dismissed. Additionally, this decision strengthens the judge’s previous ruling, making it more challenging for the SEC to succeed in any potential appeal.
SEC can be in a better position if they work best in their interest to bring clear crypto rules as the current wave is running towards Ripple and Coinbase. It’s a decisive moment for the SEC.
XRP Price to Retests $0.54?
After trying to hit $0.54, XRP reached $0.53. Hours earlier, Judge Analisa Torres denied the SEC’s interlocutory appeal in the Ripple case. Similar to its last success, XRP only rose 5% this time, and analysts expect a bull run by the end of the year.
Ripple Price On The Verge Of A Breakout
The crypto industry experienced a fall for the second straight day, indicating massive selling pressure within the market. Despite Bitcoin and Ethereum prices trading in the red, XRP price has managed to be the top gainer, with an increase of over 3% compared to the last day.
Following the price plunge after the Ripple vs. SEC case victory, the XRP coin was seen trading in consolidated ranges for a brief period, after which the price took another dip in its value. After the dip, the XRP price has been steadily traded in an ascending channel since mid-September.
Ripple’s XRP has made multiple attempts to break down the trend, but the bulls have managed to hold the price within the range, resulting in the coin continuing to trade in the channel.
Further, the EMA 50 and 200 days are moving close to each other and are on the verge of the golden cross, which could result in the price gaining a bullish moment and possibly breaking out of the trend.
The MACD has displayed constant volatility in the charts since the beginning of the month of September. Moreover, the chart displays a recent spike toward the green histogram, indicating a strong price action for the XRP token.
Will Ripple Rise To $0.55 Soon?
If the bulls manage to gain power and push the price above $0.5337, then the price will gain momentum. Further, if the market manages to hold its price, then the price will continue to rise and test its upper resistance of $0.5589 soon.
If the market experiences a golden cross, then the price will witness a significant value jump and may retest the $0.700 level this month.
On the contrary, if the bears overpower the bulls and a trend reversal occurs, then the price will lose momentum and test its support level at $0.5130. Moreover, if the bulls fail to hold the price at that level, then the price will continue to dip and test its lower support level of $0.4913.
Ripple Receives Official License for Digital Payment Tokens Service in Singapore
Ripple is on a winning spree. Scoring a clear licensing in Singapore within four months is commendable. Ripple’s interest outside the US is clear that they won’t allow the SEC to suppress this growing industry. Ripple got the in-principle approval in June, and its subsidiary, Ripple Markets APAC Pte Ltd, has now received formal licensing as a significant payments institution from the Monetary Authority of Singapore. This marks a crucial step forward for Ripple’s operations in the dynamic Asia Pacific region.
We have seen how effectively and collaboratively Singapore is dealing with crypto. One of the robust fintech ecosystems is a global hub for digital innovation in finance. It strikes a commendable balance between fostering innovative technology, protecting user interest, and ensuring sustainable growth.
“We have hired exceptional talent and local leadership, doubling headcount over the past year and plan to continue growing our presence in a progressive jurisdiction like Singapore,” CEO Brad Garlinghouse said.”
Looking at Ripple’s business activities, approximately 90% occur outside the United States. This underlines the global nature of Ripple’s operations and the importance of securing licenses and approvals in key international financial centers.
The second most exciting thing with Ripple was that a federal judge ruled against the SEC’s attempt to appeal certain aspects of the case. This development sets the stage for a crucial trial in April, which will play a decisive role in determining Ripple’s operational status within the U.S.
Others Chips In To Revolt SEC’s Crypto-Killing Attitude in The US
Ripple’s newly acquired license in Singapore enables the company to offer digital payment token services. This license aligns Ripple with 14 other entities that have received a similar authorization from the Monetary Authority of Singapore (MAS). Notable among these are the local branches of prominent cryptocurrency exchanges like Coinbase, Independent Reserve, and Blockchain.com. Singapore’s commitment to fostering fintech and digital asset growth has attracted these industry leaders to its shores.
Crypto firms like Coinbase and Ripple have objected to the U.S. for unclear crypto regulations and threatened to go to the Supreme Court, or they may leave the U.S. Joining the wagon, Coinbase got its license in Singapore after in-principle-approval a year ago.
With licenses in strategic jurisdictions like Singapore and continued legal progress in the U.S., Ripple is positioning itself for further growth and influence in digital payments.
Ripple vs. SEC: Another Win For Ripple As Judge Torres DENIED SEC’s Motion to File an Interlocutory Appeal.
The U.S. Securities and Exchange Commission (SEC) experienced a setback in its legal battle against Ripple, a prominent digital payment protocol and cryptocurrency (XRP). The SEC’s motion to appeal a previous loss was denied by District Judge Analisa Torres, sparking various reactions within the crypto community and impacting XRP’s market position. Let’s delve into the details of this case and explore its implications in a simplified manner.
The Denied Motion: A Closer Look
On August 18th, the SEC filed a pre-motion for an interlocutory appeal against a court judgment. Initially, Judge Analisa Torres granted permission for the SEC to file the appeal. However, the request was ultimately denied by Judge Torres. She ruled that the SEC had failed to provide sufficient evidence to justify the appeal, stating that it would not “materially advance the ultimate termination of the litigation.”
The Howey Test Controversy
One of the central points of contention was the SEC’s claim that the court had improperly applied the Howey test to the case. In her rejection of the appeal, Judge Torres emphasized that the Howey test was irrelevant to this particular case. She cited a 2009 lawsuit to support her argument, stating that the circumstances surrounding the Howey test did not warrant consideration for an interlocutory appeal.
Judge Torres’s decision to deny the SEC’s motion to appeal was grounded in the absence of substantial grounds for differences of opinion on controlling legal questions. This means the SEC failed to demonstrate a significant legal dispute or ambiguity that warranted an appeal. While this is a setback for the SEC, the case is far from over, with a trial date set for April 2024 to resolve the remaining issues.
Ripple’s lawyer, John Deaton, correctly anticipated the outcome, believing that the SEC’s motion for an appeal would be rejected. He speculated that this would allow Judge Torres to clarify her reasoning further and make the case “appeal-proof.” Indeed, Judge Torres reinforced her reasoning and upheld the rejection of the SEC’s appeal.
Following the announcement of the denied appeal, XRP price experienced a notable rally, increasing by about 5%. While the denied motion is a positive development for Ripple and its supporters, the journey through the legal corridors is not concluded. The upcoming trial in 2024 will further explore unresolved issues and could still swing in favor of either party.
Ripple Obtained Full License in Singapore!
Ripple has secured a full license to provide digital payment token services in Singapore from the Monetary Authority of Singapore (MAS), four months after obtaining in-principle approval of its Major Payments Institution (MPI) license application. The company’s Singapore subsidiary, Ripple Markets APAC, said the license highlighted the real-world uses of crypto as well as an important step towards wider adoption of digital assets. Brad Garlinghouse, Ripple’s CEO, said Singapore had become pivotal for Ripple since establishing itself there in 2017. Regulatory clarity was a major contributor to Singapore’s success, he added.
Ripple News: Analyst Predicts XRP Price Rally – Is $0.66 Possible?
XRP Price has shown positive signs of growth, breaking key barriers and sparking predictions of reaching $0.66 soon. This relies on XRP staying above $0.50. Ripple, the company behind XRP, recently released a billion XRP tokens, slightly boosting the price. For a sustained rise, it needs to maintain above $0.50. Even though Ripple’s proper party failed to boost the coin price,
XRP Price Prediction – Is ATH on Horizon?
An analyst named Dark Defender pointed out a breakout in XRP’s price, similar to a rally in July after a legal win against the SEC. Dark Defender suggests $0.66 as a potential target if XRP doesn’t dip below $0.50. October usually sees good trading activity in the crypto market, favoring assets like XRP and Bitcoin.
Adding fuel to the fire, a technical pattern points to a possible upward shift. Thanks to Ripple’s latest ‘Clawback’ feature, that is seen as a positive for XRP’s value. This feature adds intensity to enhance control over tokens issued on the ledger, potentially positively impacting XRP’s performance.
Let’s see how and why it’s important for XRP to achieve a new ATH.
Analyst Projects a Breakout Rally for XRP
Historically, it’s proven that October is a good samaritan for the crypto market, especially after a relatively quiet third quarter. QCP Capital, a crypto asset trading firm, pointed out historical data indicates this seasonality in the crypto market. If this pattern holds, it could bolster XRP’s performance in the short term.
In a technical analysis, the analyst highlighted that XRP ended September with a “doji” candlestick pattern. But what this pattern suggests is more interesting: there is a silver lining between buying and selling pressure, hinting at a possible reversal from the recent downtrend. According to the analyst, this could indicate that XRP might move towards $0.66.
A Long Dive Possible if…
From here onwards, the analyst sees a long-term channel that may hit resistance levels at $0.91 and $1.33, with the potential for a new all-time high at $5.85 if it surpasses $1.8815. Currently, XRP trades at $0.50797, seeking support at the 38.2% Fibonacci retracement level at $0.5083 on the 4-hour chart.
If XRP can breach this critical resistance level, the analyst anticipates that the all-time high (ATH) will come into play. However, should further capitulation occur, the crypto analyst foresees a substantial support zone ranging from 39 to 46 cents.
Ripple Vs SEC : Top Researcher Explains The Real Reason Why the SEC Is Investigating XRP
A well-known digital asset researcher, Anders, has explained why the SEC mainly chose to take legal action against XRP.
In December 2020, the SEC started a legal case against Ripple; they said Ripple was selling XRP as an investment without following the rules. This move surprised and confused many people in the world of cryptocurrency.
Reason Behind SEC Targetted XRP over Other Top Tokens?
Following this legal action, the cryptocurrency community, particularly XRP enthusiasts, has been speculating about the central purpose of the case. Recently, a thread from Crypto-Law founder Attorney John Deaton raised a series of inquiries regarding the SEC’s decision to pursue XRP.
Deaton questioned, “Why did the SEC Choose XRP?
If the SEC wanted to pick a top 10 Token to go after, why would it choose the much more complex case?
In response to the thread, Anders pointed out some essential things.
One of the main reasons the SEC is targeting XRP is because of how Ripple uses XRP for international payments.
Anders explained that Ripple’s way of using XRP is shaking up the traditional banking system, specifically called “nostro/vostro accounts.” Big banks have made money using these accounts for a long time.
Anders even shared a picture that shows how much money is made from international payments. Just the business-to-business (B2B) payments alone bring in more than $240 billion from transactions worth an incredible $135 trillion.
Ripple’s Game-Changing Role in Cross-Border Transactions
Ripple Labs, the company that made XRP, is focused on making international payments more accessible, and they use XRP to do it. This helps eliminate the middlemen, meaning payments happen faster and cost less.
Many businesses and banks have started using Ripple’s solutions, like On-Demand Liquidity (ODL). For example, Tranglo, a payments company in Malaysia, used ODL to process nearly $1 billion in transactions. Their ODL transactions went up by 1,729%, from $52 million to $970 million.
Ripple’s creative way of using XRP for international payments seems to be why regulators are paying attention.
Ripple CTO David Schwartz’s Father’s Multi-Million Dollar Bet on XRP
David Schwartz, Ripple’s Chief Technology Officer (CTO) and the often-considered “brainchild” behind the company said his father took a moonshot gamble on XRP. In April 2014, the senior Schwartz purchased an eye-popping one million XRP from Justcoin when the asset was priced at an almost inconceivable half a penny.
Fast forward to January 2018, XRP skyrocketed to a staggering high of $3.65, catapulting its market cap to a celestial $140 billion. If the elder Schwartz held onto his investment, it would have ballooned to a mind-blowing $3.65 million, a staggering 730,000% increase!
While Chris Larsen, co-founder of Ripple, saw his holdings—an unbelievable 9 billion XRP tokens—balloon to an astronomical value of $60 billion, David Schwartz took a markedly different approach.
The Road Not Taken by Ripple’s Stalwart
Forbes reports that David Schwartz, despite his monumental contributions to Ripple and even being its second-ever employee, decided not to be lured by the siren song of XRP’s potential capital gains. Instead, he opted for a stable salary and a modest 2% stake in the company he helped to build. This decision highlights Schwartz’s unique financial philosophy, as he’s often seen as the ideological backbone of Ripple, advocating for decentralization and blockchain adoption.
Schwartz’s Crypto Portfolio
Interestingly, Schwartz’s crypto preferences show a mix of caution and opportunism. In a 2021 tweet, he unveiled that he sold portions of his Bitcoin holdings at varying prices—from a mere $100 up to an eye-watering $50,000. When Bitcoin peaked at $63,000, Schwartz revealed that he retained only about 2% of his original holdings.
This diversified approach extends to his overall crypto portfolio as well. Besides XRP, Schwartz holds other cryptocurrencies like BTC, ETH, and BAT. He disclosed that these holdings are “not necessarily by choice,” as they have resulted from airdrops and other market events over the years.
Whether David Schwartz’s balanced approach will outshine his father’s moonshot bet in the long term remains to be seen. One thing is certain: both are a testament to the transformative, unpredictable, and high-stakes world of cryptocurrencies.
Ripple IPO Valuation Predicted to Skyrocket 20x to $600. Will XRP Price Hit New ATH?
Once a rumor can become today’s reality, Ripple’s much-anticipated move of the year will be an IPO. IPO has been buzzing since Ripple won the summary judgment, and Ripple’s CEO announced a success party for its true XRP community for supporting the native token all through three years.
But one question everyone is keen to know is how Ripple would react when Ripple goes public via an initial public offering (IPO). Will its native token which has been sailing flat at $0.50 for the past few months, resurrect and achieve a new ATH? Let’s understand the chances.
Ripple’s Stock to Go $600? If…
Financial veteran Linda Jones, with a seasoned background on Wall Street, has analyzed Ripple’s situation from an investor’s perspective. She’s tossed out a $5.7 billion valuation for Ripple’s potential stock, a figure she believes to be quite conservative. Based on Linqto platform data, the per-share price is estimated at $35.
However, Jones has a more bullish scenario in mind. She contends that Ripple, with its hefty XRP holdings and the impressive debut value of Coinbase, could potentially be valued at $107 billion. Should this projection hold, Ripple’s stock could be priced at around $600.
The Logic says it can!
If it all happens, then the analyst is sure that Ripple’s stock soars to these anticipated heights; it could also give XRP’s price a rocket boost. This situation, though, is quite unprecedented. We’ve seen Bitcoin’s price surge directly impacting the stock prices of Bitcoin mining companies. Applying this logic to Ripple, it’s plausible that a surge in its stock price could significantly pique interest in XRP, potentially leading to an uptick in its value.
Challenges it can face?
Ripple is technically further along the road to IPO, but their problem is that IPO has to go through SEC approval, so it could be delayed unless it moves outside the USA. Can’t see them relocating now they have clarity for XRP so that you can bet on Ripple, but I wouldn’t expect it too soon.
XRP to Hit New ATH?
Dark Defender predicts XRP will rise to $5.85, a significant increase from earlier projections. Recent price action for XRP is encouraging, and they expect a short-term retest at $0.66. Breaking $0.55 is a critical milestone that might start a bullish trend. This projection covers 2026, demonstrating a lengthy view. Despite its recent underperformance, XRP has the 5th-largest market valuation at $27.9 billion. It trades at $0.523.
In summary, if Ripple’s stock hits a projected level, XRP may rally dramatically. Remember that this situation is unique and that Ripple’s stock performance and XRP’s price are subjective. If Ripple’s stock drops, XRP may too, and vice versa. So buckle up—the ride will be surprising!
Ripple News: Analyst Predicts XRP Price Could Break All-Time High Record Soon
Over the past 24 hours, Ripple (XRP) Price has shown a 2.5% price increase, making it one of the stronger performers. In seven days, XRP has risen by 1.83%. However, short-term price prospects remain uncertain. Despite this uncertainty, there is growing optimism about XRP’s future, driven by its recent legal victory.
In his X post, Matthew Dixon, CEO of crypto valuation platform Evai, shared his belief that an XRP bull run is possible based on insights from market analysts. However, he advises cautious short-term trading and closely watching key resistance levels before committing to a long-term investment strategy.
But what is adding to this bullish theory, especially since post-Ripple abandoned a 15M deal and moved 75M for XRP asset redistribution? Let’s take a look.
Analyst Paints a Bullish Scenario for XRP Pump
Dixon noted that XRP’s recent legal triumph, where a US District Judge ruled in its favor, has catalyzed its bullish trend. The judgment clarified that certain XRP sales do not qualify as securities. As the crypto community closely watches XRP’s performance, whether it can sustain its positive momentum remains. Dixon notes the need for XRP to convincingly breach key resistance levels before committing to a long-term investment strategy.
While others see Ripple’s planned exit from Fortress Trust in September as a positive trigger for the XRP price, ripple will continue to support Fortress Trust as an investor. This decision may be related to the SEC case’s high legal costs of $200M, allowing Ripple to reallocate resources. XRP’s price has seen recent gains, possibly influenced by this development and concerns raised during a hearing involving SEC Commissioner Gary Gensler.
XRP Price -Take it with a Grain of Salt!
Despite the positive shift in market sentiment, Dixon remains cautious. Given the volatility and regulatory uncertainties in the crypto market, he advises a measured approach. While some analysts project substantial gains for XRP, predicting prices as high as $250, Dixon stresses the importance of vigilance. He intends to monitor XRP’s performance closely and will consider becoming a long-term investor if the bullish trend persists.
This makes sense, as after breaking out of the falling channel, XRP faced resistance at the 200-day EMA. However, the price retraced to retest the channel breakout, gaining bullish momentum afterward. Currently, the XRP price trades at $0.5162 with an intraday fall of 1.05%, reflecting a minor pullback as bears get active at the EMA.
A Short-Term Overhal, Long-Term Potential
Dixon, while staying cautious, favors short-term positions with close stop losses until overhead resistance is definitively breached. If this occurs, he is willing to adopt a long-term investment perspective, provided the conditions for a sustained bull run remain robust. Do you agree with his sentiments? Tell us.
Brad Garlinghouse’s XRP Tattoo Steals the Spotlight At Ripple Proper Party
An electrifying reveal precluded the much-anticipated Ripple party from its CEO, Brad Garlinghouse. When Ripple enthusiasts thought the night would be about lavish parties and upbeat celebrations, Garlinghouse switched up the game, unveiling something truly personal.
A Permanent Tribute to XRP’s Triumph
The chief honcho of Ripple showcased a fresh tattoo on his right hand. But this wasn’t just any ordinary ink. The tattoo featured the XRP logo and, more importantly, carried with it a date that holds immense significance for every XRP aficionado.
The etched date “07-13-2023” immortalizes the day XRP clinched a groundbreaking non-security ruling from a U.S. court. The ripple effects of this inked declaration reached far and wide, prompting a wave of admiration and surprise.
Party: Pure Celebration, No Announcements
Despite swirling rumors and the community’s buzzing anticipation of a major announcement at the New York celebratory bash, Garlinghouse decided to set the record straight. He clarified that the evening was meant purely for merriment, commemorating XRP’s landmark victory over the U.S. Securities and Exchange Commission. “Tonight’s event is all about rejoicing in our shared success,” emphasized the jubilant CEO.
Reactions Pour In
Garlinghouse’s tribute garnered quite the attention, not just within the XRP community but far beyond. One of the notable responses came from Ripple’s Chief Technology Officer, David Schwartz.
He joyfully chimed in, sharing his whimsical take on the tattoo saga. Admitting his interest in getting such a tattoo, Schwartz added a humorous twist, suggesting that while he fancied the idea, certain traditions and, of course, the cost of tattoos held him back.
All in all, in an evening that was set to be remembered for the festivities, Brad Garlinghouse’s permanent commitment to XRP’s victory truly stole the show.
Ripple vs. SEC Lawsuit: The Latest in the Ongoing Legal Saga – September 2023 Update
When discussing XRP vs. SEC, the never-ending legal drama is the first thing one thinks of. There’s always some new exciting twist, development, or buzz to learn about. So, what’s the latest update? Dive in!
Ripple Pushes Back Against SEC’s Appeal
On September 1, prominent crypto exchange Ripple filed its objection to the SEC’s request for an interlocutory appeal. In their objection, Ripple defendants Brad Garlinghouse and Chris Larsen argue that the appeal is baseless, as it would require the Second Circuit to review the court’s application of law to the evidence before a final judgment has been entered.
The team later notes:
“Because the questions the SEC presents for interlocutory appeal would require the Second Circuit to review this Court’s application of the law to the evidence adduced in summary (the parties’) judgment motion(s), an interlocutory appeal (is) inappropriate.”
The SEC must request the Court to review the decision without examining the record to fulfill the conditions for an interlocutory appeal. The Ripple defense team continued to plead that an interlocutory appeal was undesirable because the Second Circuit would need to review the record.
Also Read : XRP Lawsuit Update: SEC’s Handling of Ripple Case Under Scrutiny Amidst Allegations of Conflicts of Interest
John Deaton’s Insights: What are the Next Steps?
John Deaton, a pro-XRP lawyer representing XRP tokenholders, has outlined the steps Ripple and the SEC might take to settle. He is against the SEC’s actions and has voiced his dissent several times.
Deaton believes that if the judge in the Coinbase vs. SEC lawsuit grants Coinbase’s motion to dismiss, it could set the stage for a possible Ripple-SEC settlement before the end of the year.
He asserted:
“The only way Ripple and the SEC (could) settle before the end of the year is if Judge Failla grants the Coinbase motion to dismiss or partially grants it – finding token sales on an exchange in a blind bid/ask transaction do not fall under U.S. securities laws”
The SEC filed a lawsuit against Ripple, its CEO Brad Garlinghouse, and its co-founder Chris Larsen in December 2020, alleging that the company sold XRP as an unregistered security. The lawsuit has significantly impacted the crypto industry, as many exchanges have delisted XRP or restricted its trading.
Ripple Puts Diversity First!
Despite the ongoing legal challenges it faces in the United States, Ripple is committed to expanding its global reach and hiring the best talent worldwide. In an interview with Bloomberg, CEO Brad Garlinghouse announced that the company plans to hire 80% of its new staff from outside the United States this year.
This move signals that Ripple is serious about diversity and inclusion in the workplace.
Also Read: Ripple vs. SEC Lawsuit Update: Possible Settlement Is Guaranteed? Expert Weighs In
Ripple to Look Beyond the USA
After suffering losses from the SEC lawsuit, Ripple wants to expand to countries with more explicit crypto regulations to avoid further disruptions to the XRP industry. The company plans to hire 80% of its new staff from outside the United States this year, focusing on countries like Singapore, Hong Kong, and Dubai.
He stated:
“You see markets like we have here in Singapore, certainly even what we’re seeing in Hong Kong, the U.K.Dubai, where the governments are partnering with the industry, and you’re seeing leadership, providing clear rules and you’re seeing growth, ” Garlinghouse said. “And frankly, that’s why Ripple is hiring there, 80% of our hiring this year will be outside the United States.”
CEO Brad Garlinghouse cited these countries as examples of markets where “governments are partnering with the industry and providing clear rules.” He also criticized the SEC for creating an unfavorable crypto environment in the United States by suing major exchanges like Binance, Coinbase, and Kraken.
Garlinghouse’s comments suggest that Ripple is frustrated with the lack of regulatory clarity in the United States.
Ripple Refuses to Back Down
In a recent ruling, Judge Analisa Torres decided that most of Ripple’s XRP deals did not break securities laws. She found that sales defined as “other distributions” were acceptable and did not include an offer of unregistered securities. These included offers and trades of XRP in return for goods and services.
This ruling is seen as a victory for Ripple, as it supports the company’s argument that XRP is a virtual currency and not a security.
The SEC has requested a contemporary court ruling, allowing the case to be appealed before it reaches a final verdict. However, Ripple President Monica Long has said that the company will continue to fight the case all the way through.
“We are planning to continue to fight the case through” – Said Long.
Ripple’s Expansion Plans – 2 New Regions Unlocked!
Ripple has announced that it has opened liquidity hubs in Brazil and Australia. This is a significant expansion for Ripple’s global network, and it will give businesses in these regions easier access to digital assets.
The liquidity hubs will provide businesses a streamlined way to buy, sell, and hold digital assets. The expansion into Brazil and Australia is part of Ripple’s plan to add support for other tokens and meet its customers’ demand. Ripple has also announced new trading UI features and improved service level agreements for crypto deposit processing.
This shows that Ripple is committed to expanding its global reach and making digital assets more accessible to businesses worldwide.
Also Read : Ripple CEO’s Positive Outlook on SEC Appeal: Key Insights Revealed
An Expensive Battle: Ripple vs. SEC
Ripple has spent a massive $200 million on lawyers in its legal battle with the SEC. This eye-opening statistic reflects the disturbing reality of the high cost of litigation, as well as the life-and-death struggle between the crypto industry and the SEC, whose chairman, Gary Gensler, has adopted unclear regulations that threaten crypto firms.
The legal battle has dragged on for nearly three years, with many ups and downs.
However, the most crucial turn came in July of this year, when Ripple won a partial victory against the SEC, resulting in a significant price increase for the XRP token, which totaled approximately $0.84.
Ripple Welcomes Rahul Mukhi!
Defense lawyer and former federal prosecutor James K. Filan took to Twitter (X) to announce their new addition, Rahul Mukhi, who will represent Brad Garlinghouse in their legal battle with the SEC.
Rahul Mukhi served as an Assistant US Attorney in the Southern District of New York from 2010 to 2016. He was also honored by the Department of Justice for his outstanding service, one of the highest honors in the US Department of Justice.
Gary Gensler’s Tight-Lipped Approach Irks the Industry
SEC Chairman Gary Gensler faced a barrage of criticism from members of Congress this week over his stance on crypto and his unclear regulations over exchanges. Gensler raised the issue again by saying that people operating unauthorized accounts and migrating customer funds are “hucksters.”
In response, Rep. Stephen also questioned Gensler about the Commission’s legal fight against Ripple. Gensler was reluctant to provide specific details on the matter.
Wrapping Up
All in all, The SEC has argued that XRP is a security because it was sold to investors with the expectation of profits from the efforts of Ripple. However, Ripple has argued that XRP is a commodity and was not sold as an investment. This fight has been ongoing for over three years – and the situation is still murky. However, Ripple’s “Proper Party” in NYC suggests that the company is confident in its position and optimistic about the case’s outcome.
Also Read : Ripple Proper Party: Here’s What Happened At The Victory Party
The outcome of the case will significantly impact the crypto industry. If Ripple wins, it could set a precedent for other cryptocurrencies and make it more difficult for the SEC to regulate them as securities. If the SEC wins, crypto companies could be more difficult to operate in the United States.
Over to you – what do you anticipate the outcome to be?
Ripple Proper Party: Here’s What Happened At The Victory Party
The crypto world recently witnessed a spectacular celebration, known as the “Proper Party,” hosted by Ripple on September 29 in New York City. It was more than just a typical gathering. This event marked a significant milestone – the victory of Ripple over the US Securities and Exchange Commission (SEC) in a lengthy and closely-watched legal battle.
Victory Over the SEC
The case at the heart of this celebration revolved around allegations that Ripple had violated US securities laws by selling an unregistered token, XRP. Ripple and the SEC debated whether XRP should be classified as a security for years. It was a high-stakes standoff with implications for Ripple and the cryptocurrency industry.
In a landmark decision this year in July, the court ruled that programmatic sales of XRP on third-party exchanges did not constitute security tokens. However, sales directly to institutional investors were deemed as securities.
Brad Garlinghouse’s Response
Ripple’s CEO, Brad Garlinghouse, did not hold back in expressing his views on the victory. He fired back at SEC Chair Gary Gensler, stating, “You have to stand up to a bully.” This statement encapsulated the sentiment within the crypto community that this legal win was not just a victory for Ripple but a significant milestone for the entire cryptocurrency industry.
Highlights from Brad Garlinghouse’s Speech
During his speech at the Proper Party, Garlinghouse acknowledged the global presence of the Ripple community, expressing gratitude to the passionate attendees.
Recognition for Key Contributors
Garlinghouse took the opportunity to recognize key figures in Ripple’s journey. Notable individuals included Stuart Alderoty, Deborah McCrimmon, and the legal team at Ripple, with special mentions for Anna Gargano and Deputy General Counsel Sameer Dhond. A well-known CTO of the Ripple community, David Schwartz also acknowledged for his Support to the Community.
Acknowledging Ripple’s Larger Community
Beyond Ripple, Garlinghouse expressed his gratitude to the larger community. He shared his personal story of facing the SEC lawsuit and the crucial support he received from various figures, such as John Deaton, Jeremy Hogan, and James K. Filan.
Garlinghouse emphasized the collective effort that led to Ripple’s legal victory, underscoring the strength of the Ripple community. He thanked his family and supporters for their unwavering support.
Figures like Jeremy Hogan, known for their involvement in the XRP case, expressed their joy and appreciation for the party’s success.
The event even featured a performance by rock legend Lenny Kravitz, adding to the festive atmosphere. The “Proper Party” was more than just an ordinary gathering. It was a celebration of resilience, unity, and triumph over adversity. The event saw attendees from around the world, reflecting the passion and dedication of the crypto community.
Speculation and Anticipation
As Ripple celebrated its victory, members of the XRP community speculated about possible announcements from the company. Speculations ranged from a settlement in Ripple’s legal battle with the SEC to an IPO, partnerships with major financial institutions or payment networks, and even XRP Futures contracts.
However, not everyone within the XRP community shares the same level of optimism. Some cautioned against overly optimistic expectations and considered the party a celebration of the court’s decision rather than a platform for major announcements.
Ripple’s Chief Technology Officer, David Schwartz, confirmed some of these speculations, fueling anticipation within the crypto community as they eagerly await Ripple’s next move.
Ultimately, the “Proper Party” was more than just a celebration; it was a testament to Ripple’s resilience and the crypto community’s strength. As the crypto world continues to evolve, events like these serve as reminders of the significant strides made in the industry and the challenges that lie ahead.
Glimpse of Ripple Proper Party
Will Ripple Break Trendline Or Get Rejected?
As the crypto industry continues to gain momentum, the XRP price starts to gain price and is currently trading in an ascending channel since mid-September. The Ripple coin experienced significant price volatility during September but has stabilized and leveled out all its losses.
Following the dip at the start of the month, the price was seen trading in a consolidated range of $0.49 and $0.51, after which the coin experienced another dip in its value. Since then, the XRP coin has steadily gained power and has risen.
Ripple’s XRP has recently displayed a huge dip in its charts, indicating a possibility of a trend reversal, which could result in the coin losing its value and testing the trendline before a potential breakdown.
Also Read: Ripple Price Prediction 2023 – 2025: Will XRP Be Your Best 2023 Investment At $0.50?
The MACD displays significant price volatility in its charts, indicating a massive price action. Further, the chart recently displayed a decline in the histogram, indicating uncertainty in the future price action of the market.
The RSI average was seen constantly rising and crossed the overbought range, following which the chart displays a significant decline in its value, indicating a reduction in buying and selling pressure. Further, a bearish convergence can be seen in the chart, indicating the price to take a dip in the coming days.
In conclusion, if the Bulls gain power and break out of the resistance trendline at $0.55, then the XRP price will experience a bullish jump in its value and may continue to rise. Further, if the market manages to hold the price above the level, the XRP crypto will soon prepare itself to test the upper resistance of $0.580.
On the flip side, if the bears gain power and a trend reversal occurs, then the price will lose its value, resulting in the coin breaking down the trendline. Moreover, if the bull fails to fight back and hold the price, then the RippleXRP will continue to plunge and test its lower support level of $0.4950 in the coming week.
Shiba Budz (BUDZ), Cardano (ADA) and Ripple (XRP)
As the cryptocurrency market continues to evolve, investors and enthusiasts are always on the lookout for tokens with potential. In October, three tokens generated significant buzz – Shiba Budz (BUDZ), Cardano (ADA), and Ripple (XRP). These tokens have been making waves in the crypto space, and their unique features and recent developments have caught the attention of many. Let’s dive into what makes these tokens stand out and why they are worth watching in October.
Shiba Budz (BUDZ) Overview
Shiba Budz (BUDZ) is a token that has gained traction for its unique features and use cases. It offers a decentralized gaming platform, empowering gamers to participate in community rewards and earn additional BUDZ tokens. By integrating BUDZ within gaming, developers can create new incentive structures, rewarding players with tokens that have real-world value. The transparent and immutable nature of blockchain ensures a secure environment for players to trade and interact.
Shiba Budz (BUDZ) offers the TreeHouse Wallet, a non-custodial wallet that enables users’ entire ownership over their private keys and access to gaming. This decentralized solution increases security and allows users to store numerous crypto assets in the wallet. The TreeHouse Wallet is built with a user-friendly interface, making it accessible even to cryptocurrency newcomers.
The integration of on and off ramps, allowing users to purchase BUDZ using debit or credit cards, is one of the most recent advances in the Shiba Budz (BUDZ) ecosystem. This integration improves user accessibility and ease, creating new options for ecosystem engagement. Shiba Budz (BUDZ) is a token to watch in October because of its creative features and increasing community.
Cardano (ADA) and Ripple (XRP)
Cardano (ADA) and Ripple (XRP) are two well-established tokens in the cryptocurrency market. Cardano (ADA) aims to create a decentralized platform that provides a more secure and sustainable infrastructure for the development of decentralized applications and smart contracts. With a focus on scalability and interoperability, Cardano (ADA) has gained attention for its innovative approach to blockchain technology.
Ripple (XRP), on the other hand, is known for its cross-border payment solutions. Ripple’s (XRP) network enables faster and more cost-effective international transactions, making it attractive to financial institutions and businesses. Ripple (XRP) has also made significant partnerships and collaborations, further solidifying its position in the market.
Both Cardano (ADA) and Ripple (XRP) have been making headlines with recent developments and news. The progress and achievements of these tokens make them noteworthy in October.
Conclusion
The future prospects for Shiba Budz (BUDZ), Cardano (ADA), and Ripple (XRP) in October are promising due to their unique strengths and developments. Shiba Budz (BUDZ)’ integration of on and off ramps and continued development of the TreeHouse Wallet could attract new users and drive engagement. Cardano’s (ADA) roadmap implementation with native tokens and governance enhancements could attract more developers and projects, increasing its utility and value. Ripple’s (XRP) resolution of regulatory challenges could restore investor confidence and lead to partnerships with financial institutions, significantly impacting its price and market performance.
In conclusion, Shiba Budz (BUDZ), Cardano (ADA), and Ripple (XRP) are tokens to watch in October. Each token offers unique features and has recent developments that contribute to their significance. Whether it’s the gaming opportunities of Shiba Budz (BUDZ), the innovative approach of Cardano (ADA), or the potential regulatory resolutions for Ripple (XRP), these tokens have the potential for growth and exciting developments in the coming month.
Sign Up and Join the community via the website:https://shibabudz.org/ and Social media links: https://t.me/ShibaBudzP2E, https://twitter.com/ShibaBudz
Ripple Lawsuit News : XRP Lawyer Mocks SEC’s Attempt to Appeal, Saying They’re Running Out of Options
John Deaton took to Crypto Law, a U.S. government website, subtitled ‘U.S. Legal and Regulatory News for Digital Asset Holders’ and posted a short article on 28th September, criticizing the SEC’s desperate attempt for an interlocutory appeal.
Contents of the Letter –
The post began with the first and foremost acknowledgment of Ripple’s win against SEC in the month of July, and not being able to accept that and to save its face, the SEC filed a letter for interlocutory appeal to Judges Torres.
Purpose of the Interlocutory Appeal –
The SEC sent Judge Torres a pre-motion letter outlining the agency’s intention to pursue an interlocutory appeal of the Judge’s judgment that the defendants’ programmatic and other XRP sales violated the Howey test.
John Deaton’s response –
According to John Deaton, he expected Judge Torres to grant the request, which later came true. He feels the action allows the judge to clearly explain her thinking in the case, making it “appeal-proof,” as well as allowing her to answer whatever Judge Jed Rakoff has stated.
In the SEC v. Terraform Labs case, Judge Rakoff denied the company’s petition to dismiss and disagreed with Judge Torres’ approach to Howey. The SEC claims that Torres’ decision might have an influence on their other comparable litigation. However, this is their weakest argument.
Currently, there are many cases that are connected in the crypto ecosystem, and each case sets a solid precedent for the cases that haven’t yet received a decision. For instance, Do Kwon and the LBRY case are developing a whole new defense based on the judge’s decision, demonstrating how crucial the case is overall.
What Does the Future Hold
The ruling from Judge Torres has set a significant precedent by recognizing the potential impact of decentralized technologies on free speech and innovation. As more cases emerge, the crypto ecosystem eagerly awaits further rulings that could shape the future of this rapidly evolving industry.
According to Deaton’s opinion, the SEC’s request for an appeal is a “desperate tactic of a regulator who lost the case.”
Deaton’s statement emphasizes the litigiousness of the situation and the significant gap between regulators and advocates of decentralized technology. It also implies that the decision of this appeal can have significant ramifications for all parties concerned, not just the people directly engaged. This marks a turning point in the continuing conflict between authorities and cryptocurrency fans since the stakes are enormous and both parties are expected to fight fiercely to preserve their views.
XRP Lawsuit: Ripple CLO Takes Aim at Gensler in SEC Showdown
Gensler made fun of the cryptocurrency business a few days ago and claimed that it is replete with fraud, misuse, and misbehaviour. In a similar vein, he made the same claim again in his most recent appearance before the House Committee on Financial Services.
On September 27, 2023, at 10 a.m. Eastern Standard Time, a hearing titled “Oversight of the Securities and Exchange Commission” will be webcast live. Gensler had said in the testimony that “the majority of crypto tokens are subject to the securities laws,” extending the widely criticised US SEC position on cryptocurrency regulation.
This statement by Gensler further fueled the ongoing debate surrounding the regulatory framework for cryptocurrencies. Critics argue that such a broad interpretation of securities laws could stifle innovation and hinder the growth of the crypto industry. However, proponents believe that increased regulation is necessary to protect investors from potential risks associated with fraudulent activities in the crypto market.
His Silence is Getting Louder
Additionally, he sent a prior notice of his intention to remain silent about pending legal matters, including the XRP case and the Grayscale spot ETF conversion decision.
Gensler said that there was still work to be done with the SEC authorities on the organisation’s activities so far regarding the approval of spot Bitcoin exchange-traded funds (ETFs).
This silence has left many speculating about the potential impact on the cryptocurrency market. Investors and industry experts are eager to hear Gensler’s thoughts and plans regarding the regulation of digital assets. Some believe that the lack of communication could simply be a strategic move to avoid any potential market manipulation. Regardless, the crypto community eagerly awaits further updates from the SEC chair on these critical matters.
Gensler’s Unprofessional Behavior
US Representative Ritchie Torres’ post on X where Mr. Torres captioned “Gensler struggled to answer basic questions like whether an investment contract requires a contract. His evasions are deafening and damning.”
Alderoty expressed his disappointment with the SEC Chair’s unprofessional behavior, stating that it is crucial for regulatory leaders to engage in meaningful dialogue and address concerns raised by industry professionals.
Grabbing the opportunity, Stuart Alderoty re-posted Torres’ post and criticized Gensler. “For hours Mr. Gensler smugly evaded question after question (even laughing about how rich he is) until Rep. Torres took him out with a command of the law and a touch of South Bronx street sense. Gensler didn’t know what hit him until it was too late”, he says.
Ripple Cancels $15 Million Deal with Fortress Trust
It’s just 20 days, and Ripple abandons a $15M deal? The deal was seen as Ripple’s masterstroke as the Fortress Trust deal could have boosted Ripple’s regulatory licenses and standing in the US. Is the delayed crypto bill the cause, or is any significant change expected in today’s party? Let’s see what made Ripple change his mind at a time when the US govt shutdown is nearing. A change to boost adoption and without license in US regions, they are limiting XRP’s reach.
Ripple Adandons $15M Deal but Stays as Investor
Ripple’s CEO, Brad Garlinghouse, confirmed this unexpected turn of events through a tweet, stating that although they had signed a letter of intent for the acquisition, they have now chosen not to proceed with the complete acquisition. However, Ripple will remain an investor in Fortress Trust.
Is it a Security Breach That Triggers Reevaluation
One of the significant reasons behind the cancellation of the deal is the recent security breach at Fortress Trust. On September 7, the company disclosed that four of its customers were affected by a hack that compromised one of its third-party vendors and cloud tools. Initially downplaying the incident, Fortress founder and CEO Scott Purcell admitted to a substantial loss of $12 million to $15 million in cryptocurrency due to the breach.
Ripple Steps In to Cover Loss
In response to the security breach, Ripple extended financial assistance to Fortress Trust, covering the multi-million-dollar loss. Notably, this information was not included in the initial acquisition announcement. So, if you think Ripple may face losses, certainly not. Bloomberg Reports suggest that Ripple is likely to recoup the $15 million it provided to Fortress Trust, as the company plans to reimburse Ripple once it retrieves funds from the third party involved in the hack.
Ripple’s internal Issues?
Purcell spilled the beans on Ripple’s decision in his Bloomberg interview that internal divisions played a role in the breakdown of the acquisition deal. Some employees also reportedly expressed reservations about the plan, potentially contributing to the decision to withdraw from the acquisition.
Potential Implications for Other Companies
Ripple’s decision to pull out of the deal could have ramifications for other companies associated with Fortress Trust. Swan Bitcoin, currently engaged in a joint venture with BitGo to establish a Bitcoin-only trust company in the U.S., may see a shift in its business operations as its direct association with Fortress Trust through Ripple ceases.
Legal Battles Persist for Ripple
Despite this recent twist, Ripple grapples with a high-profile legal battle against the U.S. Securities and Exchange Commission. Ripple’s native token, XRP, has experienced a modest 0.3% boost in the last 24 hours, maintaining its position as the fifth-largest cryptocurrency in the market, trading at $0.5056.
“You Have to Stand Up to a Bully”: Ripple CEO Garlinghouse Celebrates Legal Victory
In preparation for the big day tomorrow, Ripple CEO Brad Garlinghouse hails how their win is a win for crypto, highlighting the significance of the company’s partial victory against the U.S. Securities and Exchange Commission (SEC). Ripple is a live example for all the similar cases and a hope that if contested well, they have fair chances of winning.
Conversely, how can we ignore the price factor behind Ripple’s win? Currently, the 5th largest currency, XRP, targets a return above $0.50 as the Ripple Proper Party approaches. Ripple’s recent choices have made the firm a top crypto contender after Bitcoin. Let’s see what unfolds next for Ripple and XRP.
Standing Up to SEC’s Tactics
Garlinghouse doesn’t mince words when critiquing the SEC’s tactics, labeling their settlements as bullying rather than genuine legal victories. While speaking at the Messari panel, he cheered companies like Grayscale and Coinbase for their unwavering resistance to such tactics, mentioning how important it is to stand up to such entities.
Reflecting on Ripple’s legal battle, Garlinghouse recalls that when the company was sued in December 2020, some in the industry viewed Ripple and XRP as distinct due to their decentralized nature. However, Garlinghouse maintained that it attacked the entire crypto sector, a perspective he believes has gained broader recognition.
Now, the judgment is out, and XRP is not a security; the next thing hitting the community is XRP’s price action. When and how it will regain its lost charm is the big question.
Awaiting The Ripple Proper Party
The upcoming Ripple Proper Party, slated for September 29 in New York City, holds considerable significance for the XRP community. This event is surely meant to rebuild the positive sentiment within the community, building on the legal victory secured on July 13. The key question on everyone’s mind is whether there will be an IPO announcement or a settlement revelation during the event- even though Deaton has already denied this.
Read More: No Settlement or IPO Announcement at the Ripple Proper Party, Says John Deaton
XRP Price Analysis
XRP’s recent period of consolidation indicates cautious market sentiment, likely due to a lack of substantial updates on the Ripple vs. SEC case. Presently valued around $0.5029, XRP must maintain support above the $0.50 level to mitigate the risk of slipping below the lower trendline of the symmetrical triangle. It depends on whether XRP bulls would break above this pattern, potentially propelling it toward the $0.54 mark.
Also Read: “The SEC Can’t Continue to Punish Crypto”: Coinbase CEO Slams Gary Gensler
However, surmounting the resistance at $0.5254 would be a noteworthy milestone, setting the stage for further upward movement.
Ripple, Binance, FTX, and Coinbase: What will Happen in the Upcoming Crypto Trials Against SEC?
Ron Hammond, representative of the Blockchain Association, recently discussed the upcoming crypto-related hearings and their implications on the industry. In an interview with Thinking Crypto, Hammond spoke about the upcoming trial of Sam Bankman-Fried (SPF), the founder of the FTX exchange. Hammond noted that the trial could create significant noise in DC, drawing attention to the crypto industry and potentially leading to misunderstandings.
Also Read : SEC to Fast-Track Ethereum Futures ETFs Before Shutdown, Says Bloomberg Analyst
He opened up about the importance of clarifying that SPF’s actions were not representative of the entire crypto sector, as this trial is focused on an individual’s fraudulent activities rather than the industry.
Hammond briefly discussed the ongoing investigations into Binance by the SEC and the Department of Justice (DOJ). While the SEC’s actions have been somewhat blocked recently, Hammond highlighted the looming threat of the DOJ investigation. He emphasized the need for clarity regarding the relationship between Binance US and Binance and the potential regulatory implications.
He said, “The Binance situation as a whole, there’s still that looming DOJ investigation that many folks in DC are waiting for that shoe to drop. Again, there are various rumors of why that DOJ lawsuit hasn’t dropped. There have been confirmation reports of potential sanction evasion violations and money laundering violations by Binance, of the parent company, not Binance US.”
As for upcoming hearings, Hammond mentioned that the focus would likely be on Senate Banking, which had only held one central crypto hearing thus far in the year. The Senate Banking Committee’s increased attention to AI and tech issues could lead to more discussions about cryptocurrency.
In the House, attention will be on votes related to the stablecoin bill and market structure. Taxation issues are also becoming increasingly important, with Senate Finance seeking input from the industry on how cryptocurrency should be taxed.
XRP Lawsuit Update: SEC’s Handling of Ripple Case Under Scrutiny Amidst Allegations of Conflicts of Interest
A series of tweets has brought fresh scrutiny to apparent conflicts of interest at the Securities and Exchange Commission (SEC) as its high-stakes legal battle against blockchain firm Ripple continues.
The tweets highlight the timely transitions of two senior SEC officials integral to the Ripple lawsuit. Marc Berger left his role as Acting Enforcement Director in December 2022, just months after the SEC sued Ripple. He promptly joined the elite law firm Simpson Thacher as co-head of its government investigations practice.
Recent Exits of Key Officials Cast Doubt on the Regulator’s Impartiality
In April 2023, Dalia Blass departed the SEC after stints heading the Division of Investment Management and Investment Management Policy. She became a partner at Sullivan & Cromwell, where former SEC chair Jay Clayton now serves as senior policy advisor.
These latest revolving-door staff changes have renewed accusations of improper industry affiliations at the SEC. The optics are especially concerning given the agency’s aggressive three-year pursuit of Ripple on grounds some perceive as biased.
Before joining the SEC, Berger and Blass had deep ties to Wall Street law firms. Their rapid transitions to the private sector reinforce perceptions of an insular, biased SEC targeting the crypto industry.
With the Ripple case poised for a critical ruling, skepticism around the SEC’s motives has reached a fever pitch. The high-profile departures will amplify calls for ethics reforms and reinvigorate impartial crypto oversight. Restoring public trust remains an urgent priority for the embattled regulator.
What the Ripple CLO has to Say Before SEC Chair Gary Gensler’s Testimony Today
The Ripple CLO passed his crucial opinion before the Chair of the SEC, Gary Gensler, is called to present his testimonial later today before the United Nations House of Financial Services.
Fox Business Journalist on Gensler’s Testimony
Fox Business reporter Eleanor Terrett posted a copy of Gensler’s remark on cryptocurrencies on the X platform before the testimony. The post quickly gained traction, sparking a heated debate among cryptocurrency enthusiasts and financial experts. Many were eager to hear Gensler’s stance on the future of digital currencies and how they would be regulated.
Stuart Alderoty on Gensler’s Testimony
Stuart Alderoty, the Chief Legal Officer of Ripple, expects that while Gary Gensler presents his testimonial before the House of Financial Services, any U.S. representative member present in the conference to bring forward the ruling of the U.S. District Judge Analisa Torres’s judgment on the SEC v Ripple ruling.
In a reply to Fox Business Journalist Eleanor Terret’s, Stuart Alderoty took to X and posted a series of comments.
Firstly, he comments that Gensler claiming that there exists something called a “crypto assets securities market” would be a straight lie on the face of Congressmen.
In attachment to this, he wrote a second post where he hopes that at least one of the many US Representative Members present in the testimony will present the judgment of the Court, passed by Judge Analisa Torres, in the Ripple suit dated 13/7/23. Judge Analisa Torres held that “XRP, as a digital token, is not in and of itself “a contract, transaction, or scheme” that embodies the Howey requirements of an investment contract.”
To this post of Alderoty, many verified crypto enthusiasts commented, bringing out their discontent against the US SEC’s Chair Gary Gensler.
One said “Why is his lies never challenged?” while another commented, “Funny how the term ‘crypto asset securities’ has just started appearing in all SECGov materials.”
SEC Not Abiding by The Court’s Decision
The SEC is not contesting the court’s determination that XRP is not a security but instead focusing on the issue of Ripple’s sales of XRP. The SEC wants to review whether Ripple violated securities laws by conducting these secondary sales. This distinction is crucial as it indicates that the SEC’s case against Ripple is not necessarily about XRP’s classification as a security but rather about Ripple’s alleged illegal activities related to the token.
Ripple Legal Chief states that ‘Gary Gensler Will Repeat Lies On XRP In Financial Services Hearing.
Ripple’s Chief Legal Officer, Stuart Alderoty, has made a bold claim ahead of a forthcoming U.S. House of Representatives Committee on Financial Services hearing scheduled for September 27, 2023. He confidently predicts that Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), will continue to say that XRP does not comply with investment regulations.
Ripple Legal Chief Alleges Gensler’s Continuing XRP Lies
Gary Gensler’s strict enforcement of U.S. investment regulations on cryptocurrencies has sparked contentious debates within the crypto community.
Earlier in July 2023, Judge Torres said that when XRP tokens were sold to everyday people, it wasn’t like selling investment stuff, which goes against what the SEC has said for a long time.
Alderoty, talking about this decision, said, “The head of the SEC will go to Congress soon and will lie by saying there’s something called a ‘crypto investment market,’ and he’ll say that tokens themselves are investment deals.”
This argument arose after Gary Gensler made a statement in September 2023 during a Senate meeting, highlighting that the crypto world has lots of cheating and bad behavior.
Alderoty emphasized a section of Judge Torres’s ruling, asserting that XRP, being a digital token, does not necessarily qualify as an investment deal, transaction, or plan that aligns with the Howey rules for investment deals.
Gary Gensler’s Seeks To Avoid Active Lawsuit Questions
In his earlier talk before the meeting, Gary Gensler was clear that he would not discuss any active lawsuits. This includes both the XRP lawsuit and the Grayscale lawsuit regarding Bitcoin investments.
The debate surrounding cryptocurrency continues to grow, as regulators and individuals within the crypto world hold contrasting opinions. The meeting coming up is a really important moment in this ongoing conversation.
Ripple Hires an Ex-Obama Staffer for US Government Engagement!
Ripple has hired Lauren Belive, who formerly worked at the White House under President Barack Obama, as head of US public policy and government. Belive will lead the cryptocurrency firm’s engagement in Washington and nationally, advocating for policies that support the crypto industry and individuals and businesses. Many crypto firms have been seeking a regulatory overhaul to prevent activity from going offshore, while Ripple itself has been fighting a lawsuit brought by the Securities and Exchange Commission. The firm secured a partial win in July when a judge ruled that some sales of its XRP token didn’t violate securities laws.