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Ripple Bolsters Its Case Vs SEC With New Filing, Ruling By End Of April?

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In its legal battle with the U.S. Securities and Exchange Commission (SEC), Ripple Labs yesterday filed a Letter of Supplemental Authority to further bolster its fair notice defense. As legal experts had already suspected, Bitcoinist reported, the letter refers to Judge Michael Wiles’ ruling in the Voyager bankruptcy case. In it, Judge Wiles rejected the SEC’s claim in surprisingly strong terms.

Another Argument In Favor Of Ripple

As Ripple’s legal team noted in its letter to Judge Torres, her colleague from the same circuit, Judge Wiles, issued a decision on March 11, 2023, further supporting Ripple’s fair notice defense.  Read more...

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Ripple Execs Voice Confidence After SEC Defeats This Week

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Brad Garlinghouse, CEO of Ripple, took a swipe at the U.S. Securities and Exchange Commission (SEC) in a tweet today, reacting to recent setbacks the agency has taken since Monday. The SEC has suffered three setbacks in court this week.

“It’s only Tuesday, but shaping up to be a not-so-great week for the SEC (this ruling, Voyager, Grayscale),” Garlinghouse wrote. With the first ruling, the Ripple CEO referenced a tweet from fellow Chief Legal Officer (CLO) Stuart Alderoty.

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Judge In Ripple Case Is Not Part Of ‘Deep State,’ Contradicts Lawyer

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While the court case between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) continues to await a ruling from the U.S. Southern District Court of New York, rumors have arisen in the XRP community that the judge in charge, Analisa Torres, is part of the “deep state.” Due to this, supporters of the theory expect Ripple to lose against the SEC.

However, respected XRP community attorney John E. Deaton, who represents 75,000 XRP investors with an amicus brief, vehemently disagrees with this theory. According to him, Ripple and XRP are “lucky” to have Judge Torres.  Read more...

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Ripple Is In Dialogue With Over 20 Central Banks On CBDCs, Exec Reveals

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In a new interview, Brooks Entwistle, senior vice president of customer success and managing director of APAC and MENA at Ripple, talked about the company’s efforts and goals in the Central Bank Digital Currency (CBDC) space, revealing some interesting details.

The exec explained that interaction with regulators around the world is “invaluable.” Unlike the U.S., regulators “in Singapore, in Tokyo, in Switzerland, in the UK” welcome dialogue and participate in roundtable discussions.  Read more...

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Ripple Vs. SEC: Government Watchdog Supports Motion to Unseal Hinman Docs

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Forbes journalist Dr. Roslyn Layton is receiving support for her motion to intervene in the lawsuit between Ripple Labs and the Securities Exchange Commission (SEC) seeking public access to the Hinman speech documents. Empower Oversight Whistleblowers & Research (EMPOWR) has expressed its support for the motion.

EMPOWR is a nonprofit, nonpartisan organization that works to improve independent oversight of government and corporate misconduct. Its mission is to help insiders document and report corruption to the appropriate authorities.  Read more...

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Ripple CTO Slams Theory That XRP Price Will Hit $50,000 Due To Buybacks

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Ripple CTO David Schwartz has spoken out in a recent tweet about the XRP buyback proposal that first surfaced in 2021 and is now resurfacing with a second iteration. The controversial proposal is currently being heatedly discussed again on Twitter after Valhil Capital CEO Jimmy Vallee brought up the idea again.

The theory is based on the belief that XRP will become the world’s reserve currency when government debt skyrockets worldwide and all banks switch to ISO 20022 and use XRP to conduct cross-border monetary transactions. This would mean that governments around the world would have to buy large amounts of XRP.  Read more...

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Ripple Lands New Country For A Stablecoin Pilot Project, XRP Involved?

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In a piece of news that went undetected within the crypto community for a few days, the Southeastern European country of Montenegro has announced a partnership with Ripple. The country’s prime minister, Dr. Dritan Abazović tweeted about the pilot project with Ripple already on January 18, 2023.

Via the social media platform, the Montenegrin Prime Minister reported on his meeting with Brad Garlinghouse, CEO of Ripple, and James Wallis, Ripple Vice President for Central Bank Engagement and CBDCs and said:  Read more...

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Ripple Is Hosting A Panel On The Digital Pound, Here’s Why

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In its predictions for 2023, the Ripple leadership team highlighted Central Bank Digital Currencies (CBDCs) as one of the biggest trends, as Bitcoinist reported. To drive this agenda, Ripple continues to actively work with the private and public sectors.

One country where Ripple is very active is the United Kingdom. On Thursday, January 26, James Wallis, Vice President of Central Bank Engagements and CBDCs at Ripple will deliver the keynote at a webinar addressing the potential use cases and benefits of a digital pound.  Read more...

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Ripple Denies Latest Allegations As SEC Case Sees New Filings

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As the legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) approaches its final deadlines before Judge Analisa Torres is set to deliver her verdict, American journalist Charles Gasparino made an allegation that the fintech company could not let go unanswered. Gasparino raised the question of why the SEC focused on Ripple while it let Sam Bankman-Fried and FTX have their way.

According to the journalist, there are two legitimate reasons why Ripple has become the SEC’s target. On the one hand, the SEC believes that “Ripple management flouted the rules.” On the other hand, Ripple has undermined the SEC’s authority by continuing to sell XRP after being asked to stop it.  Read more...

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Ripple CTO Vs. Craig Wright Fight Enters Round 2 Over ‘XRP Failing’ Claim

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Ripple CTO David Schwartz and self-proclaimed Bitcoin inventor Craig Wright clashed for the first time around the Christmas holidays in a verbal altercation on Twitter. As Bitcoinist reported, the dispute ended with Schwartz ignoring his counterpart while Wright threatened to submit a scientific paper on XRP to the U.S. Securities and Exchange Commission as support in the lawsuit.

After a brief lull in the fight, the verbal dispute found a revival over the last two days. Wright, the leading figure behind Bitcoin SV (BSV), responded to a screenshot of a years-old tweet from Schwartz in which the Ripple CTO stated that Wright is not the inventor of Bitcoin, Satoshi Nakamoto.  Read more...

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Ripple vs. SEC Verdict Likely As Hinman Docs Not So Important? Lawyers Argue

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Probably the most pressing question for the XRP community at the moment is how the lawsuit between Ripple Labs and the US Securities and Exchange Commission will end. In addition to a ruling in favor of Ripple, the community is also hoping for a settlement that could impose a penalty on Ripple but classify all present XRP sales as non-security.

Attorney John E. Deaton, who is representing 75,000 XRP investors in the lawsuit with an amicus brief, recently put up a poll on Twitter about what outcome the community expects in 2023. Out of 18,000 votes, 59% of people said they expected a settlement between Ripple and the SEC.  Read more...

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Ripple: SEC Begs Court Not To Disclose Hinman Documents, Threatens Appeal

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While U.S. Securities and Exchange Commission (SEC) chairman Gary Gensler is calling for a crackdown on the crypto industry based on existing laws and jurisprudence, he may find his nemesis in Ripple and the battle over the Hinman documents.

As Bitcoinist reported yesterday, redactions of all documents related to the summary judgment were due to be filed by the SEC and Ripple by yesterday. Both parties met that deadline in a timely manner. And the SEC’s filing reveals that it is still not ready to release the Hinman documents to the public.  Read more...

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Ripple Execs Slam SEC And Wells Fargo As Updated Court Schedule Is Released

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Ripple remains belligerent against the U.S. Securities and Exchange Commission (SEC). Both CEO Brad Garlinghouse and general counsel Stuart Alderoty wrote tweets denouncing the SEC’s double standards. Garlinghouse tweeted a meme in reference to recent scandals at banking giant Well Fargo.

The meme shows DC Comics superhero Batman slapping his sidekick Robin. The latter’s speech bubble reads, “But Wells Fargo illegal activities!” While Batman’s response is, “We only care about FTX.”

Garlinghouse uses the meme to express his frustration that the recent scandal at the fourth-largest bank in the U.S., Wells Fargo, is not being reported with the same level of outrage as FTX.  Read more...

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SEC Wants To Kill Crypto And Ripple In The US, Defense Lawyer Says

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On November 7, 2022, the district court in New Hampshire granted summary judgment in favor of the U.S. Securities and Exchange Commission (SEC) against the blockchain payment network LBRY. This was the third notable win for the agency, following the SEC’s victories against Kik and Telegram, while the Ripple case is about to be decided, also on summary judgment.

Although the court’s opinion hardly broke new ground, relying on fact-specific analysis based on the Howey test, the LBRY decision continues a trend of courts focusing on the specific details to determine whether tokens constitute an investment contract based on a test that dates back to 1946. Meanwhile, the crypto industry in the U.S. is still waiting for proper regulation.  Read more...

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Amicus Curiae In Ripple Vs. SEC Case Files New Motion

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The court battle between Ripple and the U.S. Securities and Exchange Commission rages on.

In December 2020, the SEC sued Ripple and its current and former chief executives. The regulator alleged that they carried out $ 1.3 billion in sales of unregistered securities since the launch of Ripple’s native token, XRP.

Since then, the lawsuit has been deliberated upon in different dimensions, with several issues popping out once in a while.

Currently, the case is moving toward the Summary Judgement announcement even as the amicus curiae files a new request.  Read more...

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Ripple CEO Garlinghouse Unveils Massive Milestones At Swell Conference

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Amid FTX contagion fears and the legal battle with the US Securities and Exchange Commission, Ripple Labs is currently hosting its Swell Global conference in London.

Yesterday’s first day featured CEO Brad Garlinghouse (“BG”), among others, speaking about the massive progress made recently.

Garlinghouse said on stage that he believes the crypto industry will emerge stronger from the current crisis if it continues to focus on transparency and trust. “Ripple is and will continue to be a leader in this regard”, Garlinghouse stated.  Read more...

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Coinbase Files Amicus Brief In Ripple vs SEC Lawsuit

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In the legal battle between Ripple Labs and the US Securities and Exchange Commission, hardly a day goes by without an exciting news event. The majority of the news is clearly favorable for Ripple and the XRP community.

As recently as Sunday, Roslyn Layton wrote an editorial for Forbes in which she expressed, “The SEC has no allies, not even its own experts, who ended up providing ammunition for the defense”.

And as recently revealed, Ripple now has another crypto industry heavyweight on its side.  Read more...

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Ripple: SEC Could Face ‘Bruising Defeat’ Against, Legal Experts Predict

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As Bitcoinist reported, the legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) is nearing its end in leaps and bounds. Both parties recently filed their motions for summary judgment after the end of the discovery phase.

The chances of the SEC winning the case have continued to shrink, according to various legal experts. Senior analyst at Forbes and senior vice president at Strand Consult, Roslyn Layton, said “signs” of a “bruising defeat” for the SEC are mounting.  Read more...

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Why Monday Could Be Crucial For XRP – Ripple Celebrates Partial Victory Vs. SEC

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The legal battle between Ripple and the Securities and Exchange Commission (SEC), which is already going on for 20 months, is nearing its end. Monday could be an extremely important day for the outcome of the lawsuit.

Jeremy Hogan, an attorney in the XRP community, has shared some very insightful thoughts on the Ripple vs. SEC lawsuit. As he explains, both parties filed under seal reply briefs to each other’s summary judgment motions with the court yesterday.

These were supposed to remain under seal to the public until Monday. However, a few hours ago, the financial technology company already released its 89-page reply brief. And there’s a surprise!  Read more...

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Ripple Launches Test Phase For Ethereum Based Smart Contracts On The XRPL

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Back in September, David Schwartz, the Chief Technology Officer (CTO) of Ripple and one of the original architects of the XRP Ledger, presented his thoughts on an Ethereum Virtual Machine (EVM) sidechain. His idea was to enable the execution of Ethereum smart contracts on the XRP Ledger (XRPL) and thus lower the entry barriers for developers.

Today, the XRPL ecosystem is one step closer to achieving this goal. As reported by Mayukha Vadari of RippleX Developers, Peersyst has now implemented and published the first phase of the EVM sidechain for the XRPL on the XRPL Devnet. This allows developers to use the widely used Ethereum programming language Solidity and bring it to the XRPL.  Read more...

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