Another Win For Ripple As Judge Orders The Deposition Of Former SEC Official, William Hinman

Another Win For Ripple As Judge Orders The Deposition Of Former SEC Official, William Hinman

Ripple Labs Inc has been given the go-ahead to question former SEC official William Hinman in its lawsuit with the Securities and Exchange Commission (SEC).

ETH Is Not A Security – William Hinman

Ripple had asked the US Judge Sarah Netburn to let it depose the former director of the SEC’s Division of Corporation Finance. This motion was aimed at revealing the rationale behind the SEC’s decisions and policies.

In a prepared speech, William Hinman asserted that Ether, the native token of the Ethereum network, was not a security. He based his reason on the decentralized structure of the Ethereum network, noting that the sales of Ether were not considered securities transactions.

Ripple believes that Hinman’s deposition would add more weight to its claim that the XRP token is not a security. The blockchain firm intends to use Hinman’s testimony as a means to understand the commission’s position and why it classifies XRP as a security, Bloomberg reports.

Although the SEC tried to suppress the deposition of Hinman, the motion was denied by Netburn in a ruling on Thursday.

SEC had argued during the hearing that it was yet to decide on Ether’s regulatory status at the time of Hinman’s speech. The regulator said that his speech only contained personal remarks and did not reflect the agency’s viewpoint.

The SEC also argued that Hinman’s testimony would subject high-level government officials to depositions, and that could deter other qualified people from taking public service jobs.

However, Netburn noted that this is not “a run of the mill” enforcement case, adding that the deposition is not supposed to affect other SEC departments.

Judge Netburn concluded that Hinman must sit for the deposition after Ripple and the SEC agree on the scope in advance.

Ripple Continues To Portray SEC’s Stance As Unfair

Thursday’s ruling is the latest clash in the lawsuit that began last December when the SEC sued Ripple, its CEO Brad Garlinghouse and co-founder Chris Larsen. The watchdog alleged that they had conducted unregistered securities with their XRP token sales worth $1.3 billion.

Ripple’s strategy has been fixed on portraying the SEC’s lawsuit as partial and unfair. The firm argues that the XRP should be treated as a commodity offering just like Bitcoin and Ethereum. BTC -0.72% Bitcoin / USD BTCUSD $ 31,398.03
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8 h Cardano Launches Latest Version Of Alonzo Testnet, Dubbed Alonzo White 8 h Bitcoin DeFi is Twitter CEO Jack Dorsey’s New Goal 9 h Another Win For Ripple As Judge Orders The Deposition Of Former SEC Official, William Hinman
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8 h Cardano Launches Latest Version Of Alonzo Testnet, Dubbed Alonzo White 9 h Another Win For Ripple As Judge Orders The Deposition Of Former SEC Official, William Hinman 10 h Thorchain (RUNE) Tested, Network Gets Halted After Being Attacked for 4k ETH

In April, Ripple also won a discovery ruling that required the SEC to produce internal documents about its discussions of Bitcoin and Ethereum.

Ripple had earlier disclosed that the regulators couldn’t regulate XRP because it is majorly used for international and domestic transactions as a digital currency, suggesting XRP as a medium of exchange and not a security.

While the latest ruling is a win for Ripple, it could be considered a relatively small win in a much larger case, one for which the outcome is uncertain.

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Author: Jimmy Aki

Japan’s SBI Holdings Says XRP Ledger Can Be Used To Build NFT Markets

Japan’s SBI Holdings Says XRP Ledger Can Be Used To Build NFT Markets

Japanese financial group, SBI Holdings believes the XRP token and XRP Ledger can be used alongside non-fungible tokens (NFTs).

Tokenization Could Be An Opportunity For XRP Ledger

In a new report titled “Current Management Information Briefing,” SBI listed reasons why it thinks XRP could be great for NFTs. The group argues that XRP has extremely low transaction fees and is an asset that settles transactions instantly. The company stated,

“The blockchain XRP Ledger has the ability to tokenize not only XRP but also a variety of other assets and has extremely low transaction fees that can be settled instantly with a very low environmental impact because it does not use mining and has decentralized trading capabilities.”

Citing a blog post on Ripple’s website dubbed “Building a More Sustainable, Scalable, and Accessible Future for NFTs with XRPL”, SBI said NFTs can be issued on the XRP Ledger.

The firm added that XRP community members have already proposed a model for NFTs showing that Ripple is thinking in that direction. The model will be formally adopted upon review and voting by the XRP community, SBI disclosed.

NFTs are digital assets that are established as unique contracts on a blockchain to indicate the true owner of a digital product.

The company’s Fintech arm subsidiary, SBI Remit announced plans to collaborate with the bank to build a RippleNet-based international remittance platform.

This partnership would SBI Remit which already uses RippleNet to join hands with Hamamatsu Iwata Credit Bank to create a RippleNet-based international remittance platform.

RippleNet is aimed at tackling the high demands of rapid, low-cost payments while changing the landscape of cross-border international payments.

RippleNet has a host of banks and money services businesses on its network that use its solutions to provide a frictionless experience to send money globally.

Ripple’s Focus On Expanding RippleNet

Ripple is continuing its plan on expanding the RippleNet network. SBI Ripple Asia, the joint venture between SBI Holdings and Ripple, is part of Ripple’s efforts in extending RippleNet’s use.

In May, the joint venture introduced Cambodia’s first international remittance service using blockchain rails. The partnership is aimed at delivering the money-transfer service between Cambodia and other countries using RippleNet.

Ripple is also broadening RippleNet in Europe. The firm just hired a Managing Director to head its European operations.

The new managing director Sendi Young would oversee strategy and champion the expansion of the RippleNet technology.

Ripple has previously described the European market as a critical one for the company. The company has experienced high transactions and customer growth in the region. In addition, a quarter of its customers currently are based in Europe.

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Author: Jimmy Aki

Ripple Requests Assistance From Offshore Bitcoin Exchanges In Its Ongoing Lawsuit

Ripple Requests Assistance From Offshore Bitcoin Exchanges In Its Ongoing Lawsuit

A new twist to the Ripple vs. SEC case has come to the fore.

SEC’s New Filing Fatal To Its Claims

In response to the Securities and Exchange Commission (SEC)’s lawsuit against blockchain firm Ripple Labs, co-defendants Brad Garlinghouse and Chairman Chris Larsen have requested that the regulatory agency carry out investigations on crypto exchanges that list or once listed the XRP token.

According to a motion the defendants submitted to the New York Southern District Court, the SEC should make inquiries from offshore crypto exchanges like Bithumb, Huobi Global, OKEx, Upbit Singapore, and ten others on the trading activities of XRP.

A second filing notes that the motion is not unusual per provision from the Hague Convention on the Taking of Evidence Abroad in Civil or Commercial Matters. In that respect, Garlinghouse and his co-defendant have requested that regulatory agencies hosting the under-listed Bitcoin exchanges should assist in the ongoing lawsuit.

Ripple Labs and the two executives have continued to maintain their innocence, stating that XRP is no more security any more than Bitcoin and Ethereum. BTC 4.57% Bitcoin / USD BTCUSD $ 39,238.04
Volume 35.44 b Change $1,793.18 Open $39,238.04 Circulating 18.73 m Market Cap 734.77 b
6 h Paxful Rolls Out Bitcoin Payments Feature for Online Businesses 7 h Ether Is Already Flippening Bitcoin in Several Metrics 8 h SEC Extends Approval Window On WisdomTree’s Bitcoin ETF Decision
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7 h Ether Is Already Flippening Bitcoin in Several Metrics 9 h Standard Chartered Targeting Institutional Clients in Britain & Europe for its Crypto Exchange 9 h Ripple Requests Assistance From Offshore Bitcoin Exchanges In Its Ongoing Lawsuit

In a Dec. 2020 public subpoena, the government agency alleged that the blockchain firm had illegally sold unregulated securities to the US investing public.

The defendants have said no future profit-sharing was undertaken in the sales of the XRP token.

The SEC has since made adjustments to its earlier lawsuit in a new complaint claiming that Ripple and the two executives standing trial sold over 2 billion XRP units within 2013 and 2017 to investors worldwide. It has

Ripple chiefs have since said that it has never contravened the SEC’s 1933 Securities Act prohibiting local sales of securities without registration. According to legal representatives of the Ripple boss and co-founder, the trading of XRP in the 15 offshore exchanges is clearly outside the jurisdiction of the SEC. The SEC, pointing to the sales of XRP in these exchanges and not within the US, nullifies its claims.

XRP Only A Security In The US

The tussle between the Silicon Valley blockchain company and the SEC has been ongoing for months, with the XRP token feeling the brunt.

Following the Dec. 2020 filing release, Ripple Labs saw most of its partnerships in the US go under, and many crypto exchanges in the American nation subsequently delisted XRP on their platforms.

Garlinghouse has bemoaned the regularity vacuum in the US crypto space. According to him, XRP is considered a commodity in all other regions it is traded except in the US.

Accordingly, the company has shifted its attention to helping national banks launch their central bank digital currency (CBDC) programs. In a March announcement, Ripple Labs said its XRP Ledger as a neural bridge for the private CBDC offering.

XRP has since recovered and is trading above the dollar mark.

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Author: Jimmy Aki

Ripple CEO Says Firm Could Go Public Once SEC Case Is Resolved

Ripple CEO Says Firm Could Go Public Once SEC Case Is Resolved

  • Ripple Labs CEO Brad Garlinghouse has confirmed his company’s plans to go public.
  • The only stumbling block is the firm’s legal bout with the U.S Securities and Exchange Commission (SE).

Again, Ripple Confirms Plan To Go Public

Garlinghouse made this known during a Wednesday talk at the Consensus by CoinDesk 2021 conference. The CEO was asked whether Ripple would become a public company, to which he replied that the likelihood is “very high at some point.”

This is not the first time Ripple’s intended IPO plans would be reported. Garlinghouse first floated the idea in January 2020 when he said he expected to see many IPOs in the crypto space in the coming months.

Last month, one of Ripple’s largest shareholders, Yoshitaka Kitao, Japan’s SBI Group CEO, also revealed Ripple’s intention to go public once the SEC lawsuit is resolved on an earnings call. The news sent XRP surging to 14%, trading at $1.61 at the time.

The SEC and Ripple lawsuit started in December 2020 when the regulator alleged that Ripple had conducted an ongoing and unregistered securities sale via its native token XRP.

Several motions have been filed back to back as the case is still in its discovery phase. During this time, the blockchain company has had a few victories where motions were ruled in its favor.

XRP Not Inflationary Like Bitcoin and Ethereum

Garlinghouse has often sought clarity on what basis the SEC decided that Bitcoin and Ethereum are commodities, while XRP is a security.

He has always argued that the XRP is a better token than Bitcoin and Ethereum. In a recent interview, the Ripple boss argued that one of XRP’s advantages over BTC and ETH is that it is a zero inflationary token because it is pre-mined. BTC -2.06% Bitcoin / USD BTCUSD $ 38,507.08
Volume 43.23 b Change -$793.25 Open $38,507.08 Circulating 18.72 m Market Cap 720.85 b
6 h Sichuan, China Regulators Meeting up with Power Companies Regarding Crypto Mining 6 h Treasury Secretary Urges for More Aggressive Spending, President Biden Reveals $6T Spending Plan 7 h SEC Gary Gensler: There Are Many Gaps in Investor Protections in the Crypto Market, Including DeFI
ETH -5.06% Ethereum / USD ETHUSD $ 2,742.47
Volume 33.38 b Change -$138.77 Open $2,742.47 Circulating 116.05 m Market Cap 318.27 b
6 h Treasury Secretary Urges for More Aggressive Spending, President Biden Reveals $6T Spending Plan 7 h XTZ Stakers Sue IRS Over ‘Wrongful Taxation’ of Their Tezos Baking Rewards 8 h Ripple CEO Says Firm Could Go Public Once SEC Case Is Resolved

According to Garlinghouse, the XRPL’s consensus algorithm prevents creating more tokens which set it apart from proof of work (PoW) cryptocurrencies like Bitcoin and Ethereum that are still being mined.

Meanwhile, Ripple has continued to make massive moves despite its SEC lawsuit. The company signed over 20 contracts this year, thanks to its growing foreign customer base, especially in Asia.

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Author: Jimmy Aki

Ripple Developers Plan to Add Support For NFTs on the XRP Ledger (XRPL)

Ripple Developers Plan to Add Support For NFTs on the XRP Ledger (XRPL)

  • Ripple is planning to bring non-fungible (NFTs) to the XRP Ledger to reduce gas costs and improve efficiency while minting.

Over the past six months, the NFT world has witnessed superficial growth in value and retail adoption as mainstream media, athletes, superstars, and other professionals embrace them. However, the hype has slowly died down in the past few weeks as users find it impossible to transfer and purchase digital collections due to high fees.

In a statement earlier on Tuesday, Ripple aims to solve these problems via integrating NFT marketplaces on its ‘fast and efficient’ XRP Ledger. This integration is poised to offer NFT users and collectors a better experience while broadening the tokenization of assets. XRP Ledger is touted for its speedy transactions, efficiency, and low cost, which means they will have a seamless experience while transferring and storing NFTs on the platform.

Over the past few months, Ethereum has faced crypto-wide criticism for its skyrocketing gas prices, making it impossible for small NFT holders to move or sell their collection. For a simple transfer, users could pay hundreds of dollars to complete the transaction, hence the XRP Ledger’s need, the blog post reads.

Moreover, the post boasts of the green energy advantages XRP Ledger will offer over proof-of-work blockchains minting NFTs. It reads,

“Because the XRPL uses a novel consensus process for validating transactions, it consumes negligible amounts of energy and is 120,000x more efficient than proof-of-work networks.”

The crypto world has heavily debated the sustainable mining by PoW blockchains since the Elon Musk tweet disregarding Bitcoin mining using coal.

Ripple CEO accused of orchestrating Bitcoin FUD

Ripple’s CEO, Brad GarlingHouse, has recently talked about the energy use by blockchains, praising Elon Musk’s efforts to reduce coal usage in Bitcoin mining. He faced the wrath of the crypto community as Coinshares CSO Meltem Demirors accused him of orchestrating Bitcoin energy use FUD to better XRP’s chances over Bitcoin.

However, Garlinghouse stated the accusations as “flattering,” stating,

“It’s beyond flattering that you think Ripple is the puppet master behind Elon Musk, countless scientists, governments, crypto enthusiasts, and others who have stated the facts about BTC’s energy use.”

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Author: Lujan Odera

Court Denies Ripple’s Motion To Withdraw SEC’s Request For Foreign Assistance

Court Denies Ripple’s Motion To Withdraw SEC’s Request For Foreign Assistance

The request made to the Magistrate court by Ripple’s executives Brad Garlinghouse and Chris Larsen to stop the US Securities and Exchange Commission from seeking foreign assistance has been denied.

Ripple Suffers Blow Over Foreign Discovery

This is Ripple’s first major rejection and setback in discovery fights since the Ripple SEC lawsuit began.

In a letter dated April 16, Garlinghouse and Larsen had filed for a motion to Judge Sarah Netburn through their lawyers asking that the court stop the SEC from obtaining documents from Ripple’s overseas partners. This comes after the SEC sent out at least 11 Memorandum of Understanding (MOU) requests to foreign securities regulators.

Ripple alleged that the agency was only trying to intimidate Ripple’s foreign partners into severing its ties with the company. In this vein, Ripple asked that the court prevent the SEC from conducting discovery outside its jurisdiction.

However, in a new court release, Judge Sarah Netburn has denied Ripple’s motion to stop the SEC from getting further discovery overseas.

According to the Judge, there was no evidence to back up Ripple’s claims of the agency intimidating its foreign partners. Netburn stated that the MoU requests are permissible, and the foreign securities regulators are obligated to either decline or agree to facilitate the requests.

Ripple has a strong foreign customer base. Roughly 95% of Ripple’s customers are outside the US. This may have been one reason why the San Francisco-based company’s partnerships seem to be increasing. So far, Ripple has signed more than 20 partnerships with financial institutions worldwide since the SEC lawsuit began.

Ripple’s Good Run So Far

Ever since the SEC sued Ripple in December, there have been several motions filed back to back. During this time, the blockchain company has had a few victories where motions were ruled in its favor.

In April, the judge granted Ripple’s motion to compel the discovery of documents regarding XRP, Bitcoin, and Ethereum. Netburn clarified later that Ripple could not access the SEC staff’s emails.

Ripple also had another victory when the court denied and blocked the SEC’s requests to look into CEO Brad Garlinghouse and co-founder Chris Larsen’s banking records.

Meanwhile, the SEC has made another objection to the John Deaton and XRP Holders motion to intervene as a third party in the lawsuit.

While the XRP holders have come out wanting to intervene in the case as third-party defendants, the regulatory agency has vigorously argued against the proposition, stating that the XRP holders won’t provide any additional information and are likely to be partial to Ripple.

“Seeking to inject themselves as “third-party defendants” in this action, Movants would act as ‘friends’ of Defendants, not true ‘friends of the court,’ if permitted to participate as amici,” the SEC noted in a recent memorandum of law.

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Author: Jimmy Aki

Ripple to Connect Egypt’s Apex Bank With UAE to Speed Up Remittance Payments

Ripple to Connect Egypt’s Apex Bank With UAE to Speed Up Remittance Payments

In a blog post on its website, digital payments company Ripple Labs announced the recent addition of the National Bank of Egypt (NBE) to its list of partners.

Ripple Welcomes NBE

According to Ripple, the Egyptian apex bank has signed up for its global payment network RippleNet to aid its remittances.

Egypt, which is ranked one of the top five remittance recipients globally, seeks to use RippleNet’s blockchain infrastructure to enable a faster, cheaper, and more reliable payment network.

Alongside the announcement, Ripple noted that the NBE is also working with United Arab Emirates-based foreign exchange company LuLu International Exchange, enabling it to process expatriate remittances for Egyptians based in the UAE.

Speaking on the development, Group Head for Financial Institutions and Financial Services at the NBE Hesham Elsafty noted the importance of remittances in the Egyptian economy.

According to Elsafty, NBE’s partnership with Ripple is meant to improve the overall efficiency of cross-border payments in the wider market.

The Ripple integration is meant to essentially create a new means to tap into the $24 billion remittance business the country currently boasts of.

XRP Rebounding Amid SEC Case

Ripple Labs seems to have gotten through the worst of a Securities and Exchange Commission (SEC) legal case. In a Dec. 2020 subpoena, the SEC alleged that the blockchain firm had intentionally sold unregulated securities to the tune of $1.3 billion to investors in 2013.

The case currently being contested saw the San Francisco firm lose several partnerships with fellow payment processor MoneyGram backing out of a multi-year alliance it signed in 2019.

As though that was not enough, the Ripple network’s utility token XRP saw negative price action dropping to a paltry 20 cents in the aftermath of the SEC’s public release of the lawsuit.

Ripple CEO Brad Garlinghouse and Chairman Chris Larsen have since questioned the SEC’s regulatory oversight noting that XRP’s capability in digitally transferring value places it in the same fold as Bitcoin and Ethereum.

According to their argument, the large-cap cryptocurrencies have been declared commodities by the Commodity Futures Trading Commission (CFTC), and as such, XRP should be given the same treatment.

But the digital ledger tech provider has since seen its fortune improve in the last few months due to several key partnerships.

Ripple Labs announced in a March 3 post that it would be offering a private version of its XRP Ledger payment infrastructure. The innovation, which is geared towards central bank digital currencies (CBDCs), would enable central banks to build, issue, and maintain digital formats of their fiat currencies.

XRP has since surged, given minor victories in the SEC case. It has risen 30% in the last month trading $1.22 in the 24hr chart.

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Author: Jimmy Aki

SEC Moves To Expunge XRP Holders From Ongoing Ripple Lawsuit With Latest Filing

The US Securities and Exchange Commission’s ongoing lawsuit against blockchain firm Ripple Labs and its executives has taken a new twist.

SEC Files Opposition To Motion To Intervene

In a recent release, the agency filed a motion to stop XRP holders from intervening in the ongoing lawsuit. The filing termed the “Memorandum of Law in Opposition of the Motion to Intervene” seeks to ensure no third party is involved in the ongoing case.

The government agency said this is because the movants have no stake whatsoever and cannot be called in as reliable witnesses due to their association with the defendants.

It also noted that their grievances are properly represented by Ripple Labs and the company’s chairman Chris Larsen and CEO Brad Garlinghouse.

The SEC noted that this is not the first occasion the movants have tried infusing themselves into the case, citing their first filing in the Rhodes Island District Court.

It, however, said that the XRP holders might force the agency to take up a legal case against the body of interested movants since there has not been any reason to bring them into the matter.

The SEC said that this intervention is summarily against the agency’s sovereign immunity, and if the courts decide to let them state their case, it may be forced to bring in other disgruntled investors who feel the defendants were not honest in their dealings with them.

The financial agency also explained that the movants’ cause is a lost one given the fact that whatever funds they lost following the lawsuit on secondary markets cannot be recovered as they are not a party to the case.

The SEC said the recent filing by the lead counsel for the movants Jordan Deaton lacked any new substantive argument as they have repeatedly borrowed from the defendants’ narrative of XRP not being a “security.”

It says this sustained discourse is similar to XRP’s position and shouldn’t, therefore, be allowed to stand in order not to foster delay and confusion.

The regulatory body also jabbed at Deaton’s motive, subtly stating that this could be a platform for the lawyer to gain Twitter prominence following the growing media attention surrounding the case.

Ripple Scaling Up Despite SEC Lawsuit

The SEC’s lawsuit in the closing days of 2020 adversely affected Ripple Lab’s partnerships and its utility token’s valuation in the secondary market.

Following the December filing by outgoing Chairman Jay Clayton, crypto exchanges in the US swiftly delisted the XRP token from their platforms. If that weren’t enough, key partnerships with US companies, went underwater with MoneyGram reneging its agreement with the embattled company.

Ripple CEO Garlinghouse had noted that most of the blockchain company’s business was executed overseas, citing the regulatory haze in the American nation as a deterrent to innovative banking in the country.

He also pointed out that only the US SEC has a problem with the XRP token given that Asian nations, the area XRP has the most influence, do not classify the digital token as a “security.”

In the months that followed, XRP dropped from the 4th most valuable crypto position to the bottom ten, and its value traded way below a dollar.

But following preliminary victories in the opening case with the SEC, the XRP has rallied significantly, and calls for the digital payment firm to be relisted on exchanges have begun making the rounds.

And as the general crypto market has rallied, the XRP token has surged after it rose 17% in April and momentarily reclaimed its position as the 4th most valuable cryptocurrency.

The San Francisco-based fintech company has also been strategically repositioning itself since the SEC lawsuit was made public. Ripple said it was launching a private version of its XRP Ledger Protocol tailored for national banks in a release on its website. This private protocol would help apex banks in the issuance, maintenance, and monitoring of central bank digital currencies (CBDCs), set to serve a secondary role to fiat.

The US tech company also recently appointed former US Treasurer Rosa Gumataotao Rios as a board member. Alongside, financial veteran Kristina Campbell will serve as the company’s Chief Financial Officer (CFO).

Rios’ former role as the currency maker is seen as a strategic move to sell the idea of digital currencies to anti-crypto critics. Campbell would be tasked with the responsibility of accelerating the company’s growth while delivering value to shareholders.

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Author: Jimmy Aki

SBI Group CEO Reveals Ripple IPO Plans After Settlement With SEC Over XRP Lawsuit

SBI Group CEO Reveals Ripple IPO Plans After Settlement With SEC Over XRP Lawsuit

The CEO of SBI Group, Yoshitaka Kitao, has disclosed Ripple’s plans to go public once its case with the United States Securities and Exchange Commission (SEC) is settled. SBI is the largest shareholder of Ripple Labs.

Kitao mentioned this in his speech during an earnings presentation call.

Ripple’s Executives Plan To Take Ripple Public

According to Kitao, Ripple CEO Brad Garlinghouse and executive chairman Chris Larsen are ready for an initial public offering and have both supported the step.

Garlinghouse had previously indicated his interest in a potential Initial Public Offering (IPO) last year. He even predicted that IPOs would become more prevalent in the crypto industry as many companies would head down that road.

“In the next 12 months, you’ll see IPOs in the crypto/blockchain space. We’re not going to be the first and we’re not going to be the last, but I expect us to be on the leading side. It’s a natural evolution for our company.”

Over the years, SBI has invested heavily into fintech companies like Ripple as part of its strategy, according to Kitao. He added that when Ripple becomes public, its investment would pay off.

Ever since the SEC lawsuit, the SBI has stood behind Ripple, firmly showing support. The Japan-based conglomerate launched an initiative to reward shareholders with XRP tokens at a time where XRP was facing a backlash as several exchanges delisted it.

This initiative which was held for the second time after the first program was launched in August 2019, covered only shareholders who had a minimum holding of 100 or more.

Ripple’s Unending Bout with the SEC

The SEC Ripple lawsuit has been filled with twists and turns ever since it started in December 2020.

The SEC had filed the lawsuit against Ripple as well as its executives, Garlinghouse and Larsen, alleging that they had raised over $1.3-billion through unregistered digital assets securities offering.

So far, Ripple has managed to achieve a series of minor legal victories, bringing more hopes to investors and, in turn feeding the market sentiment of the XRP, thereby driving it upwards.

Earlier this week, Ripple’s CEO had said he was pleased with the turn of events concerning his firm’s tussle with the SEC.

This follows the recent accusation of harassment which the SEC accused Ripple of in a recent letter to Judge Sarah Netburn. Ripple had requested internal records and communications from the agency relating to Bitcoin, and Ethereum but that did not go down well with the regulator.

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Author: Jimmy Aki

Ripple’s Brad Garlinghouse Feels Confident In SEC Lawsuit; Larsen Says XRP Is Being Singled Out

Ripple’s Brad Garlinghouse Feels Confident In SEC Lawsuit; Larsen Says XRP Is Being Singled Out

Ripple’s Chris Larsen Sees Regulatory Disclarity As Major Issue for Crypto Companies

Co-founder and executive chairman of Ripple Labs Chris Larsen has blamed the slow traction of Ripple and its XRP token in the US on the lack of regulatory clarity.

Speaking on Bloomberg Markets, Larsen said XRP had been in existence for about 9 to 10 years and that it is perplexing to see Ripple being attacked by the U.S Securities and Exchange Commission (SEC).

XRP’s Attack Is Perplexing

Larsen highlighted several countries like Japan, UAE, and Singapore that have deemed XRP as a currency in the interview. On the other hand, the US is still yet to clarify which digital assets are currencies or securities.

Ripple has remained resolute in the face of the battle. Ripple Labs CEO revealed recently that he feels positive about the progress being made so far in court.

Ripple has enjoyed some minor victories along the way, with the SEC accusing the company of possible harassment.

The US financial watchdog made this accusation in its letter to Judge Sarah Netburn.

The financial agency said Ripple’s request for internal records was a strategy by the defendants to harass the agency and derail the focus of the case. The agency said Ripple and its executives were not in any way interested in seeking relevant evidence. However, Garlinghouse said this was untrue. He added,

“It’s hard to imagine a small company like Ripple against the US Securities and Exchange Commission could be described as harassing. You know, Jay Clayton, under his leadership, decided to bring this lawsuit, and we’re gonna defend ourselves.”

The SEC is now asking the judge to limit the discovery process to its external records or documents to prevent Ripple from getting access to its internal communications.

The regulator had sent this letter after Netburn granted the defendants; Ripple, Brad Garlinghouse, and Chris Larsen access to the SEC’s records relating to XRP, Bitcoin, and Ether. BTC -0.32% Bitcoin / USD BTCUSD $ 54,858.09
Volume 48.01 b Change -$175.55 Open $54,858.09 Circulating 18.69 m Market Cap 1.03 t
5 h Bitmain to Launch A New Ethereum ASIC Miner, Antminer E9, Later This Year 6 h Ripple’s Brad Garlinghouse Feels Confident In SEC Lawsuit; Larsen Says XRP Is Being Singled Out 7 h SEC Postpones Decision on VanEck Bitcoin ETF to June 17
ETH 3.15% Ethereum / USD ETHUSD $ 2,748.65
Volume 34.27 b Change $86.58 Open $2,748.65 Circulating 115.66 m Market Cap 317.91 b
5 h Bitmain to Launch A New Ethereum ASIC Miner, Antminer E9, Later This Year 6 h The State of Wyoming Appropriates $4M to Staking Program for At Least 3 Cryptocurrencies 6 h Ripple’s Brad Garlinghouse Feels Confident In SEC Lawsuit; Larsen Says XRP Is Being Singled Out

Garlinghouse continues to emphasize that XRP is an open-source technology and not a security.

In an interview with Fox News, Garlinghouse reiterated his stance on XRP’s status as a currency, describing the similarities between his company’s digital currency and Bitcoin.

He added that the fact that BitPay, one of the leading payments firms, supports XRP is one example of how the token is not a security.

When asked if XRP needs to be adopted by Fortune 500 companies to be considered a currency, Garlinghouse said Ripple doesn’t need such deals as several companies already use the currency for payments.

Ripple Making Strides Despite Lawsuit

Despite the lawsuit, Ripple is still making strides in its blockchain accelerator program.

In a blog post on its website, the blockchain firm announced that it has partnered with three more universities in its University Blockchain Research Initiative (UBRI).

The new additions are the University of Capetown, Reykjavik University, and the New York University Abu Dhabi (NYU Abu Dhabi). The three new institutions join 35 other global partners who are actively engaged in blockchain research and building new use cases for fintech.

Ripple says that UBRI is laser-focused on moving the crypto industry forward by providing the needed tools and resources to its member institutions.

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Author: Jimmy Aki