Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest

Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest

Inflows into digital asset investment products totaled $233 million last week, the largest since early March. It is, however, nowhere near the record inflow seen in late January. CoinShares, one of the largest crypto asset managers, in its weekly report wrote,

“We believe this recent renewed appetite for digital assets is due to a combination of increasing acceptance from institutional investors, fears for inflation, and price momentum.”

Last week, the price action also pushed assets under management to over $64 billion for the first time.

What’s even more interesting is the crypto assets that the funds have been flowing into. Bitcoin (BTC), without any doubt, continues to see the largest inflows of $108 million, with Ethereum (ETH) right behind at $65 million. This time other altcoins also captured institutions’ interest, with XRP, which CoinShares just launched an XRP ETP, being the most popular among all. BTC 0.91% Bitcoin / USD BTCUSD $ 56,484.77
$514.010.91%
Volume 67.71 b Change $514.01 Open $56,484.77 Circulating 18.69 m Market Cap 1.06 t
3 h South Koreans to Face Tougher Crypto Laws to As Regulators Tackle Cases of Money Laundering 3 h Wall Street Journal Blasts The SEC for Setting ‘Inconsistent Rulings’ in Ripple Lawsuit 4 h TIME Now Accepts Crypto as Payment for Subscriptions in the US and Canada
ETH 6.97% Ethereum / USD ETHUSD $ 2,338.20
$162.976.97%
Volume 39.3 b Change $162.97 Open $2,338.20 Circulating 115.55 m Market Cap 270.18 b
3 h Wall Street Journal Blasts The SEC for Setting ‘Inconsistent Rulings’ in Ripple Lawsuit 6 h Social Trading Platform, eToro US, Adds Chainlink (LINK) & Uniswap (UNI) For Trading 8 h Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest
XRP 5.23% XRP / USD XRPUSD $ 1.39
$0.075.23%
Volume 15.54 b Change $0.07 Open $1.39 Circulating 45.4 b Market Cap 63.16 b
3 h Wall Street Journal Blasts The SEC for Setting ‘Inconsistent Rulings’ in Ripple Lawsuit 8 h Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest 9 h Celebrating DogeDay: Companies Announce DOGE Support, Network Gains Traction

XRP had weekly inflows of $33 million, nearly doubling its assets under management to $83 million.

Inflows were also seen in Tezos (XTZ) at $7 million, Polkadot (DOT) at $5 million, Bitcoin Cash (BCH) at $4 million, and Binance (BNB) at $3 million. Other crypto assets collectively saw $6 million of inflows. XTZ 1.52% Tezos / USD XTZUSD $ 5.70
$0.091.52%
Volume 651.56 m Change $0.09 Open $5.70 Circulating 767.09 m Market Cap 4.37 b
6 h Social Trading Platform, eToro US, Adds Chainlink (LINK) & Uniswap (UNI) For Trading 8 h Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest 5 d European Banking Giant, Société Générale, Issues Security Token On Tezos Blockchain
BCH 3.49% Bitcoin Cash / USD BCHUSD $ 942.35
$32.893.49%
Volume 8.03 b Change $32.89 Open $942.35 Circulating 18.71 m Market Cap 17.64 b
8 h Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest 9 h Venmo Allows its 70 Million Customers to Now Buy, Hold, and Sell Crypto Directly Within the App 4 d Chainlink Releases Whitepaper 2.0, Set to Revolutionize DeFi Industry Through Decentralized Oracles
BNB 15.12% Binance Coin / USD BNBUSD $ 586.90
$88.7415.12%
Volume 9.34 b Change $88.74 Open $586.90 Circulating 153.43 m Market Cap 90.05 b
8 h Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest 8 h Binance Hires Former Top US Banking Regulator, Brian Brooks as CEO of its US Exchange 9 h Celebrating DogeDay: Companies Announce DOGE Support, Network Gains Traction

Trading volume for these digital asset investment products was also high, totaling $4.8 billion. Last seen in early February 2021, this level represents a rise of 59% compared to last week.

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Author: AnTy

Ripple Executives File for Lawsuit Dismissal On Back of Last Week’s Victory; XRP Jumps

Ripple Executives File for Lawsuit Dismissal On Back of Last Week’s Victory; XRP Jumps On the News

Following another legal victory in the lawsuit against Ripple’s Brad Garlinghouse and Chris Larsen filed by the US Securities and Exchange Commission’s (SEC), the executives are asking the judge to dismiss the case permanently.

Both Garlinghouse and Larsen have submitted motions to the US District Court Judge asking that the SEC complaint against them be dismissed with prejudice. Dismissing the lawsuit with prejudice would end the case against them and prevent the SEC from refiling the same charges in the future.

The duo stated that even though SEC had investigated them for over two and a half years before filing its initial complaint, the SEC has failed to allege any discrete XRP offers or sales.

Judge Denies SEC’s Request Seeking Financial Records

Ripple’s filing for dismissal comes after Judge Sarah Netburn denied the SEC’s request seeking access to eight years of financial data belonging to Ripple’s Brad Garlinghouse and Chris Larsen.

Netburn said the SEC’s request for personal financial records, outside the ones belonging to transactions relating to XRP, was irrelevant and disproportional to the “needs of the case.”

“The SEC shall withdraw its requests for production seeking the individual defendants’ personal financial records and withdraw its third-party subpoenas seeking the same,” Netburn stated.

However, if the lawsuit progresses to a point where the SEC has more evidence indicating Garlinghouse and Larsen lied about their XRP transaction records, Netburn said the regulator might renew its application.

After the SEC filed its request last month, Ripple executives had written a letter asking the federal judge to deny the request stating that seeking sensitive personal banking information is a wholly inappropriate overreach.

According to the duo’s lawyers, who wrote the letter on their behalf, the lawsuit did not need such personal information as it was irrelevant, and this is not a fraud case. The legal team also stated that there were no allegations whatsoever that the individual defendants’ finances were at any point connected with Ripple’s accounts.

Netburn granting Ripple’s motion signals another win in its fight against the regulator. Ripple’s first victory was when the court approved Ripple’s motion asking to look into the SEC’s internal communications over how it classifies cryptocurrency as a security.

XRP Soars Amid Lawsuit Victories

It seems Ripple’s XRP has been positively affected by the little wins in the lawsuit, CoinShares adding an XRP ETP, and South Korea’s increased trading, as the digital asset has almost tripled in value.

TradingView data shows that XRP registered a low of $1.42 before staging a 34% rally to a high of $1.79.

XRP is now among the top four crypto assets by market value, behind Bitcoin (BTC) at $62.9k, Ethereum (ETH) at $2.4k, and Binance Coin (BNB) at $544.

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Author: Jimmy Aki

CoinShares is Launching an XRP ETP (XRPL) as the Digital Asset Nears $2

CoinShares is Launching an XRP ETP (XRPL) as the Digital Asset Nears $2

Digital asset manager CoinShares is launching an exchange-traded product for XRP, CoinShares Physical XRP (Ticker: XRPL).

The decision to go with the fourth-largest digital asset was to provide “exposure to those assets that resonate most with our client base,” said the company.

Europe’s largest digital asset investment firm announced the launch of XRPL on Tuesday, which is its eighth investment product. The firm already provides exposure to Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). BTC 5.98% Bitcoin / USD BTCUSD $ 63,647.18
$3,806.105.98%
Volume 70.07 b Change $3,806.10 Open $63,647.18 Circulating 18.68 m Market Cap 1.19 t
4 h Kraken CEO Jesse Powell: You Can’t Rule Out A Crackdown On Cryptocurrencies 6 h Riot Blockchain Now Holds 1,565 BTC on Balance Sheet After Mining 104 BTC in March 6 h House Republican Leader Urges Govt. to ‘Better Start Understanding’ Bitcoin
ETH 7.13% Ethereum / USD ETHUSD $ 2,302.61
$164.187.13%
Volume 29.46 b Change $164.18 Open $2,302.61 Circulating 115.46 m Market Cap 265.85 b
3 h CoinList’s Rally Network Liquid Token Sale Attracts 40k Users to Buy $22 Million in RLY 5 h JPMorgan, Mastercard, & UBS Invest in ConsenSys’ $65M Round to “Accelerate the Convergence” of DeFi and Traditional Finance 8 h CoinShares is Launching an XRP ETP (XRPL) as the Digital Asset Nears $2
LTC 8.45% Litecoin / USD LTCUSD $ 267.89
$22.648.45%
Volume 6.91 b Change $22.64 Open $267.89 Circulating 66.75 m Market Cap 17.88 b
8 h CoinShares is Launching an XRP ETP (XRPL) as the Digital Asset Nears $2 11 h Cross-Chain Decentralized Exchange, THORchain (RUNE), Launches After 3 Long Years of Development 11 h Bitcoin Hits a New ATH Above $63,000 & Ether $2,200 Amidst Extreme Excitement & Wariness About Coinbase IPO

Built using CoinShares’ institutional-grade ETP platform, each unit of XRPL is backed by 40 XRP at launch.

As of writing, one XRP is worth $1.73, up 600% YTD. The crypto asset has been struggling (except in South Korea) while its peers went on to have a massive rally up until this month. XRP is still down 49.5% from its ATH, as per CoinGecko.

The product with a base fee of 150% p.a. will be listed on the regulated SIX Swiss Exchange.

“We are excited to bring XRP to our physically-backed ETF platform,” said Townsend Lansing, Head of Product.

“At CoinShares, we build innovative products in response to demand from our clients. Once we determine that a professional-calibre product is feasible, and it appears that demand exists to make a liquid market for trading the product, we bring the product to fruition leveraging the extensive trading, custody, and compliance capabilities of the CoinShares Group.”

Amidst the ongoing bull market, CoinShares’ assets under management have reached $5 billion. The firm was publicly listed just earlier last month.

Ripple is currently fighting a lawsuit from the US SEC for allegedly selling unregistered securities, which led the crypto service providers to stop offering XRP to their US customers. In this legal battle, Ripple was granted access to internal SEC communications last week. SEC has been denied the request that required Ripple executives to hand over their financial statements.

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Author: AnTy

South Koreans Are Trading XRP & BTT More than BTC and Ether

South Koreans Are Trading XRP & BTT More than BTC and Ether

Bitcoin kimchi premium is also taking a drop after surging to 22% as Upbit temporarily suspends fiat (KRW) deposits and withdrawals, and Bithumb sees an “increasing” inflow of BTC.

Kimchi premium has been flying high until it wasn’t.

Bitcoin prices on South Korean exchanges at one point today were as much as over 22% higher than other cryptocurrency exchanges. But soon it took a big hit and dropped to about 13%. Ki-Young Ju of data provider Crypto Quant noted,

“It seems someone finally figured out how to arbitrage this Kimchi premium opportunity. The trading volume in 30min time frame on Upbit, the largest Korean exchange, was bigger than Binance’s. This drop seems related to Kimchi pullback.”

As of writing, Bitcoin is trading at $56,740 on Coinbase Pro, $56,824 on Binance, $64,247 on Upbit, $64,469 on Bithumb, and $64,494 on Coinone.

image1

Bithumb, according to CryptoQuant, is seeing an “increasing” inflow of BTC, unlike all the other exchanges which have been seeing a decrease.

A possible reason for the drop could be Upbit announcing a temporary suspension of fiat (Korean Won) deposit and withdrawals and KRW account registration services.

The suspension has been due to an urgent inspection by the KRW deposit and withdrawal service provider. Once this maintenance is completed, the exchange will resume the services. The translated notice reads,

“After the urgent inspection of the KRW deposit and withdrawal service provider has been completed, the KRW deposit and withdrawal and KRW account registration services will be resumed.”

However, on South Korean exchanges, the biggest trading assets by volume are a bunch of altcoins, with XRP and BitTorrent (BTT) taking the top place BTT 5.17% Blocktrade Token / USD BTTUSD $ 0.00
$0.005.17%
Volume 0 Change $0.00 Open $0.00 Circulating 55.75 m Market Cap 231.49 K
8 h South Koreans Are Trading XRP & BTT More than BTC and Ether 9 h Bitcoin Takes A Dive & Altcoins’ Drop Hard, But People Are Still ‘HODLing and Not Selling’ 1 mon Why Are Celebrities Exclusively Endorsing Tron, “Is TRX Mass Adoption On The Horizon?”
. XRP is trading nearly 16% higher at $1.10 on South Korean crypto exchanges than about $0.95 on Bitfinex. XRP -13.13% XRP / USD XRPUSD $ 0.92
-$0.12-13.13%
Volume 21.61 b Change -$0.12 Open $0.92 Circulating 45.4 b Market Cap 41.74 b
8 h South Koreans Are Trading XRP & BTT More than BTC and Ether 9 h Bitcoin Takes A Dive & Altcoins’ Drop Hard, But People Are Still ‘HODLing and Not Selling’ 9 h Ripple Wins Access to SEC Internal Crypto Discussions Regarding Bitcoin & Ether’s Non-Security Status

XRP on these platforms is actually pulling in more than double the volume of Bitcoin BTC -3.52% Bitcoin / USD BTCUSD $ 56,041.45
-$1,972.66-3.52%
Volume 74.98 b Change -$1,972.66 Open $56,041.45 Circulating 18.68 m Market Cap 1.05 t
6 h Hindenburg Research Shorts Chinese Bitcoin Mining Maker; Ebang Continues its Fundraising Spree 8 h South Koreans Are Trading XRP & BTT More than BTC and Ether 8 h Grayscale Adds Chainlink (LINK) to its Digital Large Cap Fund
and Ether ETH -7.09% Ethereum / USD ETHUSD $ 1,968.30
-$139.55-7.09%
Volume 35.9 b Change -$139.55 Open $1,968.30 Circulating 115.38 m Market Cap 227.09 b
7 h Seven-Time Superbowl Champ, Tom Brady, Is Launching an NFT Platform Called Autograph 8 h South Koreans Are Trading XRP & BTT More than BTC and Ether 8 h Grayscale Adds Chainlink (LINK) to its Digital Large Cap Fund
.

For instance, on Upbit, XRP and BTT are the two most traded crypto assets at $2.9 billion and $2.3 billion volume, respectively, versus $1.2 billion on BTC/KRW pair and a mere $428 million for ETH/KRW.

Korean investors are also piling into the nation’s crypto stocks, driven by Coinbase’s upcoming public listing.

Hanwha Investment & Securities Co., which owns a 6.15% stake in Dunamu, is the best performer among Kospi stocks this year, as it uptrends over 210% YTD.

Dunamu actually operates Upbit, which local media reported last week has also explored a possible listing on the Nasdaq.

Other shareholders in the company are also enjoying an increase in their value. Woori Technology Investment Co. and Kakao Corp., both of which have about 8% stake in Dunamu, saw their share prices increasing by 140% and 38% respectively so far this year.

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Author: AnTy

International FX Exchange & Ripple Partner, Mercury to Boost Remittances in South Africa Using ODL

International FX Exchange & Ripple Partner, Mercury to Boost Remittances in South Africa Using ODL

Mercury’s international payments firm to utilize RippleNet On-Demand Liquidity (ODL) platform to ease remittance payments between the United Kingdom and South Africa.

On Tuesday, Ripple confirmed Mercury, which has been using the RippleNet ODL platform and its associated XRP digital asset since 2019, to reduce transaction times and fees to a minimum in South Africa. Mercury was added to the first cohort of South Africa’s Intergovernmental Fintech Working Group (IGFW), the inaugural fintech regulatory sandbox in the African state.

Mercury-RippleNet ODL was one of the six chosen projects for an inaugural 50 companies that applied to enter the sandbox. Of the six, Mercury is only one of two companies leveraging blockchain to enhance global remittances and payments in South Africa.

Consisting of top financial regulators such as South Africa’s National Treasury, the South African Reserve Bank, and Financial Sector Conduct Authority, IGFW has previously called for strict regulations to be put in place to curb unregulated crypto transactions.

In April 2020, IGFW stated domestic crypto transactions are accepted in the country but under strict adherence to the FATF “Travel Rule” recommendations. This gave rise to the regulatory sandbox –later in the year – the IGFW stating at the time,

“Payments using crypto assets will, in the interim period, be subjected to a regulatory sandbox approach.”

As a member of the sandbox, Mercury aims at enhancing the future of blockchain-based payments/ transfers to “cut the time and cost of sending money into and out of South Africa using RippleNet-ODL service.”

South African tax regulator, South Africa Revenue Authority (SARS), recently announced plans to audit crypto investors amidst the country’s rising demand for crypto.

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Author: Lujan Odera

Judge’s Comments During SEC Hearing Could Be Favorable for Ripple: Unaffiliated Attorney

Judge’s Comments During SEC Hearing Could Be Favorable for Ripple: Unaffiliated Attorney

Attorney Jeremy Hogan, a partner at Hogan & Hogan legal firm, has pointed out some comments made by the magistrate Judge that may favor Ripple against the U.S. Securities and Exchange Commission (SEC).

Hogan observed the judge commenting in a virtual hearing over the SEC’s attempt to obtain personal financial information of Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen.

Judge’s Comments May See Ripple Come Out Triumphant

In a YouTube video, Hogan said Judge Sarah Netburn had interrupted the discussion to clarify a statement she felt was untrue.

Netburn is not the primary judge in the case; she is assisting District Judge Analisa Torres with discovery and mediation.

According to Hogan, Netburn gave the impression that Ripple’s XRP cryptocurrency may not be a security as the SEC claims. According to Hogan, the judge said,

“My understanding about XRP is that not only does it have a currency value, but it has a utility, and that utility distinguishes it from Bitcoin and Ether,”

Attorney Matthew C. Solomon representing the defendants said XRP had the same intrinsic attributes as Bitcoin and Ethereum, which is branded as a “commodity.”

Hogan, who is not in any way related to the case, said that the second comment Netburn made that was as striking as the first was questioning whether everyone who sold XRP was selling illegal securities.

This was based on the SEC’s prior argument. But the SEC lawyer said that only Ripple and its affiliates could be accused of selling the XRP as illegal securities under the regulator’s Securities Act.

Hogan then surmises that the SEC lawyer’s statement clears the way for cryptocurrency exchanges in the United States to possibly re-list XRP again with no fear of reprisal.

Others believe Hogan’s argument doesn’t hold much weight. One of them is popular trial lawyer Stephen Palley.

Palley believes that an “offhand comment” made by a magistrate judge in charge of mediation and discovery doesn’t mean Ripple would win the case. On exchanges relisting XRP, Palley feels crypto exchanges like Coinbase and Gemini would be foolish to take such a stance in an ongoing case.

Ripple Having A Good Run So Far

Hogan said that Netburn’s comments are exactly what Ripple would want the court to think. He said,

“If I’m Ripple, I’d be feeling pretty good that my mediator and consulting summary judgment judge just said on the record what I essentially argued in my pleadings.”

The lawsuit against Ripple, filed in December 2020 as the former chair Jay Clayton vacated his position, alleges that co-founder Chris Larsen and CEO Brad Garlinghouse aided and abetted Ripple’s unregistered sales of securities in 2013 and 2015, respectively.

Ripple has responded, stating that it had never offered or sold XRP as an investment and that XRP holders do not acquire any claim to Ripple’s assets, hold any ownership interest in Ripple, or have any entitlement to share in Ripple’s future profits. Following the SEC’s lawsuit, numerous crypto exchanges came out hard on the company by delisting its XRP token.

Despite the backlash from businesses in the U.S, Ripple’s Asian market continues to boom. The blockchain firm has partnered with a subsidiary of Japan’s SBI Morningstar, which plans to pay its shareholders XRP tokens as dividends.

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Author: Jimmy Aki

6,000 XRP Holders Want Their Voices Heard In SEC’s Lawsuit Against Ripple Labs

6,000 XRP Holders Want Their Voices Heard In SEC’s Lawsuit Against Ripple Labs

XRP holder and crypto enthusiast John E. Deaton of Deaton Law Firm on Sunday filed a renewed petition to have over 6,000 XRP holders testify as third-party defendants in the ongoing lawsuit by the Securities and Exchange Commission (SEC) against Ripple Labs.

6,000 XRP Holders Want To Testify

According to the filing, the SEC is not fully representing XRP holders’ interests in the lawsuit. With this new filing, Deaton and 6,000 XRP hodlers want to be involved in the case as a third-party defendant.

In a continued correspondence Deaton sent to Judge Analisa Torres, the legal representative said he had informed the financial regulator of his intention to file a class-action lawsuit against the agency, citing the SEC’s intentional misconduct and abuse of discretion as reasons.

In the letter to Judge Torres, Deaton said that he previously filed a writ of mandamus against the SEC in the Federal District Court of Rhode Island on Jan.1 following the lawsuit against Ripple Labs and two of its executives. The January lawsuit demands were for the regulatory agency to exclude present-day XRP held by XRP investors from the securities category.

He had also demanded that whatever funds were received from the defendants should be placed in a constructive trust for XRP holders who incurred losses in connection to the XRP enforcement action of December 2020.

Another subpoena was brought against the SEC on Jan. 12, 2021, with the commission dismissing both.

In a blog post published on CryptoLaw, Deaton said the SEC had claimed that the only region their claims could be heard would be in the Southern District of New York. According to him, Ripple Labs, Brad Garlinghouse, and Chris Larsen, the accused, were defending themselves, and it is up to affected investors of XRP to speak up and be heard.

He also said that the SEC’s action against Ripple Labs had seen investors incur $15 billion worth of losses, days after the lawsuit was initiated. If his requests are granted, we may likely see a new twist to the SEC vs. Ripple narrative.

SEC’s Lawsuit Snowballs

Ripple’s XRP price had slumped from a high $0.76 to a meager $0.18 two weeks into the case.

To further compound the blockchain company’s misfortunes, major crypto exchanges like Coinbase, Binance.US, eToro, Bittrex, and OKCoin delisted XRP from their platforms. Digital asset management firm Grayscale also liquidated its XRP holdings and channeled the funds into Bitcoin and Litecoin.

Ripple also lost its multi-year partnership with US payments giant MoneyGram after the company announced in its quarterly outlook that it would not be expecting any market development fees from the blockchain company in Q1 2021.

Ripple and Garlinghouse have since replied to the SEC in separate filings made to the courts. Ripple Labs presented a point-for-point response to the SEC’s allegations that it engaged in sales of unregulated securities in 2013. Garlinghouse said in a separate motion that the SEC was over-reaching in classifying XRP as a security. According to the Ripple Labs’ CEO, the SEC’s lawsuit can only be termed prejudiced and not based on facts.

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Author: Jimmy Aki

MoneyGram and Ripple Break off Partnership, Closing the Door to RippleNet and ODL for Now

MoneyGram and Ripple Break off Partnership, Closing the Door to RippleNet and ODL for Now

The partnership will be revisited in the future, the CEO said, crypto regulation “needlessly muddied the waters.”

Ripple, the blockchain payment startup, is ending its partnership with money transfer services company MoneyGram International, the company said on Monday.

The reason behind terminating the agreement wasn’t specified, but Ripple Chief executive Officer Brad Garlinghouse said they both are committed to revisiting the partnership in the future.

Back in 2019, Ripple bought a $30 million stake in MoneyGram, with the partnership initially set for two years. The announcement says,

“We are proud of the work we were able to accomplish in a short amount of time, as well as the impact we were able to achieve in bringing this first-of-its-kind product to market. Together, we processed billions of dollars through RippleNet and On-Demand Liquidity (ODL).”

According to Asheesh Birla, GM of RippleNet and Board Observer MoneyGram, the product continues to grow with 2 new customers per week. This combined with “a strong balance sheet allowing us to expand ODL, and pilot new solutions like LOC.”

However, XRP enthusiasts are now asking about the change in the company’s websites that now mentions hundreds of customers instead of 300+.

“Needlessly Muddied the Waters”

MoneyGram stopped transaction under its commercial agreement with Ripple in early December when the US Securities and Exchange Commission (SEC) charged Ripple and its top two executives, including Garlinghouse, with conducting a $1.3 billion unregistered securities offering. In a regulatory filing, MoneyGram also said that it would not receive any market development fees in 2021.

Garlinghouse said in a Twitter post that the lack of cryptocurrency regulation framework has “needlessly muddied the waters for U.S. businesses & consumers.”

In a recent interview, the CEO reiterated that if his San Francisco-based company loses the lawsuit, it will put the crypto industry in the US at a competitive disadvantage. He likened this to the U.S.’ participation on the internet which has been “a source of massive profits” and “geopolitical strength” for the country.

The company filed its formal response last Thursday where it argues that XRP doesn’t require registration because it’s an asset and not a security.

Ripple also secured a separate legal victory against its UK-based investor, Tetragon Financial Group, when the Delaware court ruled that it cannot redeem its $175 million investment because of the SEC lawsuit.

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Author: AnTy

Court Rejects Ripple Investor Tetragon’s Claim of XRP Being Determined a Security

Court Rejects Ripple Investor Tetragon’s Claim of XRP Being Determined a Security

“XRP is no more a security after the SEC filed the enforcement action than it was before it,” the judge said; the decision will be made by the District Court.

Ripple investor Tetragon Financial Group Ltd.’s claims that the US Securities and Exchange Commission (SEC) had officially determined the status of XRP has been rejected by the Court in Delaware. As such, “the SEC has NOT determined that XRP is a ‘security,’” says the San Francisco-based fintech startup.

Earlier this year, the UK-based investment company with total assets of $2.32 billion sued Ripple, saying it seeks to “enforce its contractual right to require Ripple to redeem” Series C stocks held by Tetragon. At the time, Ripple said that the lawsuit had “no merit” as XRP hasn’t been declared security yet.

The lawsuit came after the SEC charged the company and its top two executives for allegedly conducting a $1.3 billion unregistered securities offering. The Delaware Judge said,

“But XRP is no more a security after the SEC filed the enforcement action than it was before it. A determination …resolves the question of whether XRP is a security. The enforcement action, by contrast, asks that question. The question is not yet resolved, so a determination has not yet been made. And when it is made, it will be made by the District Court.”

“The SEC is not the authority making the determination on this track is permissible under the agreement.”

Ripple called Tetragons’ lawsuit an “opportunistic move to take advantage of the SEC’s allegations,” which, of course, according to the company, is “dead wrong.”

In a separate case, which was brought on by the XRP holders against the agency, SEC acknowledged that it had not made any determination as to XRP’s status. Also, the Court presiding over the SEC’s case is “the exclusive method for testing the validity” of those allegations against Ripple. Ripple said,

“We look forward to bringing the SEC’s case to a just and speedy resolution, and remove the cloud that the SEC’s misguided actions have cast over the XRP market.”

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Author: AnTy

Brad Garlinghouse on Asia: Business As Usual For Ripple Despite SEC’s XRP Lawsuit

According to Ripple Labs CEO Brad Garlinghouse, it’s business as usual for the blockchain company in Asia despite its issues with regulators in the U.S.

Asian Market Keeps XRP Afloat

The San-Francisco digital payments firm, which is in a legal tussle with the U.S Securities and Exchange Commission (SEC) over the classification of its XRP token, says the case hasn’t had much of an effect on its operations.

During a guest talk show with network news Reuters, Garlinghouse said that its Asia interests were still thriving despite the ongoing legal storm. To him, the clear regulatory signposts in the Asia-Pacific nations have made it easier for Ripple to model its digital products to the taste of regulators.

Talking down the impact of crypto exchanges delisting its digital currency in America, Garlinghouse said that XRP was traded in 200 exchanges worldwide, and only three or four exchanges ever listed the virtual currency in the United States. Garlinghouse explained,

“We have been able to continue to grow the business in Asia and Japan because we’ve had regulatory clarity in those markets.”

Garlinghouse and Ripple have witnessed some wins in the past months. Ripple had initially suffered a slump following the lawsuit in December but has since rallied, with the majority of the crypto market posting strong gains. It also announced a pilot for its central bank digital currencies (CBDCs) private ledger targeted at countries interested in digitizing their fiat currencies.

The CBDC Private Ledger is an offspring of its XRP Ledger (XRPL) technology and will run on the same blockchain the digital currency uses.

The private transactions logbook is created for large payments and will help central banks issue and maintain their digital currencies.

When the lawsuit was made public, large crypto houses like Coinbase and Kraken delisted the XRP cryptocurrency from their exchanges. But Asian exchanges continued to list the struggling crypto-asset.

Ripple has a good working relationship with APAC countries like Japan and Thailand, according to Garlinghouse. The cryptocurrency company is said to be in partnership with Japanese financial giant SBI Holdings. The Japanese powerhouse is already planning to leverage Ripple’s digital payments expertise to establish itself in the Asian continent.

Garlinghouse also spoke on the apparent lack of regulatory goalposts to guide corporate holdings of digital assets. To him, the SEC’s continued aggression will only end up stunting the growth of the crypto industry in the US.

Gensler Expected To Bring Regulatory Clarity

The Ripple case which has dragged on for months and may likely last longer, has seen crypto lawyers wade in on the discussion. Joseph Hall, a legal practitioner at David Polk’s law firm and former SEC commissioner, reportedly said the SEC was being biased in its suit against Ripple and its top executives.

Hall pointed out that Ethereum and Bitcoin sharing similar attributes with XRP, were confirmed as commodities by the SEC’s sister agency – the Commodity Futures Trading Commission (CFTC).

To him, XRP deserves the same treatment. Stating that the SEC took a long time before it made up its mind to file a case against XRP, Hall said it may not be a slam-dunk case.

At his confirmation ceremony in Congress, President Biden’s SEC Chair pick Gary Gensler promised to bring an end to the uncertainty surrounding cryptocurrencies in the United States.

Gensler is an MIT professor who teaches cryptocurrencies, blockchain, and public policy. He had previously served as the chairman of the Commodity Futures Trading Commission (CFTC). Gensler told Congress at his confirmation hearing,

“Bitcoin and other cryptocurrencies have brought new thinking to payments and financial inclusion, but they’ve also raised new issues of investor protection that we still need to attend to.”

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Author: Jimmy Aki