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Deaton Dismisses Chia Network’s COO Claims That SEC Informed Ripple Execs About XRP Being A Security

Lele Jima
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Deaton Dismisses Chia Network’s COO Claims That SEC Informed Ripple Execs About XRP Being A Security

 

Deaton Shares Facts Proving SEC Never Informed Ripple Execs That XRP Was A Security.


Following the filings of summary judgment motions, opposition, and replies, the XRP community eagerly anticipates U.S. judge Analisa Torres to rule on the lawsuit to determine whether the crypto asset is a security. While the XRP community hopes Judge Torres gives a ruling in Ripple’s favor, some crypto stakeholders believe Ripple would lose the case.

Chia Network COO Says, Ripple Will Lose

Chia Network’s COO Gene Hoffman is one of the crypto stakeholders who expect Ripple to lose its case against the Securities and Exchange Commission. In a recent tweet, Hoffman notified XRP holders that the former director of the SEC’s Division of Corporate Finance, William Hinman, informed Ripple executives that XRP was a security.

He shared a screenshot of the SEC’s claim in the recently-filed summary judgment reply while urging the XRP holders to prepare for “the post Ripple loss future.”

Deaton’s Reaction

Crypto Law founder and pro-Ripple lawyer attorney John Deaton responded to Hoffman’s statement, saying he would place the comment in proper context using “facts.” 

Deaton said two months after the controversial June 2018 Hinman speech, where the former SEC exec declared ETH and Bitcoin as non-security, Ripple CEO Brad Garlinghouse, and CTO David Schwartz met with former SEC chair Jay Clayton and Hinman to also get clear regulation for XRP. 

He added that on June 13, 2018 (a day before Hinman’s controversial speech), SEC enforcement lawyers performed a detailed analysis on XRP, applying the Howey test to determine whether the crypto asset was security.

According to attorney Deaton, if the SEC were certain that XRP was a security, Clayton and Hinman would have informed Ripple execs. However, Deaton said that the agency never told Garlinghouse and Schwartz that the SEC Enforcement lawyers found XRP to be a security. 

Deaton said if the SEC had concluded that XRP was a security, the agency’s enforcement division would have recommended a cease and desist letter be filed against Ripple or an enforcement action against the leading blockchain company. He added that the SEC would not have sat back for over a year after concluding XRP was a security and watched Ripple execs sell “illegal securities” to the public.

Deaton Shares More Facts

Deaton further says the SEC would have turned over the XRP memo during discovery to give the securities regulators an edge in the lawsuit.

“If the 2018 XRP Memo had concluded XRP was clearly a security, the SEC would’ve turned it over in discovery just like it did the August 2018 meeting notes. If theconcluded XRP was a security the SEC would’ve handed it over and argued it gave Ripple plenty of time to fix it.”

In addition, attorney Deaton said that in January 2019, Coinbase and its security lawyers met with Hinman about the exchange’s intention to list XRP.

Notably, the SEC did not disagree with Coinbase, and the exchange listed and promoted the widespread adoption of XRP on February 25, 2019. 

Terraform Labs Finds A Way To Maintain Terra Station Support For Terra Classic

Mark Brennan
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Terraform Labs Finds A Way To Maintain Terra Station Support For Terra Classic

Terraform Labs (TFL) now believes that the Terra Station can work alongside the Interchain Station.


Terraform Labs staff Jared has disclosed that TFL has now found a way to continue support for the Terra Station wallet, according to a tweet from the TFL staff yesterday.

According to Jared, TFL can now support Terra Station and the Interchain Station.

“… we figured it out this morning,” Jared tweeted in response to calls about whether or not both wallets can co-exist. “can support legacy version, and interchain version now.”

As previously reported, the TFL staff had disclosed that TFL was likely to end Terra Station support as it is working to transition to an Interchain Station wallet to support several Cosmos chains.

In addition, as revealed by the Terra Rebels, the requirement to have the Terra Classic chain supported on Interchain Station involves an uphill task that has yet to be attempted. Notably, TFL required the Terra Classic network to change its wallet prefix, which it shares with LUNAv2, and carry out other chain upgrades before December 15.

However, all of these will take at least six months, as disclosed by the Terra Rebels. Consequently, the Terra Rebels proposed a transition to the Rebel Station until the network decides to carry out these upgrades, allowing users to interact with their tokens and continue governance and delegation as usual.

Ripple’s General Counsel Expresses Gratitude to His Colleagues as SEC Lawsuit Approaches an End 

Lele Jima
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0
Ripple’s General Counsel Expresses Gratitude to His Colleagues as SEC Lawsuit Approaches an End 

Alderoty says he is grateful to his colleagues at Ripple. 

Ripple’s General Counsel Stuart Alderoty has taken to Twitter to express gratitude to his colleagues at the leading blockchain company. 

“As we hit the beginning of the end with the SEC lawsuit, I couldn’t have asked for a better team to be part of. Thankful every day for my equally inimitable colleagues at @Ripple!,” Alderoty said. 

Ripple Lawsuit Nears Its Conclusion

It bears mentioning that Alderoty has led a team of litigators from top legal firms to defend Ripple in the company’s fight against the Securities and Exchange Commission. Some members of the legal team defending Ripple against the SEC include the founding partner of Kellogg Michael Kellogg, Andrew Ceresney of Debevoise & Plimpton partners, etc.  

Meanwhile, the Ripple lawsuit will soon be concluded, as the parties have filed their summary judgment motions, opposition, and replies. Each party – the SEC and Ripple – have asked U.S. federal judge Analisa Torres to declare a summary judgment in its favor. Judge Torres is currently reviewing the dueling motions. According to pro-Ripple lawyer James K. Filan, the lawsuit could end on or before March 31, 2023. 

Bloomberg: Alderoty Is the Face of Crypto

Alderoty’s tweet comes hours after Bloomberg Law described him as the “Face of Crypto in Ripple-SEC Fight.” The article was published today by Bloomberg to applaud Alderoty for his efforts to fight for favorable crypto regulations. According to Bloomberg Law, Alderoty, a 63-year-old lawyer, spent most of his career in the traditional finance sector. However, he “gave up 30 years of networking” in Wall Street legal roles to join Ripple in 2019, Bloomberg noted. 

Notably, Alderoty funded his college and law school fees himself by doing several jobs, including driving a forklift at a light bulb company. Before he was appointed general counsel at Ripple in 2019, Alderoty served as CIT Group’s general counsel, HSBC Holdings’ North American legal chief and American Express litigator, among others. 

His journey at Ripple prompted him to push for favorable regulations for the blockchain industry, as the SEC charged the Silicon Valley tech company for allegedly violating U.S. laws by offering unregistered security.  

“Alderoty said he favors reasonable regulation of the crypto industry, but the SEC is playing politics instead of pursuing sound policy,” Bloomberg stated in the article. Ripple’s legal chief and the company’s CEO, Brad Garlinghouse, said Congress is responsible for regulating crypto, not the SEC. 

Alderoty usually questions the SEC’s authority over crypto whenever the agency chair Gary Gensler makes bold claims about the nascent industry. Recall that in June, Gensler mounted pressure on altcoins after saying Bitcoin is the only cryptocurrency he considers to be outside of the SEC’s jurisdiction. Responding to Gensler’s statement, Alderoty said the SEC chair cannot appoint himself as the cop on the beat for the cryptocurrency industry. 

For Alderoty, the SEC under Gensler prioritizes protecting its turf at the expense of U.S. investors. He added that the lawsuit filed against Ripple was a rug pull on investors. 

Reacting to the Bloomberg piece, Garlinghouse said: 

Two Whales Add 420B Shiba Inu Worth $3.94M

Zabi
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Two Whales Add 420B Shiba Inu Worth $3.94M

Whales continue to invest millions of dollars in Shiba Inu (SHIB), the world’s 14th-biggest cryptocurrency in market capitalization.

The massive purchase of Shiba Inu happens in the past 24 hours. Etherscan.io data reports that two mysterious whales have accumulated a staggering 420,696,000,795 (420.69B) SHIB, worth $3,941,921 ($3.94M), through two separate transactions in the past 24 hours.

Transactions Breakdown

Nascent Whale Splurged $2.93 Million to Buy SHIB: Etherscan.io data reports that a brand new whale has just come into life and scooped up a whopping 312,900,000,000 (312.90B) SHIB, worth $2,931,873 ($2.93M) SHIB in one significant transaction. The transaction is executed exactly at 02:52:23 PM +UTC (16 hours 23 minutes ago). This whale is holding its 312.9B.

Nascent Whale Splurged 2.93 Million USD to Buy SHIB
Nascent Whale Splurged 2.93 Million USD to Buy SHIB

Mysterious Whale Splurged $1.01 Million to Buy SHIB: Soon after the first Whale’s purchase, the second major Shiba Inu Whale jumped in with a total investment of $1,010,048 ($1.01M) and filled up her bag with a gigantic 107,796,000,795 (107.76B) SHIB. The purchase was executed in a single transaction executed about 13 hours ago. This mysterious Whale now holds 108,074,013,892 (108.07B) SHIB, worth $1,012,653 ($1.01M) in her wallet.

Mysterious Whale Splurged 1.01 Million to Buy SHIB
Mysterious Whale Splurged 1.01 Million to Buy SHIB

 

However, the said development doesn’t seem to help Shiba Inu to rise. As of writing, Shiba Inu is trading at the price of $0.000009354, down -2.72% over the last day, with a 24-hour trading volume of $131,193,121 ($131.19M).

GimbaLabs Announces Launch of New dApp on Cardano

Albert Brown
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GimbaLabs Announces Launch of New dApp on Cardano

The Gimbal Project Treasury + Escrow (GPTE) platform will allow builders to coordinate work as it bolsters project developments.

GimbaLabs recently unveiled a new kind of decentralized app (dApp) launched on the Cardano blockchain. The dApp dubbed The Gimbal Project Treasury + Escrow (GPTE), is aimed at supporting the development of projects on the Cardano network, as it assists builders looking to coordinate workflow.

The GPTE project comprises two Plutus smart contracts, GimbaLabs disclosed in a tweet Monday as it introduced the dApp. According to GimbaLabs, GPTE contains a Treasury Smart Contract and an Escrow Smart Contract, each supporting a unique feature for the application.

The Treasury Contract will be used for locking up project tokens as it serves as a holder for a pool containing the locked tokens; the Escrow Contract, on the other hand, will help manage commitments made by contributors, including locking and unlocking them at the appropriate time. GimbaLabs noted that the app utilizes transaction metadata thoughtfully, with transactions coordinated using a Cardano-based open-source library for dApp-building Mesh.

GPTE Included In GimbaLabs’ PPBL Summer Course

GimbaLabs has included GPTE in its ongoing Plutus Project-Based Learning (PPBL) Summer 2022 course. Consequently, interested parties can enroll in a course to acquire useful information on GPTE. Course materials will include tuition on Cardano GraphQL, Mesh, and Plutus fundamentals.

Following the conclusion of a course, GimbaLabs has promised a Contributor Token for all successful students, which gives them access to GPTE and an opportunity to become Cardano builders. With this, interested parties can contribute to GPTE.

GimbaLabs is Looking to Increase the Number of Cardano Developers with This Move

GimbaLabs has made the development of GPTE open and in real-time with the purpose of substantially increasing developers on the Cardano blockchain. Individuals who enroll for the PPBL Summer 2022 course will receive the orientation that will equip them with the right knowledge and tools to build on Cardano.

This should significantly increase the project’s building on Cardano and bring more attention to the network. Cardano already boasts over 1,000, with over 3,000 pools being run on the chain.

Furthermore, GimbaLabs disclosed another unique feature of GPTE, which allows for numerous instances of the dApp. GimbaLabs called it the “headless app” in this regard, noting that there is no definite frontend interface for communicating with the application, as anyone using the app can create their own “instance” of it.

“GPTE is a headless dapp. There is no single front end for interacting with it, and anyone can create their own unique instance of the dapp. This means that communities can use GPTE on their own terms, while also opting into a global reputation network,” GimbaLabs remarked.

The introduction of GPTE is another Cardano development to hit the community this month. The Crypto Basic recently reported the launch of the Cardano stablecoin Djed on the testnet, as it introduced Vasil compatibility and new user capabilities.

Cardano “Ghost” Smart Contracts Spike Over 300% On Year-to-Date

Lele Jima
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0
Cardano “Ghost” Smart Contracts Spike Over 300% On Year-to-Date

Hoskinson trolls critics who refer to Cardano as a “ghost chain.”

Cardano founder Charles Hoskinson has teased critics after the leading blockchain saw a boost in the number of smart contracts deployed.

According to data shared yesterday by Altcoin Daily, the number of smart contacts deployed on the Cardano network has soared more than 300% year-to-date (YTD). 

Per the data, 947 smart contracts were deployed on the Cardano network at the beginning of the year. The number of smart contracts deployed on the Cardano network when Altcoin Daily posted the tweet was around 4,000. Data from Cardano Blockchain Insights show that 4,050 smart contracts have been deployed at press time, thus representing over 300% growth on YTD.

Hoskinson’s Reaction

Commenting on the development, Hoskinson took a swipe at Cardano’s critics, who usually consider the network’s volume as a phantom.

It is worth noting that critics have often referred to Cardano as a “ghost chain” due to the network’s limited utility. Responding to these critics, Hoskinson often uses the “ghost” term to describe Cardano’s successes. As reported by TheCryptoBasic in May, Hoskinson noted that Cardano’s use of “ghost transactions” has been super effective after the network edged Ethereum in terms of transaction volume. 

In September, the prominent cryptocurrency entrepreneur compared Cardano’s delegation transactions to ghost transactions. Rick McCracken of DIGI’s stake pools noted in a tweet that at least 1.2M transactions occur on the network every five days using zero bandwidth. 

Hoskinson reacted to the tweet: “One could almost say that they are Ghost transactions.” 

Cardano Records Huge Growth

While critics do not get tired of trolling Cardano, the network has continued to achieve tremendous feats. Yesterday, decentralized applications on the network saw a spike in unique account growth, suggesting increased interest in Cardano-based dApp. Mutant NFTs led the ranking after their unique accounts surged over 2,600% in five days. 

It is not surprising to see Cardano record these wins in major areas because the team behind the blockchain is always prepared to provide important updates. Earlier this month, cryptocurrency data analytics platform Santiment ranked Cardano as the top-performing project in terms of development activities for November.

Today First Dogecoin Block Was Mined 9 Years Ago

Albert Brown
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Today First Dogecoin Block Was Mined 9 Years Ago

The Community Looked Back at DOGE’s Growth After Its Launch 9 Years Ago Today.

The “original” meme coin was launched nine years ago today, and its growth and resilience despite the meme coin status have stunned several investors.

Dogecoin (DOGE) has come a long way for an asset that originally began as a joke based on the doge internet meme of 2013. Launched in the same year as the meme, the first Dogecoin block was mined on December 6, 2013, as today marks the ninth year of the meme coin’s existence. The community has taken time to appreciate the asset’s growth and resilience over the years. Some of its highlights are:

Top 10 Largest Crypto Assets

With a current market capitalization of $13.39B, DOGE positions itself as the eighth largest mainstream crypto asset by market cap, ahead of coins such as Cardano (ADA), Polygon (MATIC), Litecoin (LTC), Solana (SOL), and a host of others. Following Ethereum’s transition to PoS, DOGE became the second-largest PoW asset in the crypto market, only below the firstborn crypto Bitcoin (BTC). Dogecoin has over double Litecoin’s market cap of $5.71B despite being launched later than the asset.

DOGE Has Made Millionaires out of Several Investors

Created as a joke by software engineers Billy Markus and Jackson Palmer, DOGE eventually made millionaires out of numerous investors through its meteoric rallies, especially the massive price surge of last year. DOGE, which started 2021 with a value of $0.0047, surged by a whopping 15,431% to its ATH of $0.73 on May 8, 2021. 

Attention from Prominent Celebrities

The persistent PR from billionaire Elon Musk and the active and robust DOGE community have recently contributed to the asset’s price surges. Besides Musk, DOGE has captured the attention of several notable personalities.

Prominent rappers Snoop Dogg, Lil Yachty, and Soulja Boy all expressed their admiration for the meme coin early 2021. Billionaire Mark Cuban also noted in February of last year that he would rather choose DOGE over a lottery ticket when a fan asked for his opinion on the asset.

DOGE Payments are Now Accepted in Several Notable Firms

Due to its increasing popularity and the surging adoption rate. Several top companies have integrated DOGE payments for their goods and services to appeal to the massively growing DOGE community.

In January of this year, Musk, known for his incessant advocacy for DOGE, announced that Tesla would start accepting the meme coin. Several other entities include Dallas Mavericks, airBaltic, Newegg, and Twitch. Gucci also announced in May that it would start accepting DOGE payments in its retail stores. Musk has also hinted at integrating DOGE into Twitter’s payment system.

Despite a 28% dip from the value of $0.14 it started the year with, DOGE has shown an impressive rate of resilience against the bear market that has brought the broader crypto markets to their knees. The asset is currently trading at $0.1004 as of press time, down 3.72% in the past day.

Shiba Inu Ranks As 2nd Most Popular Coin On New York-Based Crypto Trading Platform

Zabi
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Shiba Inu Ranks As 2nd Most Popular Coin On New York-Based Crypto Trading Platform

Shiba Inu (SHIB) secured the 2nd spot on Webull Weekly Top Crypto chart as SHIB mainstream adoption continues to grow rapidly.



Webull, a New York-based zero-commission trading platform, recently reported that Shiba Inu managed to take the second spot as the week’s most popular crypto on the platform after its rival Dogecoin (DOGE). Bitcoin (BTC) was recognized as the third most popular crypto.

This development comes on the heels of massive developments occurring these days in the Shiba Inu Ecosystem – especially in mainstream adoption. As reported earlier by TheCryptoBasic, Virginia-based luxury car dealer, ‘Exclusive Automotive Group’ entered into a partnership with BitPay to facilitate its customers with a purchase of new or pre-owned Aston Martin, Bentley, and Koenigsegg Hypercars using Shiba Inu.

Leading handmade shoe manufacturer Atheist Shoes became the latest brand to accept Shiba Inu payments.

On the other hand, Bitcastle, a Singapore-based crypto exchange, listed Shiba Inu on its platform with a special login bonus campaign for Shiba Inu Community that is reported to expire on December 18th, 2022.

Crypto to exchanges also holds trillions of Shiba Inu as reserves. Binance holds nearly 87 trillion worth $1 billion in Shiba Inu. CryptoCom holds about $558 million in Shiba Inu. KuCoin Holds 4.43T Shiba Inu As Reserves, Huobi 1.85T, And Bybit 366B.

At press time, Shiba Inu is trading at the price of $0.000009359, down -2.33% over the last day with a 24-hour trading volume of $131,193,121 ($131.19M).

OKCoin Japan Hints Shiba Inu (SHIB) Listing

Albert Brown
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0
OKCoin Japan Hints Shiba Inu (SHIB) Listing

The Japanese branch of the OK Group corporation recently hinted at accommodating the meme coin following persistent appeals from a SHIB proponent.


OKCoin Japan, a leading cryptocurrency exchange in Japan and the Japanese branch of blockchain technology firm OK Group, recently mentioned listing Shiba Inu (SHIB) as it acknowledged its reception of a persistent petition from a SHIB proponent. The individual had, for 148 days, echoed the broader SHIB community’s desire to see SHIB listed on the exchange.

“Thank you very much for your request 148 times. Thank you for your valuable opinion,” OKCoin Japan remarked in a tweet loosely translated from Japanese. The top crypto exchange’s comments came as a reply to an earlier tweet from SHIB proponent Cheggy who had been appealing for the coin’s listing for up to 148 days.

 

The hints have triggered a sense of excitement within the SHIBArmy camp, as several Japanese SHIB proponents expressed their gratitude in advance for the exchange. Others seized the opportunity to bring the platform’s attention to other SHIB ecosystem tokens, such as Bone ShibaSwap (BONE) and Doge Killer (LEASH).

The recent development highlights the increasing attention SHIB garners from the Japanese cryptocurrency scene. Last month, top exchange BitPoint became the first leading Japanese crypto exchange to list SHIB, as The Crypto Basic previously reported.

Shina Inu’s growing presence within the Japanese cryptocurrency space is significant for the asset’s growth, especially considering the large adoption rate of cryptocurrencies within the East Asian country. Finder recently estimated Japan’s crypto ownership to be 7.8M people. A SHIB listing by OK Japan should drive more Japanese attention to the asset.

Launched in 2020, OKCoin Japan exists as the Japanese subsidiary of the OK Group firm. OK Group is the blockchain company in charge of the larger multinational crypto exchange OKCoin, OK Blockchain Research Institute, and several other subsidiary entities. Although launched two years ago, OKCoin Japan has set itself on an expansion path, with several listings over the years. In September of last year, the exchange announced the listing of IOST. Additionally, just last month, OKCoin Japan listed Zilliqa (ZIL). It became the first Japanese exchange to support Tron (TRX) staking in August. 

Strike To Allow Africans Receive Remittances In Fiat Using Bitcoin’s Lightning Network

Mark Brennan
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Strike To Allow Africans Receive Remittances In Fiat Using Bitcoin’s Lightning Network

Africans will be able to receive global payments in fiat through the Bitcoin lightning network at no cost to the senders.

Strike, in a press release today, has revealed that Africans will now be able to receive instant and low-cost remittances in fiat via its “Send Globally” feature powered by the Bitcoin Lightning network.

To achieve this, the digital payments company disclosed that it has partnered with Bitnob, an African payments platform. At launch, the service is available to Strike users in the US and covers transfers to Ghana, Nigeria, and Kenya alone. Notably, users pay no transaction fee to make these global payments. Furthermore, payments are instantly converted to fiat and “deposited directly into a recipient’s bank, mobile money, or Bitnob account.” 

Strike CEO Jack Mallers tweeting Ghana’s flag on Sunday may have hinted at the development. 

“High fees, slow settlement, and lack of innovation in cross-border payments have negatively impacted the developing world,” Mallers said in the press release today. “With exorbitant fees to transfer funds in and out of Africa and incumbent providers halting services, payments companies are struggling to operate in Africa and people cannot send money home to their family members. Strike offers an opportunity for people to transfer their  US dollars easily and instantly across borders.”

Meanwhile, Bitnob CEO Bernard Parah asserted that the new service would ease the pressure faced by African banks to source dollar liquidity while saving remittance payers billions in fees.

Per the press release, Strike will continue to expand its services in Africa through partnerships with local payment companies, including Chipper Cash, one of the continent’s largest cross-border payments providers.

It bears mentioning that the latest development comes a few months after Strike raised $80 million to expand its global payments services using Bitcoin’s Lightning Network.

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