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EthernityChain To Brings NFTs From ‘Globally Recognized Brands and Individuals’ On XRP Ledger

Albert Brown
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EthernityChain To Brings NFTs From ‘Globally Recognized Brands and Individuals’ On XRP Ledger

Ethernal Labs Discloses Reasons Behind Ripple Partnership, Including Support for the Web3 Scene.


Ethernal Labs is collaborating with Ripple on bringing world-renowned brands and IP to the XRP Ledger community.

 

Ripple’s Creator Fund partner Ethernal Labs, has revealed the reasons behind its partnership with Ripple, as it highlights a need to boost the Web3 ecosystem.

Founding partner and Chief Operating Officer at Ethernal Labs Adrian Baschuk recently provided more insight on the reasons behind its partnership with Ripple’s Creator Fund and the significance of the alliance to its goal of supporting the Web3 scene.

According to Baschuk, the Ripple partnership provides Ethernal Labs with a better opportunity to present the global scene with top-quality NFT creation tools, as it brings NFTs and digital currencies to the masses through the use of the XRP Ledger (XRPL).

Ethernal Labs positions itself as an integrative creative studio that can be leveraged by the public, especially celebrities, for NFT creation and other NFT-related activities.

“Through this partnership, Ethernal Labs is excited to offer NFTs from globally recognized rights, licenses, IPs, brands, and individuals to a broader audience easily, quickly and securely.”

The technology studio also features an upcoming P2E Gaming platform and Metaverse Development studio. Ethernal Labs’ goal is to bring the masses NFT and Web3 experience.

Bashuk, speaking on the partnership with Ripple, noted that the alliance would help both entities bring the NFT experience to a broader audience. Additionally, he mentioned that Ethernal Labs would help boost the NFT space on XRPL by giving creators access to advanced NFT creation tools. “Ethernal Labs can provide industry-leading support for all things NFTs across the XRP Ledger community,” Baschuk highlighted.

Notably, Ethernal Labs targets athletes, musicians, all forms of celebrities, and digital creators, allowing them to create customized NFTs.

When asked why Ethernal Labs turned to XRPL, Bashuk noted that the XRP Ledger’s unique features would help the creative studio bring NFTs to brands and individuals quickly, securely, and easily. The XRPL has been touted as one of the leading networks providing a cost-effective and secure platform for the blockchain experience as it sees major adoption from top entities.

Highlighting the utilities of Ethernal Labs upon a successful XRPL integration, Baschuk mentioned that the creative studio would create custom NFT collections with top creators and IPs. He noted that the feature is coming soon. “We’ll see an exciting mix of launches giving the XRPL community access to a wide range of white-label experiences—stay tuned,” he added.

Launched in 2022 by NFT marketplace Ethernity for digital creators and celebrities who wish to create their own NFT collections, Ethernal Labs is fast developing into an industry leader in the NFT creative studio scene as it presents a hybrid platform for NFTs and the Web3 experience. Ethernity raised $20M for Ethernal Labs in February for its seed round, featuring investors such as Ripple and Alogrand.

Ethernal Labs was one of the first independent beneficiaries of Ripple’s Creator Fund, as announced by Ripple in March. The Creator Fund is a $250M commitment from Ripple to foster NFT creation on the XRPL as it assists independent creators and creative studios.

On Monday, The Crypto Basic noted that one of the first independent beneficiaries of the Creator Fund – NFT marketplace onXRP – disclosed that it had indexed about 240K NFTs and 9K projects on XRPL in just a week after the XLS-20 protocol brought NFT functionalities to XRPL.

Vitalik Urges Meme Coins To Give Directly To Charities Instead To Him

Mark Brennan
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Vitalik Urges Meme Coins To Give Directly To Charities Instead To Him

Buterin says projects trying to leverage his name for promotion should give directly to charities instead of giving him an allocation of the supply.


Ethereum co-founder Vitalik Buterin in a tweet yesterday, urged projects looking to leverage his name for credibility to donate coins to charities instead of sending them to him.

“I recommend all the dog coin/word coin people to not issue tokens to *me*,” Buterin wrote. “If you *must* abuse my name, give the supply directly to those orgs and market it as ‘X% of supply donated to Vitalik-endorsed charities’. But better just talk about the causes directly.”

The crypto founder expressed these sentiments in a long thread where he highlighted perceived flaws in the current practice of effective altruism. According to Buterin, the initiative currently needs an understanding of how to allocate social capital effectively. The Ethereum co-founder asserted that a lack of clear communication on certain issues is worse than a wrong allocation of money for people of influence.

The latest statements follow a trend of meme coins trying to gain traction and credibility by sending a percentage of the supply to the Ethereum co-founder. After a period of silence as crypto markets looked trapped in months-long consolidation, this trend kicked off again in October. Notably, anonymous entities rushed to create tokens inspired by words used by Buterin in his tweets.

These tokens, like DIE and THE, brought fresh excitement to an uncharacteristically dull crypto market, printing massive profits quickly for early adopters. Notably, like Shiba Inu before them, these tokens also sent a percentage of the supply to the Ethereum co-founder.

It bears mentioning that aside from being known as the creator of Ethereum, the programmer has also built a reputation as a philanthropist. Last year, Buterin gave away 50 trillion SHIB he received from the Shiba Inu project worth over $1 billion to support covid relief efforts in India. Should THE and DIE survive, it will be unsurprising to see a similar trend with the percentage of the supply sent to Buterin.

Meanwhile, a token inspired by the Ethereum co-founder’s bio, which gives a platform to a short story titled “The Fable of the Dragon-Tyrant,” which tries to chronicle the woes of aging, claims to have already put Buterin’s new ethos to practice. The account for the token with the symbol TYRANT said it sent 90k TYRANT to SENS Research Foundation, which is working to develop anti-aging solutions. It is an organization that Buterin has promoted in the past.

Data from DEXTOOLS shows that TYRANT is trading at the $0.0052 price point, putting the donation at around $468.

Notably, Buterin’s statements elicited a response from Binance’s Changpeng Zhao (CZ), who highlighted that it was better to make donations with the top 10 cryptocurrencies by market cap as it avoided hurdles like liquidity and inflated valuations that are common with new tokens.

Terra Classic (LUNC) Up 7% in 24 Hours, Beats BTC, ETH

Mark Brennan
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Terra Classic (LUNC) Up 7% in 24 Hours, Beats BTC, ETH

Terra Classic (LUNC) is doing well against the market.


Despite market-wide carnage, which has seen the top two crypto-assets tumble to new lows, BTC is down 10%, trading at $16,665 while ETH is also down 9%, trading below $1200, but the former brainchild of Do Kwon has held up where its peers have faltered, rising by 7% over the last 24 hours, according to data on Coinmarketcap.

The FTX debacle’s effects are still felt after Binance announced it would not be plugging the hole in FTX’s balance sheet by acquiring the distressed exchange citing “mishandled customer funds” and “alleged US agency investigation,” sending panic through the markets.

Some speculators assert that Terra’s performance in the face of panic is a testament to the progress the chain has made in adding utility and its burn mechanism.

On the other hand, according to community members on Twitter, In a sea of red, Terra’s Classic ability to print daily green candles has been because it is the most decentralized project in the face of ongoing regulatory scrutiny of large, centralized exchanges.

As was earlier reported by The Cryptobasic, some of the utilities added by the community to drive adoption have been its first Dapp and FCF Pay, a cryptocurrency payment gateway, adding support for Terra Classic (LUNC) to enable people to use the token as a payment method. As the transactions will be done on-chain, the 0.2% tax burn will also apply to all LUNC payments, thus contributing to the ongoing burn program.

Notably, the lottery Dapp in its first week, as shared by The Cryptobasic, sent over 10.5 million LUNC to the burn wallet. The initiative has been geared towards rewarding users for supporting the burn initiative, balancing utility and burn mechanism.

According to Terra Rebels, the terra classic v23 upgrade is scheduled to launch in December.

Despite a downturn in investors’ risk appetite, the community has been focused on eliminating supply and encouraging adoption, as indicated by a simple search of the LUNC hashtag.

FTX Exchange Valuation Falls From $32B To $1

Mark Brennan
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FTX Exchange Valuation Falls From $32B To $1

FTX’s valuation tanks as Binance abandons the acquisition deal.



Bloomberg’s wealth index now believes FTX to be worthless, as Binance has announced its decision to pull out of the acquisition deal.

Per the report, the company’s collapse will likely wipe out all investors. Consequently, the software, data, and media company estimates that FTX is worth $1 from a whopping $32 billion. Notably, Bloomberg gives the same valuation to Alameda Research, the company identified as the root of FTX’s woes.

Unsurprisingly, FTX chief Sam Bankman-Fried (SBF) is not left unscathed. With the new valuation, the crypto billionaire has lost 94% of his wealth in a single day, the most the wealth index has ever tracked in 24 hours. The index estimates that SBF has lost about $14.6 billion, leaving him with a valuation of $1 billion.

The new valuations come as Binance announced yesterday that it was pulling out of the deal, citing corporate due diligence and reports of mounting investigations. The move confirmed sentiments that were making the rounds yesterday that the deal was no longer in Binance’s best interests.

Consequently, FTX, the erstwhile leading crypto exchange, looks to be on the brink of bankruptcy, a separate Bloomberg report says, citing sources close to the matter. According to the story, SBF has told investors that the exchange needs to raise $4 billion to stay afloat. 

The FTX debacle, like others in the crypto industry this year, is happening fast and hard. The company’s woes started last week when a CoinDesk report citing a leaked Alameda Research balance sheet raised concerns over the fact that the company held a lot of its assets in FTT, an illiquid token minted by FTX.

Notably, a follow-up report by Dirty Bubble Media asserted that FTX employed the same practices that sent Celsius under. However, many point to the news of Binance’s plan to liquidate its FTT holdings as the wind that brought down SBF’s house of cards, triggering a bank run that has exposed the dire state of FTX’s finances, with sources claiming the hole in the exchange’s balance sheet exceeds $6 billion, per Bloomberg.

It all comes less than three days after the FTX chief gave assurances that the exchange and its assets are fine in now-deleted tweets. 

As noted by one user, the prospect of FTX’s bankruptcy does not bode well for people who held assets on the exchange.

Meanwhile, pundits have noted that the crypto industry should be more worried about the Alameda Research collapse. Notably, the company invested in several crypto projects and received several investments from traditional finance. The contagion risk could be catastrophic, as CryptoQuant chief asserts it is bigger than Three Arrows Capital.

Brandt Says Fifth Worst Decline Is Taking Bitcoin To $10K

Mark Brennan
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Brandt Says Fifth Worst Decline Is Taking Bitcoin To $10K

Veteran Analyst Peter Brandt Says the Current decline is the fifth worst decline in history.



Veteran market analyst Peter Brandt has taken the edge off his followers by sharing historical data which suggests previous market participants have had it worse.

Brandt said in a tweet, “It should be noted that the current decline in Bitcoin as of today’s low is only the fifth worst bear market in history,” with “the January decline to $164 beneath the previous cycle high of $269 November 2013” proving we are not in uncharted waters.

To engender a calmer perspective amongst market participants, he added that; An 80% decline would be 13,800, and an 85% decline would be 10,350.”

Peter also asserted bitcoin price falling below the previous cycle’s high could be a game changer.

Notably, last week, The Crypto basic reported that the analyst had taken a U-turn on his previous Bitcoin prediction asserting that the leading crypto asset may not experience another steep price drop, with the veteran trader sharing a picture of himself with the laser eyes to capture his renewed optimism. This came to a couple of days after telling followers to expect a drop to $13k in a “final blow-off” and “market-wide panic,” which have led his followers to applaud his nimbleness in the face of new information.

One Twitter user weighed in on Brandt’s latest tweet; “Wouldn’t be surprised to see us approach the 10k level given the FTX events coupled with the current macro environment. Still optimistic for the long term, though.”

With current lows driven by negative investor sentiment on the back of recent news that despite Binances Letter of Intent, it will not plug the hole in FTX’s balance sheet citing “mishandled customer funds” and “alleged US agency investigations,” it remains to be seen what knock-down effects this will have on the world’s largest cryptocurrency and for how long.

At press time, Bitcoin is down 8.63% in the last 24 hours, according to data on Coinmarketcap.

CZ Tells Binance Team Across World Not to Trade FTX Coin

Albert Brown
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CZ Tells Binance Team Across World Not to Trade FTX Coin

CZ says trading FTX coin is risky.



Binance CEO Changpeng Zhao”CZ” Zhao has revealed a note sent to the Binance team across all countries, as he asks the team not to trade FTT amidst proceedings of the FTX buyout deal.

CZ has asked the Binance team globally not to engage in any trades of FTT as the exchange continues with its due diligence exercise amidst proceedings to acquire FTX. The Binance chief noted that those who already have the asset in their portfolio could keep holding it but charged everyone not to buy or sell it. 

“As the due diligence for the deal is ongoing, I want to remind everyone: DO NOT trade FTT tokens. If you have a bag, you have a bag. DO NOT buy or sell,” CZ demanded in a note sent to the Binance team globally. The 45-year-old Chinese-Canadian executive shared the note publicly “in the spirit of transparency.”

 

CZ also revealed that he had asked the Binance team not to engage in any form of selloffs of its FTT holdings as an organization. According to him, this order was made immediately after he concluded his call with FTX’s Sam Bankman-Fried yesterday. “Yes, we have a bag. But that’s ok,” he said in the note.

Zhao’s charge to the Binance team spells out the need for a noninvolvement in trades relating to FTT as the exchange looks to acquire FTX. Additionally, retaining its FTT holdings as an organization would contribute to the strength of the asset at such tumultuous times. This contrasts with Binance’s initial decision to liquidate its FTT holdings.

Furthermore, CZ demanded that employees not make any remarks on the ongoing buyout deal, whether within the organization or in public. He also charged those uninvolved in the proceedings to not ask questions, as a team is already responsible for handling it.

Despite being at the center of the situation, Zhao noted that he does not feel an FTX collapse is good for anyone within the cryptocurrency space, which is an undeniable fact, given how the recent debacles have rocked the industry and put investor confidence to the test.

CZ highlighted several reasons behind his claim, including potentially higher scrutiny from regulators, the impact on investor confidence, and the fact that Binance will be more prone to attacks from entities who have a glimpse of the exchange’s reach.

CZ also mentioned that his intentions were not to mastermind the current situation surrounding FTX. He noted that he had very limited knowledge of the condition of things at FTX before a call from SBF occurred less than 24 hours ago.

Recall that Zhao revealed, in a series of tweets Sunday, that Binance is looking to liquidate its FTT holdings due to recent revelations. The disclosure precipitated a massive wave of FUD into the space, leading to FTT selloffs and an FTX bank run as investors sought to withdraw their funds.

As The Crypto Basic recently reported, amid the chaos, SBF reached out to CZ to offer a bailout deal to see Binance acquire FTX. Notwithstanding, the situation’s impact on the price action of FTT has remained evident, as the asset has tanked by 70% in the past 24 hours to trade at $4.50 at the time of reporting.

The prevailing situation also had a massive impact on SBF’s billionaire status, as the American entrepreneur lost over 93% of his net assets overnight, with his net worth declining to $991M.

Bitcoin Crash: What You Need To Know About The Current Market

Andrew MacGill
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Bitcoin Crash: What You Need To Know About The Current Market

The crypto market cap falls below $1 trillion leaving bitcoin down by 60% from its all-time high. Most investors and traders are skeptical of the prices of cryptocurrencies, if they will continue to dip or if we will see an upward trend soon. Could the reason for the crash be a massive sell-off by traders and investors? Some financial analysts think bitcoin will still get to $17,000. 

The world’s number one of cryptocurrencies has managed to maintain the $30,000 price support level throughout the last week. But at the beginning of this week, we saw a bearish cycle and bitcoin has currently fallen below the $23,000 price in a 24-hour trading volume  (Source: Gate.io). This is the lowest we have seen BTC for about 18 months now from the trading chart of BTC/USDT on the gate.io cryptocurrency exchange. According to “the crypto fear and greed index”, investors are now in extreme fear as BTC is down by 15.26%. 

Some Altcoins On Bearish Trend

As bitcoin continues to dip, most altcoins have followed the same downward trend. The world’s number one altcoin is trading at the lowest price in 14 months. Despite the expectation that ETH 2 will be launched soon, the price at press time is $1226.96 and it is down by 19.27% in a 24-hour trading volume. Some analysts have predicted Ethereum to fall below $1,000. At this point, will Ethereum Whales give up their position or hold till the market gets to the next bull run?

Furthermore, as the cryptocurrency market continues to slump, we can see Shiba Inu coin down in price, despite the fact that the utility of the meme coin keeps increasing and even teamed up with the Welly burger restaurant to launch an NFT this week. The Shiba Inu price at the time of writing is $0.0000082061 and it is down by 10.04% in the last 24-hours. Will the Shiba Inu coin still get to $1 before the end of the year? Some investors may invest in Shiba Inu`, so they make some good gains when the market is up.

Moreover, when will Safemoon get to the moon? Here is another bear market and the Safemoon token is yet to get to the moon. The Safemoon team has put in their best in coming up with lots of features for the Safemoon token in order to increase its utility in Q1 and Q2. Can Safemoon bulls put back the Safemoon in an upward trend? Currently, the Safemoon price is $0.0004295 on a trading pair of SFM/USDT. It is down by 19.49%. 

The cryptocurrency market is suffering losses and one of the contributing factors is the increase in interest rate by the United State Federal Reserve in order to combat inflation. So as inflation increases, lots of investors are selling off their holdings. Could this be the best time to buy different cryptocurrencies after doing a good market research or should investors and traders hold their position and watch out for the next bull run? With the current state of the crypto market, what will happen to the portfolio of traders and investors that have invested in various crypto projects?

Bitrue Confirms It Holds 41M XRP as Insurance Funds

Albert Brown
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Bitrue Confirms It Holds 41M XRP as Insurance Funds

 

Bitrue now holds over 41M XRP in addition to 40M Bitrue Coin (BTR) as insurance funds to safeguard users’ assets in the event of a security breach.



The cryptocurrency scene has been riddled with debacles this year, leading to losses in investor funds. Against this backdrop, Singapore-based cryptocurrency exchange Bitrue established an insurance policy to safeguard its users’ assets. A recent update indicates that Bitrue’s insurance assets now include 41M XRP and 40M Bitrue Coin (BTR).

In the wake of the recent FTX situation, Bitrue thought it necessary to reiterate its unique approach to safeguarding investors’ assets by providing an update on its insurance policy and the funds available to fulfill its insurance obligation in the event of an “unlikely” security breach.

“Bitrue has always prioritized the safety and security of our user assets. We are the first crypto exchange to establish an insurance fund to safeguard your assets,” the exchange remarked in a tweet Wednesday amidst the FTX insolvency saga.

 

Bitrue further decided to share links to two different wallets with the assets it plans to use as insurance funds, which contain approximately $17.2M against prevailing rates.

The first wallet holds about 41M XRP tokens, valued at $15.6M against the current rate. However, the second wallet holds a total of 40M BTR, worth about $1.6M. Bitrue’s decision to reserve these assets as insurance funds indicate its commitment to customer protection, supposing its obligations are met when situations get ugly.

Two years ago, Bitrue became one of the first cryptocurrency exchanges to provide a fully transparent insurance fund policy with funds made public for auditing any interested individual. The exchange launched its insurance wallet, which had 15M XRP and 40M BTR upon launch.

The XRP wallet has been periodically topped up over the years to increase insurance funds. In two years, the amount of XRP has risen by 173% to 41M tokens. This is due to Bitrue’s promise to ensure that, at all times, its insurance funds are greater in value than what it holds in its hot wallets.

As part of its latest efforts to assuage any doubt about its solvency amongst customers, Bitrue further disclosed that it does not and will not engage in any risky hedge funds. Additionally, the exchange noted that it would not be lending and collateralizing its token (BTR) – a move that would create substantial risks, as illustrated with Alameda and other entities.

Conclusively, Bitrue disclosed that it does not have any material exposure to Alameda Research or FTX, quenching any concerns of damaging effects should the FTX situation develop to what was noticed with Terra, 3AC, and Celsius.

Amidst these incidences of fiascos that have led to losses in investor funds, most proponents seek reassurance that their funds are safe.

Binance recently topped up its insurance funds, dubbed “Secure Asset Fund for Users” (SAFU), to maintain the $1B target due to recent price fluctuations. Like Bitrue, Binance has two reserve accounts that hold its insurance funds. The first address holds $700M in Binance USD (BUSD) and BNB, while the second contains $300M in BTC.

Binance launched the SAFU initiative in 2018 to protect investors’ funds against any security breach. In January, the exchange announced that it would update the funds to $1B.

Meanwhile, FTX US has made claims of an insurance policy on customers’ cryptocurrency funds with the Federal Deposit Insurance Corporation (FDIC). Notwithstanding, in August, the FDIC issued a cease and desist order to the exchange along with four other crypto entities. According to the FDIC, it does not insure crypto funds on FTX US, demanding that the exchange desists from making such claims.

Snowden On FTX CEO Deleted Tweets, “They Call Me A Criminal”

Mark Brennan
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Snowden On FTX CEO Deleted Tweets, “They Call Me A Criminal”

Edward Snowden slams Sam Bankman Fried on manipulative market behavior.



In a tweet on Wednesday, National Security Agency (NSA) whistleblower Edward Snowden slammed the system’s arbitrary standards on deciding what is considered criminal about Sam Bankman Fried’s willful misleading of the general public.

 

The former government official took to Twitter to weigh in on what could be considered the largest financial fiasco of the year after Chief executive officer of FTX, Sam bankman Fried, in a series of now deleted tweets, severally assured customers of the safety of their funds meanwhile SBF rehypothecated said funds into other crypto deals.

Twitter users were quick to weigh in on the matter, “Exposing mass surveillance to one’s detriment is the real “effective altruism” alluding to Sam’s incessant moves to be seen as an altruist.” Another user added.“We live in a world where telling the truth is a crime while true criminals lay in bed with politicians.”

 

Before prevailing realities, it bears mentioning how the FTX founder gained the confidence of the general cryptocurrency market; since the market crash in the spring, the young, self-proclaimed “effective altruist” has been a beacon of hope to investors, large and small. Where other companies have faltered, FTX seemed to be thriving.

Since May, the 30-year-old had given credit lines for struggling firms like BlockFi, secured lucrative acquisitions, and participated in high-profile media interviews.

“More crypto exchanges will fail,” he said in one interview, adding that some firms are “secretly insolvent.”

Now it seems his company joins the growing list of cryptocurrency businesses that have failed thanks to a recurring problem – human hubris, financial self-dealing, and untransparent markets.

Mr. Snowden, a long-time proponent of decentralization, satoshi, and bitcoin, added that “custodial exchanges were a mistake” about what history in crypto has shown.

Deaton Slams a16z General Counsel For Wrongly Asserting Ripple Should Be Decentralized

Mark Brennan
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Deaton Slams a16z General Counsel For Wrongly Asserting Ripple Should Be Decentralized

Deaton goes up against a16z general counsel Miles Jennings.

In a tweet on Tuesday, Attorney John Deaton, popular for his role as amicus curiae in the case between the US Securities and Exchange Commission and Ripple, blasted Andressen Horowitz (a16z) crypto’s general counsel, Miles Jennings, for making assertions that Ripple ought to be decentralized.

Deaton clarified that Ripple is a company with a CEO and a directing board and, as such, is, by design, centralized. Not to be confused with the XRP Ledger, a decentralized blockchain built by Ripple with the native XRP token.

Notably, the amicus curiae throwing more shade at the a16z GC questioned if the lawyer’s opinions are being influenced by Bill Hinman, AKA William Hinman, whose speech in 2018 has been at the center of the Ripple case. Hinman, at the time a director at the SEC, had asserted that Bitcoin and Ethereum were not securities.

It is worth noting that Hinman now holds an advisory role at a16z.

Notably, the tweet from Jennings implied that the blowups and legal battles in the case of Ripple and LBRY were down to a lack of decentralization. However, the arguments from a16z counsel are problematic as nearly all blockchains are built by single entities with centralized structures.

Consequently, only the blockchains ought to be decentralized. And in the case of Ripple and LBRY, it is not clear how the tokens used on these blockchains are automatically securities because these firms are centralized.

LBRY, notably, also responded to Jennings, clarifying that the SEC never alleged that the network was centralized and admitted that they could not shut LBRY down. However, it says that the SEC claims that “if a centralized entity deals in a token of a decentralized network, those token exchanges are securities offerings.”

More so, CryptoLaw, a crypto regulation YouTube news channel, pointed out that the actions of Ripple and LBRY were no different from those of Consensys, where Jennings previously worked. Notably, Consensys has launched several Initial Coin Offerings (ICOs) to raise funds for projects. For example, Gnosis was launched with a public ICO in April 2017.

It is worth noting that Ripple remains locked in a nearly two-year-long legal battle with the SEC, as the latter claims XRP is an unregistered security. However, Ripple received a boost in October after the SEC finally handed over the documents related to the drafting of the controversial Hinman speech, with Ripple chief Brad Garlinghouse and attorney Stuart Alderoty expressing confidence. 

However, the loss by LBRY at the hands of the SEC has raised concerns among the XRP faithful. While Attorneys like Deaton and Jeremy Hogan have tried to point out differences, Jennings, who also worked on the Crypto Council for Innovation (CCI) amicus brief in support of Ripple, says he does not have his hopes up. 

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