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Alderoty Says Numerous Amicus Briefs Supporting Ripple Shows “How Dangerously Wrong SEC Is” 

Mark Brennan
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Alderoty Says Numerous Amicus Briefs Supporting Ripple Shows “How Dangerously Wrong SEC Is” 

Ripple’s General Counsel has slammed the SEC for requesting a time extension to reply to all amicus briefs in the ongoing lawsuit.

Ripple’s General Counsel, Stuart Alderoty, has reacted to the Securities and Exchange Commission’s request for a time extension to file all parties’ reply briefs, including amicus curiae briefs. In a letter dated November 3, 2022, the SEC asked the court to extend the deadline for filing reply briefs to the parties’ motion for summary judgment. 

According to the Securities and Exchange Commission, the deadline should be extended from November 15, 2022, to November 30, 2022.  

“The SEC respectfully requests that the date for the parties to file their sealed reply briefs be extended from November 15, 2022, to November 30, 2022,” an excerpt of the letter read.  Notably, the SEC also asks the court that any additional amicus briefs should be filed no later than November 11, 2022. The SEC added that Ripple agreed to its request. 

Numerous Amicus Briefs Filed 

In the past months, several enterprise and trade associations have filed amicus curiae briefs in the SEC vs. Ripple lawsuit. Interestingly, all amicus briefs in the suit have been in support of the blockchain company against the SEC. 

The parties explained in their respective amicus curiae briefs that the SEC is wrong for claiming that XRP is a security. However, the Securities and Exchange Commission is yet to reply to any amicus briefs, as it is planning to file a single reply to all parties’ briefs. Thus, with Ripple’s consent, the agency has requested a time extension to file a concise reply brief by November 30, 2022.

Ripple’s General Counsel Response

Reacting to the agency’s recent requests, Ripple’s General Counsel said the numerous amicus briefs in the case explain “how dangerously wrong the SEC is.” 

He added that the only response the SEC could give on the increased number of amicus briefs filed is that it needs more time to “blindly bulldoze on.”

Alderoty is one of several crypto stakeholders who have been vocal about the Securities and Exchange Commission’s stringent regulatory approach in the burgeoning market. Ripple’s General Counsel said earlier this year that the SEC’s regulatory approach in the industry shows it is protecting its turf at the expense of U.S. investors.

Terra Founder Invites Cops From World To Attend His ‘Conference’

Mark Brennan
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Terra Founder Invites Cops From World To Attend His ‘Conference’

Do Kwon Teases ‘A Conference’ In Response To Latest Claims By South Korean Authorities.


Do Kwon says he would hold a conference to debunk the stories making the rounds, promising to invite the police.

In a tweet hours ago, Terraform Labs’ founder, Do Kwon, in response to the latest reports making the rounds online, said he would be holding a conference to debunk the “falsehoods.”

According to Kwon, the police and persons responsible for sharing these stories are welcome to come. 

“Show up if you dare,” Kwon Taunts.

The latest statements come after a report from Korean Broadcasting System (KBS) made the rounds yesterday, alleging that South Korean prosecutors had obtained evidence that Kwon manipulated the price of Terra Luna Classic (LUNC) and is hiding in Europe. Furthermore, according to the report, officials have succeeded in invalidating his passport, making Kwon an illegal immigrant.

With the conflicting statements from Kwon and the recent reports, the public opinion on crypto Twitter remains divided on Kwon’s innocence or guilt. Many were amused to watch the drama unfold. On the other hand, others expressed disgust at the taunts from Kwon as they believed he should be held accountable, with one even threatening his life should he disclose his location. While some, like crypto journalist Laura Shin, expressed surprise.

Meanwhile, some Terra Classic community members expressed the sentiment that there is more to these stories than meets the eye. Notably, while being among those affected by the Terra ecosystem collapse in May, this group has chosen not to blame Kwon. Instead, they question things like the cancellation of his passport, the Interpol red notice, which authorities volunteered to make public but can not be found on the Interpol website, and stories of restrictions on Kwon in Singapore.

Notably, Kwon and his representatives have continued to label most of the information as false, including the idea that he is on the run, despite his unknown whereabouts. In addition, the TFL founder has expressed the sentiment that the charges against him in Korea are trumped up and political.

It bears mentioning that Kwon was behind the development of TerraClassicUSD (USTC), a “stablecoin” he promoted that proved unstable in May. The de-pegging of USTC crashed its sister token LUNC, wiping about $60 billion from the crypto markets while triggering a market-wide contagion that led to the collapse of several crypto lenders.

After launching an investigation against Kwon, suspecting foul play, Korean authorities issued an arrest warrant for the TFL founder in September, touting Capital Market Act and fraud charges.

Kwon’s last known location is Singapore. The TFL founder continues to work on the new Terra blockchain after handing over the Classic chain to the community. Yesterday, the founder proposed Cosmos Ecosystem solutions to help secure new blockchains.

Shiba Eternity Guide Finally Released With NFT Drop

Zabi
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Shiba Eternity Guide Finally Released With NFT Drop

Shiba Inu Team Releases Shiba Eternity Guide.


Shiba Inu Collectible Card Game, dubbed Shiba Eternity’s official Players Guide, is now out with a unique NFT Drop comprising dozens of amazing images using cutting-edge AI Technology.

The lead developer of SHIB, Shytoshi Kusama, finally came up with the game playing Guide, originally planned to release on November 2nd, 2022. Shytoshi Kusama, in a recent medium blog post, made an apology to the Community for the one-day delay.

While releasing Shiba Eternity’s Guide, Kusama also highlighted the major milestones achieved by the game in recent days and hinted to the community with a potential Beta launch of Shibarium – Layer 2 Solution.

Shiba Eternity Achieved Major Milestones:

The lead SHIB developer confirmed that Shiba Eternity had surpassed over 250,000 downloads on iOS and Android. He further stated that the Playside Studios, the Shiba Inu team, and Game Veteran William Volk had worked hard to fix over 100 bugs in the game, and the update will be rolled out later this month. Kusama also confirms that the team is preparing to hold its first-ever in-person tournament.

Shiba Eternity’s Official Players Guide:

In the medium blog post, Shytoshi Kusama officially announced the release of Shiba Eternity’s Players Guide as a living document, meaning that the guide will be upgraded frequently as the team releases further updates to the game. He confirms that the Players Guide comprises exactly 1150 pages and is released in four separate fragments due to its size.

The blog post reads: “Due to the size of the document (1150 pages), we’ve been forced to break it into four separate documents.”

In addition, the Shiba Inu team has updated the entire lore of the Shiba Eternity Fandom on the Shiba Eternity Game website, which is still under construction. The fandom will help users to search for the document quickly while playing the game.

NFT Drop:

The team devised a unique NFT Drop comprising dozens of unique images to release something different using cutting-edge AI technology. Shytoshi Kusama confirmed that he named the NFTs “Shiba Eternity Lore NFT Drop” on OpenSea so that scammers don’t have a chance to scam the general Community. The price of each art varies from .001E ($1) up to 1000E.

Upon using AI technology in the images, Shytoshi Kusama noted:

“WHY AI you ask? AI has a place in the Shiba Ecosystem and it is vital that I am aware of its current ability and limitations. I won’t say much more on that right now.”

Wen Shibarium?

In the medium blog post, Shytoshi Kusama also revealed his plans for Shiba Inu Ecosystem while confirming the potential Beta launch of Shibarium, the lead developer of SHIB refused to reveal the exact date of launch, but he noted:

“I will shift my focus to advertising the game, the blockchain version, and Shibarium with Kaal as we quickly approach the Beta launch.”

Shiba Inu Governance Token BONE Now On StealthEX

Zabi
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Shiba Inu Governance Token BONE Now On StealthEX

Exchanges Keep on Listing BONE.


Shiba Inu’s Governance token, Bone ShibaSwap (BONE), can now be exchanged with hundreds of other cryptocurrencies on the Cayman Islands-based cryptocurrency exchange StealthEX.

StealthEX, a custody-free instant cryptocurrency exchange, recently added support for Bone ShibaSwap (BONE). As per the announcement, StealthEX users can exchange/swap BONE with over 600 other cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Dogecoin, Baby DogeCoin (BabyDoge), etc.

The decision comes after the lead developer of the Shiba Inu ecosystem, Shytoshi Kusama confirmed that his full focus is now shifted toward Shibarium, and the team is quickly approaching the potential Beta launch.

It should be noted that BONE will be used as a native gas token on Shibarium. This means that every transaction performed on the network will utilize BONE. Because of this amazing utility, major leading exchanges are preparing to list BONE. Besides this, Shiba Inu Community is running various campaigns and signing petitions on change.org to urge major exchanges like Coinbase and Binance to list BONE.

Formerly on September 29th, Hong-Kong based global cryptocurrency exchange CoinEx listed BONE on its platform.

Cayman Islands-based StealthEX is among the fastest-growing cryptocurrency exchanges that enable users to instantly perform limitless swaps without registering. The exchange supports over 600 cryptocurrencies, and the list continues to expand regularly.

Baby Doge Coin to Launch Burn Portal As TVL On Its Decentralized Exchange Surpasses $30 Million 

Lele Jima
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Baby Doge Coin to Launch Burn Portal As TVL On Its Decentralized Exchange Surpasses $30 Million 

Baby Doge Coin wants to accelerate its ongoing burn program.

Despite the hefty burns carried out in the past, the development team behind Baby Doge Coin is considering launching a burn portal for the canine-themed cryptocurrency. 

Baby Doge Coin revealed the initiative in a tweet today. The team took to Twitter asking the community to suggest creative ways it can use to incentivize users who partake in the burn program. 

Baby Doge Coin stated that it intends to reward users with non-fungible tokens (NFTs) for burning the cryptocurrency. However, the team asked members of the community to share their ideas about the initiative in the comment section. 

“If we made a burn portal, what are some creative ways we could incentivize users to burn more tokens? Ideas include: an NFT, tiers of NFTs, received for burning tokens. We want to hear your ideas!” it said.  

BabyDoge Holders React

The community has been reacting to the proposal, with many people supporting the idea shared by the Baby Doge Coin team. 

However, some users have different views on how the team could accelerate burns. A Twitter user named Mohammed R.Hamad thinks boosting BabyDoge’s popularity by opening a shop under the token’s brand is the best way to go.  

Baby Doge Coin Burn Program

It is worth noting that the Baby Doge Coin team has contributed massively toward reducing the total supply of BabyDoge via burns. In July, the team performed the biggest token burn ever in the crypto sector, burning a whopping 50 quadrillion coins in a single transaction. Baby Doge Coin also burns 1 quadrillion tokens from its total supply monthly.  

Recall that in October, it launched its decentralized exchange, dubbed Baby Doge Swap. Two days later, the team said it will allocate a portion of the DEX’s fees to buy and burn the token. These unending burn efforts saw Baby Doge Coin rank as the top cryptocurrency project with the highest burn rate. 

Baby Doge Swap TVL Surpass $30M 

Meanwhile, Baby Doge Swap has continued to attract the interest of top crypto projects as well as investors. According to an announcement today, the total value locked (TVL) on Baby Doge Swap has surpassed $30 million. The feat comes less than a month after the decentralized exchange was launched. 

Former Ripple Developer Debunks Claims that XRP Will Soon be Limited to Institutional Payments

Albert Brown
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Former Ripple Developer Debunks Claims that XRP Will Soon be Limited to Institutional Payments

 

Matt Hamilton, a former principal developer advocate at Ripple, has dispelled claims that XRP will soon be exclusively available for institutional payments.


Matt Hamilton, who once served as a Principal Developer Advocate at Ripple Labs, has debunked increasingly circulating claims that XRP – Ripple’s native token – will soon be available for institutional payments only, eliminating an option for retail transactions.

Hamilton”s comments came as a reply to assertions made by the official Twitter account of a recently-launched XRPL token dubbed XRPayNet. The handle highlighted Ripple’s pattern of buying back XRP tokens from the market, asserting that the firm plans to limit XRP’s usage to institutional payments sometime in the future.

XRPayNet said they plan to fill in the gap when Ripple eventually decides to make XRP exclusively available for institutional payments. “We are slotting in where they may exit the market,” they said.

In response, Hamilton immediately dispelled the assertion that XRP will soon be limited to institutional payments, noting that anyone who makes such claims intends to “mislead” the public.

‘The XRP Ledger is permissionless. You can build whatever you want on it. You can use XRP for whatever you want. Anyone saying “XRP will only be used for institutions” is misleading people,’ Hamilton remarked in a tweet Thursday.

 

Ripple has faced criticisms due to the large percentage of XRP tokens in circulation within its reserves. Nevertheless, in the XRP Q3 Markets Report, Ripple revealed that it now holds less than 50% of the XRP in circulation for the first time.

The XRP Ledger remains one of the most utilized blockchain networks available. Several public and private entities have leveraged its features to foster fast cross-border settlements at low cost.

Several banks, such as Thailand’s Siam Commercial Bank, Santander Bank in the U.S., Bank of America, and PNC Bank in America, have partnered with Ripple to utilize XRP and the XRPL. This surge in institutional adoption has fueled the mistaken belief that Ripple might be heading toward an institution-only business model.

As a part of its growing pattern of institutional partnerships, last month, Ripple partnered with Swedish money transfer service Xbaht AB and Paris-based payments solution Lemonway to introduce its ODL solution to the Swedish and French markets.

Furthermore, in September, Ripple formed a partnership with San Francisco-based design consulting service btrax as the design agency launched its Web3 Design Lab to foster innovation in new business establishments within Japan.

Mina Protocol Lead Developer Joins Cardano Team 

Lele Jima
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0
Mina Protocol Lead Developer Joins Cardano Team 

IOG has added a top blockchain professional to its team.



Input Output Global (IOG), the company behind developing leading blockchain Cardano, has announced an important addition to its team. According to IOG, Dr. Vanishree Rao, a renowned academic, has joined the company as its Head of Applied Cryptography. The announcement was also made by IOG’s media and press Twitter handle.

“In her new role at IOG, Rao will play a key role both in the practical application of existing research and working on building out further published works in this area, as well as helping to develop and grow the company’s zero-knowledge proof expertise,” the announcement read.

Her Work and Education Experience

Dr. Rao has made significant contributions to the blockchain industry. While she was lead cryptographer at O(1) Labs, she helped build the Mina Protocol, a privacy-focused blockchain based on the zero-knowledge Succinct Non-Interactive Argument of Knowledge (zkSNARKs).

It is worth noting that this is not the first time Dr. Rai will be heading high-level cryptography roles. The renowned academic has been appointed in other high-level cryptography roles in top tech companies, including Intertrust Technologies Corporation.

Furthermore, Dr. Rao was one of the Research Scientists at Xerox PARC, a company that has developed top innovations like Ethernet and laser printing.

At the moment, she is a technical adviser on several blockchain-related projects, including Berkeley Blockchain XCelerator, Horizon Labs, as well as Space and Time. Her Ph.D. in Cryptography degree was obtained from the prestigious University of California, Los Angeles (UCLA).

Dr. Rao commented on the development; from her experience, IOG’s depth of technical leadership has always been second to none in the blockchain sector. The new IOG’s Head of Applied Cryptography disclosed that she relied on IOG’s “sound framework” when building the Mina Protocol.

“It feels surreal when you become part of a team that you respect so highly. To work alongside renowned industry leaders such as Aggelos Kiayias, IOG’s Chief Research Scientist, is an honor, so I am thrilled to have the opportunity to help build on the successes to date and to positively influence the cryptography designed and implemented across the products we are building here,” she added.

Canadian Crypto Exchange Becomes First to Relist XRP

Albert Brown
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Canadian Crypto Exchange Becomes First to Relist XRP

 

Newton Crypto, a Canadian cryptocurrency trading platform, becomes the first exchange for relisting XRP.


Newton Crypto, one of Canada’s most prominent crypto exchanges, has finally relisted XRP following a decision to delist the asset nearly a year ago in the heat of Ripple’s legal tussle with the U.S. Securities and Exchange Commission.

The development was disclosed by co-founder and Chief Executive Officer of Newton Crypto, Dustin Walper, in the late hours of Wednesday.

“Surprise! We relisted XRP on @newton_crypto,” Walper said in a tweet that has generated a sense of elation and a trip down memory lane for several XRP proponents. 

 

While the majority of the community have received the news well, others expressed indifference in the development, as they reminded the Newton team of their decision to delist XRP on their Canadian platform despite not being directly affected by the SEC’s legal battle with Ripple.

Recall that Newton Crypto revealed a decision to delist XRP and USDT on its platform in December of 2021, citing legal and regulatory issues. Users were given until January 19, 2022, to move all their XRP and USDT out of their Newton accounts.

Newton’s decision to delist XRP came amidst a pattern noticed amongst several exchanges, including America’s largest exchange, Coinbase which suspended XRP trading on January 19.

As the SEC’s case with Ripple inches closer to an end, XRP proponents are anticipating a review of these decisions before long. Newton Crypto is the first exchange to relist the asset, and others might follow suit soon.

Coinbase, in particular, recently requested to file an amicus brief in support of Ripple in the ongoing lawsuit, as The Crypto Basic recently reported. Coinbase highlighted that it was forced to make the difficult decision of delisting XRP and other U.S.-based exchanges.

 

The platform’s amicus brief has precipitated a wave of speculations amongst several proponents, as many wonders if the exchange will be relisting XRP soon. Should Coinbase choose to accommodate XRP, it wouldn’t be the first time the exchange is housing assets the SEC believes are “unregistered securities.”

Following the DoJ charges brought on a former Coinbase employee for insider trading on the exchange, the SEC leveraged the opportunity to declare that nine of the cryptocurrencies found on Coinbase are unregistered securities.

Coinbase clapped back on the SEC, noting that it does not list securities, and assets on its platform are not securities as alleged. “No assets listed on our platform are securities, and the SEC charges are an unfortunate distraction from today’s appropriate law enforcement action,” Coinbase noted in a blog, as previously reported.

LongHash Ventures, Staking Facilities Ventures Co-lead $3.5 Million Seed Funding Round in Compliant Privacy Protocol Elusiv

Andrew MacGill
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LongHash Ventures, Staking Facilities Ventures Co-lead $3.5 Million Seed Funding Round in Compliant Privacy Protocol Elusiv

Elusiv is a Zero-Knowledge privacy protocol for privately sending and receiving funds on-chain with a big focus on compliance. Elusiv has secured $3.5 million in its seed funding round led by LongHash Ventures and Staking Facilities Ventures. It will use the proceeds to build out its development team, fund security audits, and bring its solution to multiple blockchains.

Other investors include Jump Crypto, NGC Ventures, Big Brain Holdings, Anagram, Cogitent Ventures, Equilibrium, Marin Ventures, Token Ventures, Moonrock Capital, Monke Ventures, SolanaFM as well as several angels, including the founders of Solana, Zeta, Notify, Solflare, and UXD Protocol.

“Financial privacy is a requirement for individual freedom. However, advancing the adoption and acceptance of privacy-preserving tech also requires capable compliance. ZK and new decentralized technologies allow us to overcome the notion that privacy and compliance are exclusive and instead enable us to form a new kind of between privacy and compliance,” said Elusiv co-founder Yannik Schrade.

Elusiv aims to become the backbone of the blockchain financial ecosystem — providing everyday users and merchants with privacy while still maintaining safety through low-trade-off compliance solutions. It will make standard transactions private and, at the same time, give users the freedom to choose which transactions to make public using Elusiv.

LongHash Ventures’ General Partner and Chief Operations Officer Wei Shi Khai said, “Privacy is a human right worth protecting, and has been a persistent pain point in Web3. We at LongHash Ventures are excited by Elusiv’s strong position to address this space with their user-friendly and scalable integrations while maintaining a practical approach to compliance. Moving forward, we see privacy as a key modular layer in our multi-chain infrastructure thesis, especially as more social and identity use cases mature.”

The Elusiv protocol comes with full composability. This means Elusiv can directly be integrated into wallets and protocols with the added benefit of working even if only one party is using it to maintain their privacy. That’s a significant advantage over existing solutions requiring both parties to use the same service. For example, if Alice wants to send money privately, the recipient, Bob, does not necessarily need to use Elusiv. Likewise, Bob could receive funds privately without Alice using Elusiv.

Louis Bauer, Venture Partner at Staking Facilities Ventures, said, “Elusiv is building the ground layer for more sensitive transactions to happen on-chain. Enabling privacy in a compliant manner so blockchains can eventually gain wider adoption. Their focus on strong integration partnerships will help bring this closer to the average user, while Elusiv VMs allow developers to deploy their own ZK-proofs in a cost-effective way. We are excited to back such a hungry and dedicated team as they contribute to growing and maturing the blockchain ecosystem.”

To provide compliance, Elusiv has invented various new compliance systems, utilizing Zero-Knowledge proofs and advanced cryptography. On the most basic level, Elusiv allows users to give third parties insight into their private transactions and assets by either sharing individual transaction viewing keys or by appointing so-called trusted third parties (TTPs) to view all transactions. Users can additionally prove to third parties that their transactions have not been sent, for example, by a known malicious actor, all with one or two button clicks.

On top of that, Elusiv’s advanced compliance system uses a decentralized network of trusted execution environments (TEEs) to achieve a consensus over malicious actors. Bad actors do not lose control over their funds but cannot gain privacy through Elusiv. The fact that the system allows to disclose transactions of malicious actors retroactively makes it unattractive for them to use Elusiv in the first place and thus provides safety for every other user.

Elusiv also plans to introduce “Elusiv Virtual Machines” to let developers use Zero-Knowledge Proofs for their applications without worrying about the complex cryptography involved. It means developers will be able to build their own ZK applications in a fraction of the time with a fraction of the cost.

Cardano Sidechain Developer Selected for Microsoft Support Program

Lele Jima
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Cardano Sidechain Developer Selected for Microsoft Support Program

DcSpark Japan has become a beneficiary of Microsoft for Startups.



The Japanese arm of product-based DLT company dcSpark has been selected as a beneficiary for Microsoft for Startups. This initiative provides a series of support for entrepreneurs and startups.

According to a recent announcement, dcSpark Japan will use the Milkomeda protocol to build a storage chain index data on Microsoft Azure. The company also noted that it would utilize collaboration to improve the global blockchain ecosystem.

Commenting on the development, Sebastian Guimo, director of dcSpark Japan said:

“We are pleased to partner with Microsoft to promote advanced blockchain research and development in Japan. We will also strive to improve security by utilizing the mentor system and technical support [offered by Microsoft for Startup].”

The official Twitter account of dcSpark Global also announced the development. DcSpark hopes that the collaboration will aid in spreading the latest blockchain research and development across Japan.

“Notably, we’ll use their mentoring & tech expertise to simplify the multichain dev experience through Milkomeda,” dcSpark said in a statement.

Reacting to the development, Yuhong Chen, Customer Program Manager at Microsoft for Startups, expressed excitement over adding dcSpark Japan to the program.

“The interoperability and scalability provided by @Milkomeda_com (L2 Solutions, roll-up technology) could be a game changer in Ethereum, Cardano, Algorand, etc.,” he added.

Microsoft for Startups Program

The Microsoft for Startups program provides support, free licenses, and Azure credits to software startups and entrepreneurs. Beneficiaries of the program are exposed to numerous perks for three years.

The program was formerly known as Microsoft BizPark. However, the BizPark program was replaced with Microsoft for Startups in 2018. Microsoft for Startups currently operates in more than 140 countries, accelerating the growth of startups that offer innovative solutions.

DcSpark’s Initiative in the Crypto Space

DcSpark is focused on building critical infrastructure for promising cryptocurrency projects using the Milkomeda protocol. 

In March, the company launched the first Cardano sidechain, making the blockchain compatible with Ethereum Virtual Machine (EVM). Three days after the solution was launched, over $78 worth of total value locked (TVL) was recorded across the various Milkomeda-based protocols.

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