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Ripple CEO Brad Garlinghouse Says SEC Can Allow U.S. Fall While Protecting Its Jurisdiction At Expense Of U.S. citizens

Mark Brennan
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Ripple CEO Brad Garlinghouse Says SEC Can Allow U.S. Fall While Protecting Its Jurisdiction At Expense Of U.S. citizens

 

Garlinghouse believes the SEC does not care about anything but its interests alone.



Brad Garlinghouse, the CEO and founder of payments company Ripple, has slammed the Securities and Exchange Commission for its inability to abide by its laid down rules. 

The Ripple boss, who is also one of the executives charged in the company’s hallmark lawsuit, noted that his experience with the SEC has made him realize how ironic it is for the commission to provide disclosure on key issues. 

“[…] Guess they don’t need to abide by their own rules…,” Garlinhouse said. 

Garlinghouse added that the Securities and Exchange Commission does not care whether the United States falls behind in terms of regulatory matters, as its only focus is to protect its own “jurisdiction at the expense of U.S. citizens.”  

 

Calls for Regulatory Clarity 

The Ripple CEO reiterated that there is a need for a clearer regulatory framework, as the SEC’s approach of opting for politics over policy will not yield positive results for the United States and its citizens. 

It is worth noting that Ripple’s boss comments were in response to a thread made by the company’s general counsel Stuart Alderoty, who criticized the government’s security agency for “no disclosure” in listing exchanges and tokens securities-related. 

This is not the first time the SEC has been urged to establish clearer regulations for the cryptocurrency industry in a bid to aid crypto-related companies to avoid breaching the agency’s rules. 

However, calls by industry experts have not been attended to, as the SEC has stated explicitly that its rules are clear and can be easily understood by everyone. 

With the SEC not willing to provide a clear regulatory framework, the industry is relying on a cryptocurrency executive order that was recently published by the Joe Biden administration. 

Per the executive order, all federal agencies are obligated to collaborate to provide a unified regulation for the cryptocurrency industry in order to make the nascent asset class thrive and to protect investors and the economy from associated risks. 

Shiba Inu Burn Rate Surge 15,071%, As 287.32 Million SHIB Burnt In 24 Hours

Zabi
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Shiba Inu Burn Rate Surge 15,071%, As 287.32 Million SHIB Burnt In 24 Hours

 

SHIB Army has destroyed almost 287.32 million dog-themed tokens over the last 24 hours.  According to statistics, the network’s burn rate has increased by 15,071%.



Shibburn.com, one of the authentic Shib Burn tracking websites, has recently reported that over the last 24 hours, a total of 287,321,056 (287.32M) SHIB has been wired to “inferno” addresses through 12 transactions and been locked up there permanently, never to use again.

The burn rate shows a whopping 15,071% over the last day when only 1,896,594 (1.8M) SHIB tokens had been sent to dead wallets through 2 separate transactions.

ETH SHIBA, a token supporting SHIB burn, has acclaimed the most significant share of burning. The token organized the Weekly BURN EVENT on Friday (22nd April 2022). Through this event, the team behind the newly emerged token has burned 200,026,215 (200.26M) SHIB through one significant transaction.

However, ETH SHIBA hasn’t used its wallet instead intereacted with one of the Binance Exchange wallets to perform this burn.

The etherscan.io data shows that the burn has taken place by interacting with one of the Binance Exchange wallets labeled “Binance 15” while paying the transaction fee of 0.000523964901328262 ETH ($1.55).

The token “ETH SHIBA” came into life one month ago, and so far, the ETH SHIBA has taken out over 2.2 billion SHIB from circulation forever.

Readers should note that ETH SHIBA has no official relation with the SHIB ecosystem or its team. Only SHIB, BONE, and LEASH are part of the Shiba Inu ecosystem. Therefore, investors should research before investing in such kinds of tokens.

Team Confirms Holders Will Be Able to Buy Virtual Land Using Shiba Inu In Metaverse As Public Sale Event Starts

Lele Jima
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Team Confirms Holders Will Be Able to Buy Virtual Land Using Shiba Inu In Metaverse As Public Sale Event Starts

You will soon be allowed to buy virtual land with SHIB.


There have been widespread complaints from members of the Shiba Inu army over their inability to purchase the project’s virtual land using the SHIB cryptocurrency.

The unfortunate development led to the exodus of many SHIB holders, who feel neglected by the team.

Interestingly, the Shiba Inu team has been listening and has teased the community that they will soon be able to pay for lands in the metaverse using SHIB.

“ShibArmy – The PUBLIC SALE is now open at http://SHIB.io! [Plots of] land are available for everyone to purchase (no locking required). Land prices start at 0.2 ETH [with] MetaMask Wallet Required.

Coming Soon: Pay with SHIB,” the team said on Twitter.

 All Projects to Revolve Around $SHIB

Aside from users’ ability to purchase the virtual land using SHIB, Shytoshi Kusama, the project’s lead developer, also disclosed that all Shiba Inu projects will revolve around Shiba Inu.

“The current misconception is that somehow the projects we have been working on have nothing to do with Shiba Inu. But nothing can be further from the truth. We are working towards taking over various industries and they will directly contribute to SHIB or help the ecosystem,” Kusama said in a recent interview.

Shiba Inu Launches Public Sale for Its Virtual Land

As Shiba Inu virtual reality land’s second sale event has ended, developers of the dog-themed metaverse initiative have flagged off the public sale event.

The Public Sale event will not require users to lock their Shiba Inu assets like LEASH and Shiboshi before they will be given access to place their bids.

According to SHIB: The Metaverse developers, anyone interested in participating in the project’s land bids can do so directly from the website using Ethereum to place bids.

The starting bid for the land will remain fixed in public sales like with other sale events, including the Bid and Holders Event.

Users can bid as low as 0.2 ETH for the lowest tier of SHIB: The Metaverse virtual reality land, Silver Fur, and prices can surge depending on the interest of other users to make higher bids.

It is worth noting that users who want to participate in the public sale event will have a limited offering as the majority of the plots of land may have been purchased in the first two sale events.

In a New Development Ripple and SEC Publish Joint Schedule Order, As Lawsuit May Extend Till Next Year

Mark Brennan
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In a New Development Ripple and SEC Publish Joint Schedule Order, As Lawsuit May Extend Till Next Year

 

The Securities and Exchange Commission (SEC) and blockchain company Ripple have finally filed a Joint Scheduling Order for the lawsuit.  



According to a recently filed letter published by attorney James K. Filan, the SEC, Ripple, and Individual Defendants, Chris Larsen and Brad Garlinghouse, agreed that all motions for summary judgment and to exclude experts’ testimony must be filed on or before August 2, 2022. 

The involved parties agreed that all opposition to any of the motions for summary judgment and those to discard expert testimony should be filed toward the end of the year and should not exceed November 2, 2022. 

Finally, replies in opposition to any of the motions must be filed by December 20, 2022, the parties agreed. 

An Exclusion

Notably, the recently filed Joint Scheduling Order will not involve motions to challenge the testimony of Anthony M. Bracco, who proposed available remedies in his expert report. 

Per the parties, any effort or motion to discard the testimony of Bracco will only be allowed until the issue of remedies is ready. 

Mixed Reaction 

Meanwhile, the recently released Joint Schedule Order has sparked mixed reaction among Ripple enthusiasts, with many of the project’s followers not happy about the scheduling. 

Many people argued that the blockchain company should have agreed on better schedules that will help put an end to the lawsuit as early as possible instead of dragging it toward the end of the year. 

Attorney Jeremy Hogan, a partner at Hogan & Hogan law firm, expressed his displeasure with the scheduling order as he compared Ripple’s lawsuit with that of LBRY. 

It is worth noting that both Ripple and LBRY are being charged by the Securities and Exchange Commission for breaching its laws. 

While the Ripple’s lawsuit started three months before the LBRY’s, the latter’s case will end six months before that of the popular blockchain company. 

Hogan added that the Joint Schedule Order is similar to the worst-case scenario attorney Filan published a few weeks ago, which potentially drags the Ripple lawsuit to 2023 since both parties may at some point request for an extension of time. 

 

Meanwhile, attorney Filan stated that he believes Ripple agreeing to a longer scheduling date could be a result of a trade-off. 

For Filan, Ripple may have agreed to eliminate the pre-motion Rule 56 practice, which resulted in a jointly agreed scheduling order. 

 

Shiba Inu (SHIB) Team Warns Investors About a New Spoofing Scam

Lele Jima
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0
Shiba Inu (SHIB) Team Warns Investors About a New Spoofing Scam

 

Scammers adopt sophisticated techniques to steal unsuspecting victims’ funds.  


 

Kaal Dhairya, a Shiba Inu developer, has warned members of the dog-themed crypto project community of a scam token launched by malefactors to dupe them of their funds. 

In a recent blog post published today, the illicit actors, who tried to spoof the Shiba Inu: Deployer, wrote codes that reflected on Etherscan as though 101,000,000,000,000 WERSE tokens were sent from Shiba Inu: Deployer to Shiba Inu: Deployer 2. 

While the transaction looked real, the move appeared to be a scam or marketing gimmick by these bad actors, who intended to swindle unsuspecting victims of their funds. 

It is worth noting that Etherscan relies on events that emanate from smart contracts to display information related to a transaction. 

Scammers’ Technique

Knowing this, the malefactors wrote codes to emit malicious events, which made the transaction look like it came from a prominent wallet. 

The bad actors, who used sophisticated programming skills to write the code, designed it in a way that before the transfer sequence is prompted, “the sender gets overwritten by the lead deployer variable.” 

“And as expected, the ‘lead_deployer’ stores the “Shiba Inu: Deployer” address which fools many ( including myself ) that this token is from the SHIB deployer let’s FOMO into it,” an excerpt from the blog post reads. 

Shiba Inu Team Calls for Caution

The consequence of this illicit act could sometimes drain victims’ funds when they approve such malicious tokens. 

“We see this all the time and it breaks our heart as we can’t do anything about it for them. So please do not ever REACT to such news in crypto, always listen to official project channels for announcements to save your hard earned money,” the blog post concludes. 

Meanwhile, reacting to the development, a member of the Shiba Inu community noted on Twitter that the fact that a transaction was created from a Shiba Inu Deployer does not guarantee its authenticity. 

“[You] need to understand that a deployer wallet is accessed by more than one person and some of them are bad actors that turned into snakes. It was a mistake [to make it this way] but this is the reality,” the Twitter user added. 

 

Shiba Inu Holders Surge to 2-Weeks High, While Whales Accumulate Over 2T SHIB After Robinhood Listing

Zabi
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0
Shiba Inu Holders Surge to 2-Weeks High, While Whales Accumulate Over 2T SHIB After Robinhood Listing

 

Holders Count for Shiba Inu Reaches Record 2-Weeks High Following Robinhood Listing.

Following Shiba Inu (SHIB) listing on Robinhood, the holders’ count for the most popular canine-themed cryptocurrency reached a record 2-weeks high.

Since Robinhood listing, the holders count for Shiba Inu started to recover and reached a record 2-weeks high of 1,135,194 (1.135M), as per data provided by Etherscan.io.

Listing on Robinhood appears to be a major milestone for Shiba Inu Community and the ecosystem. The community strived hard to reach there.

About 9 months ago, Tristan Luke, one of the Shiba Inu fans and investors living in the United States, started a petition for the Robinhood listing of SHIB on change.org. 559,725 signed the petition proving colossal interest and enthusiasm for Shiba Inu.

Finally, the voice of one of the strong communities in the crypto space was heard by Robinhood, one of the leading American-based exchanges with 22 million registered users. On 12th April 2022, Robinhood listed Shiba Inu.

Before Robinhood Listing:

At the start of April, holders seem to lose interest in the SHIB token. As a result, the famous dog-themed cryptocurrency experiences a drop in its holder counts. From March 21st to April 10th, 43,634 wallets dumped their Shiba Inu tokens, with the biggest drop of 32,832 holders in a single day, according to Coinmarketcap.

After Robinhood Listing:

The graph of holders counts started to do better soon after SHIB listing on Robinhood. The number of holders appears to jump from 1,128,445 (1.12M) to a 2-weeks high figure of 1,135,194 (1.13M) just within the period of the last nine days.

shiba holders increasing
image source: https://coinmarketcap.com/currencies/shiba-inu/holders/

Robinhood Listing Increases Appetite for SHIB among Top ETH Whales:

Besides this, the top ETH whale wallets also show an increased appetite for the SHIB. Since the Robinhood listing, over 2.28 trillion SHIB, worth $58,751,032 ($58.75M), were accumulated by top ETH whales through 14 separate transactions.

As a result of recent developments, SHIB also become the biggest position (dollar value) held by top ETH whales, as per data provided by WhaleStats. On average, the top 5000 ETH Wallets are holding $1,465,090,454 ($1.46B) worth of the popular dog-themed cryptocurrency.

Impact on SHIB Price:

Soon after the Robinhood announcement, the price of the Shiba Inu token skyrockets 35% to 0.00003, its highest level in almost two months, before paring some gains.

At the time of writing, Shiba Inu’s price is trading at $0.00002421, down -3.93% over the last day, with a 24-hour trading volume of $502,308,833.67 ($502.30M).

Stripe Taps Polygon Network to Enable Twitter Users to Receive USDC Payments

Lele Jima
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0
Stripe Taps Polygon Network to Enable Twitter Users to Receive USDC Payments

 

Stripe Taps Polygon Network to Enable Twitter Users to Receive USDC Payments.



Popular fintech company Stripe has announced that it will be collaborating with microblogging platform Twitter to enable content creators to receive cryptocurrency payments. 

According to a Bloomberg report today, the popular payment company said it will be using Ethereum Layer-2 scaling platform Polygon to enable Twitter content creators to receive payments in USD Coin (USDC). 

Why Polygon

Stripe noted that it chose Polygon because of the network’s capability to complete transactions quickly and at a relatively low cost. 

Aside from Polygon’s transaction capabilities, Stripe noted that it shares similar environmental goals with the Ethereum L2 network, which is focused on eliminating the global carbon footprint. 

As part of efforts to eliminate the global carbon footprint, Stripe established a new fund this year, which will be used to support the development of carbon dioxide removal technologies. 

“Creators on Twitter will be able to receive payments initially in the stablecoin USD Coin. The payouts across the Stripe Connect platform will be made using Polygon.

Adding Polygon support and USD Coin payments also represents new ground for Twitter, which introduced Bitcoin tipping last year. Creators will be able to earn USD Coin through monetized features on Twitter such as Ticketed Spaces and Super Follows,” the report added. 

The payment company said it will be adding support for other digital currencies by the end of 2022, which will foster cryptocurrency payments across 120 countries. 

Meanwhile, Polygon is currently one of the most adopted networks in the world, which stems from its low cost and fast transactions. 

Earlier this month, TheCryptoBasic reported that PayBolt made its debut on Polygon in a bid to enable online merchants to accept Polygon-based cryptocurrencies. 

Leading Cloud Computing Platform Iagon Finally Migrates From Ethereum to Cardano 

Lele Jima
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Leading Cloud Computing Platform Iagon Finally Migrates From Ethereum to Cardano 

 

Iagon said it has migrated from Ethereum to the Cardano network. 



Iagon, a leading cloud computing platform, has announced its migration from the Ethereum blockchain to Cardano. 

The leading cloud computing platform that offers access to a decentralized IAG-powered shared storage economy made the announcement known in a recent Twitter post. 

Following the project’s migration to Cardano, Iagon noted that it has bridged more than 50% of its token supply from Ethereum to the Cardano network. 

“Officially migrated to #Cardano! Today, we bridged over 50% of our token supply from Ethereum . Loving the support from the CardanoCommunity. Onwards & Upwards,” Iagon said in the announcement. 

 

Iagon Prior Plans to Migrate to Cardano

The move may not come as a shock to many Cardano enthusiasts because Iagon has been showing signs of a possible migration to the blockchain since last year. 

Recall that in September 2021, Iagon donated 10,000 units of ADA tokens to VeriTree as part of efforts to support Cardano’s Global Impact Challenge, which would contribute to the planting of one million trees globally. 

Commenting on its donation at the time, Iagon said on Twitter: 

“Iagon is excited to support the Cardano Global Impact Challenge! We have donated 10k ADA to support #1MillionTrees. Proof and Nominees are coming soon. Together we can build the first decentralized storage/computing platform on Cardano.” 

While Iagon did not clearly disclose the main reason for its migration from Ethereum to Cardano, it is evident that the latter’s use of a Proof-of-Stake (PoS) algorithm and its ability to process transactions relatively fast and at a low cost are part of the reason for the migration. 

User Migration Will Occur in Two Weeks

At the moment, Iagon users cannot immediately migrate to the new platform, as the team behind the project said it is developing a “front-facing bridge” that will be available between the next one and two weeks. 

However, Iagon said tech-savvy users can find their way around the migration process. 

“If you are tech-savvy, you might find a way yourself, but for everyone else, we are creating a front-facing bridge for users. ETA 1-2 weeks,” Iagon added. 

Cardano’s Dream Come True?

It has been the dream of the Cardano team to build the network to the point that projects will be forced to migrate from other blockchains to the network, and that dream seems to be coming to fruition. 

Developers using Ethereum have complained severally about the cost of using the network, which is mostly accompanied by slower transactions and network congestion. 

Interestingly, Cardano has been up and running for over five years, with the project’s developers still considering releasing more upgrades that will make the network more scalable. 

SEC Delays Provision of Vital Information That Could Potentially Dismiss Lawsuit Against Ripple (XRP)

Mark Brennan
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SEC Delays Provision of Vital Information That Could Potentially Dismiss Lawsuit Against Ripple (XRP)

 

The SEC does not seem willing to provide further documents to Empower Oversight as it feels such a move could affect its lawsuit against Ripple.



Empower Oversight noted in a recent press release that the Securities and Exchange Commission has filed a joint status report to delay Freedom of Information Act (FOIA) litigation proceedings.  

According to Empower Oversight, the SEC claimed in the joint status report that it was awaiting approval from Simpson Thacher before it would share the documents with Empower Oversight because the records could be “subject to confidential treatment.” 

The whistleblower and research organization noted that the move by the SEC was only a plot to allow Simpson Thacher, the agency’s former director William Hinman’s law firm, enough time to object to its request for information. 

Jason Foster, founder, and president of Empower Oversight, said: 

“The SEC is trying to duck accountability and delay judicial review of its failure to comply with FOIA by hiding behind the confidentiality interests of the law firm with whom its own ethics officials said its employee had a conflict.“ 

Reacting to the development, attorney John Deaton, who is currently representing over 65,000 Ripple (XRP) investors, noted that the SEC, which was established to “fight for justice” is now “officially obstructing justice.” 

SEC’s Claims Portray Lack of Good Faith

Foster noted that the SEC is claiming that the Simpson Thacher documents are the only remaining records to be sent, adding that such claims portray a lack of good faith on the part of the security agency. 

Following litigation filed under FOIA that was slammed against the SEC last year, Empower Oversight stated that it provided a list of names of people who are affiliated with certain entities under its investigation, including Hinman, in a bid to aid the SEC’s search. 

SEC’s Change in Behavior

The SEC, which originally complied with Empower Oversight’s request, provided 200 pages of Hinman’s email conversation, showing the former finance director violated the SEC’s rules. 

However, with several cryptocurrency enthusiasts suggesting that Hinman could have acted in ways to favor Ethereum over Ripple following his 2018 comments that ETH is not a security, “the SEC appears to have made no efforts to search for and produce records relating to those individuals,” Foster added. 

Based on the SEC’s move to stall proceedings in the FOIA litigation it was charged with, Foster is calling on the Eastern District Court to replicate its usual accelerated procedures in the case.

Top Whales Now Hold $1.4B Worth Of Shib As “Bombur” Just Buys 54.04 Billion Shiba Inu

Zabi
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0
Top Whales Now Hold $1.4B Worth Of Shib As “Bombur” Just Buys 54.04 Billion Shiba Inu

20th Biggest ETH Whale “Bombur” Just Buys 54.04 Billion Shiba Inu (SHIB) Worth $1.32 Million, In Total This Wallet Holds 802.85 Billion SHIB.



A few hours ago, the 20th biggest ETH Whale named “Bombur” gobbled up another big chunk of Shiba Inu (SHIB). This trade is her  6th massive buy transaction since April 13, 2022.

As per the recent report from the blockchain data tracking website, WhaleStats, the “Bombur” has just purchased 54,045,382,286 (54.045B) SHIB for ,323,030 (.32M) through one significant transaction.

This is reported to be the 2nd consecutive significant Buy transaction within the period of the last 48 hours for the whale, and the 6th significant Buy transaction since April 13, 2022.

On April 21, 2022 (Thursday), she accumulated 50,992,035,458 (50.99B) SHIB, worth $1,269,191 ($1.26M) through one transaction.

In this way, the 20th biggest ETH whale “Bombur” has acquired a total of 105,037,417,744 (105.03B) SHIB, worth $2,592,221 ($2.59M) through two separate transactions within the period of last 48 hours, and a total of 372,956,101,419 (372.95B) SHIB, worth $9,166,959 ($9.16M) as of current price ($0.00002436) through 6 separate transactions since April 13, 2022.

Moreover, looking deep into the whales’ wallets, Shiba Inu appears to be her 22nd biggest holding position by dollar value. She currently holds 802,852,058,087 (802.85B) SHIB, worth $19,750,160 ($19.75M), as per data provided by Etherscan.io.

As per recent data provided by WhaleStats, SHIB appears to be the biggest held position by dollar value for the top 5000 ETH whales. They are now holding $1,465,090,454 ($1.46B) value of SHIB in their wallets.

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