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15 Points Proving SEC Cannot Win Lawsuit Against Ripple

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John E Deaton founder of Crypto-Law.us gave 15 points proving that Ripple can not lose against SEC.



John E Deaton in a long thread on Twitter gave 15 points to prove that ripple is not losing against SEC, Here are his points:

“1) On February 8, 2012, jespow& JedMcCaleb received a legal opinion letter from Perkins Coie informing them if they sell #XRP to investors and use the money for operational costs, #XRP will likely be an investment contract aka, a security”

2) After receiving the above legal opinion letter, @chrislarsensf and Jed McCaleb scrap the old business model and instead seek VC funding for business operations. Investors will not receive #XRP, but instead, receive actual shares of stock in the company Ripple.

3) Larsen and McCaleb received a 2nd opinion from Perkins Coie on October 19, 2012. Based on the new business model, they are advised #XRP is most likely NOT a security. The letter hints at risks related to Banking Secrecy Laws and being labeled a Money Services Business.

4) In 2015 Ripple was sued by FinCEN. Consistent with risks referenced in the legal memo, FinCEN declared a subsidiary of Ripple a Money Service Business and classified #XRP as: “convertible virtual currency.” Ripple settled for $700K and agreed to register sales w/ FinCEN. Pursuant to the terms of the settlement w/ DOJ & FinCEN, Ripple agreed to register sales of #XRP ONLY through FinCEN. The agreement forces Ripple to comply with the Banking Laws of the United States – not securities laws.

5) On June 13, 2018, SEC lawyers write a legal memo analyzing w/r #XRP is a security and it DOES NOT recommend enforcement. Its clear the SEC’s own analysis did not conclude #XRP was a security. One, the SEC would turn the memo over. Two, they would’ve informed Ripple.

6) The June 14, 2018 Hinman Speech. The market absolutely viewed the speech as market guidance. Attorneys Nancy Wojtas & Wendy Moore participated in the SEC meetings and described its impact the best. If your platform is slightly more decentralized than #ETH, you’re free.

In the clip above Wojtas said, “if you can do just a little bit better than #ETH you’re golden.”

Perkins Coie lawyers helped write the Hinman Speech and Wendy Moore, a lawyer from that firm, responded to Wojtas’ comment with:

“Then why isn’t Ripple?”

(Huge evidence)

7) Because Hinman only blessed #BTC & #ETH in his speech, on August 20, 2018, @bgarlinghouse and @JoelKatz met with Clayton and Hinman to discuss #XRP. Brad informed them:

“Ripple is living in purgatory”

over #XRP’s lack of clarity.

8) The next month, September 2018, Garlinghouse met with Commissioner Elad Roisman. During this meeting, not only did Roisman NOT inform Brad that the SEC considered #XRP a security, Roisman made statements that gave Garlinghouse confidence that #XRP WASN’T viewed as a security. Roisman’s lawyer (Estabrook) took notes ? during this meeting. Claiming privilege, the SEC refuses to turn over these notes. It should be noted, however, the SEC provided notes of other meetings between Garlinghouse and the SEC. The notes clearly corroborate Brad’s testimony.

9) The January 2019 @coinbase meeting w/ the SEC. Coinbase and its sophisticated securities lawyers informed the SEC they determined today’s XRP not to be a security and intended to list it unless the SEC disagreed. The SEC did not and XRP was listed on Coinbase in February 2019.

10) In June 2019 the SEC allowed Ripple to acquire a 9% stake of @MoneyGram. Ripple filed a notice w/ the SEC informing it about it’s intended use of #XRP and MG. In short, the SEC knew Ripple would transfer #XRP to MG, who would then sell it to retail holders via exchanges.

11) On December 4, 2019 the Financial Stability Oversight Council’s 2019 Annual Report is issued, which classifies #XRP a: “currency.” Clayton, as Chairman of the SEC, voted to approve the report and signed it.

12) In January 2020 & 2021 (after the lawsuit was filed), Bailard Inc., a money manager business and perfect example of what a market participant believed, filed an ethics disclosure w/ the SEC. Bailard assured the SEC it would only trade the cryptos generally accepted by the market and by the SEC as: “currencies not subject to regulation by the SEC.” The generally accepted currencies not regulated by the SEC are:

13) The SEC claims all ongoing sales of #XRP are securities BUT didn’t issue a cease and desist against Co-founder McCaleb who has made over $2.6B in #XRP sales SINCE THE LAWSUIT WAS FILED. McCaleb has made $1B more than the SEC seeks against Ripple!

14) Despite the absurd claim each and every sale of #XRP is illegal, the SEC failed to seek a preliminary injunction. If the SEC truly believed today’s #XRP is a security, would it allow Ripple to engage in ongoing sales of unregistered securities to help pay Ripple’s defense?

15) bgarlinghouse& Ripple executives like @s_alderoty & @JoelKatz met w/ leaders of the SEC including the Chairman, Director of Corporation Finance, Commissioners, and others, multiple times & was NEVER informed XRP was a security except for a meeting just prior to the lawsuit.”

Note: all these 15 points are from John E Deaton’s tweets, you can also read his original Twitter thread here.

 

President Joe Biden To Sign Crypto Executive Order This Week Which May Include Possibility of U.S. Issued CBDC

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Biden is expected to sign the crypto order this week.



Bloomberg writes the executive order will require federal agencies to study potential changes in legislation and the impact of cryptocurrencies on national security and the economy by the end of the year.

Bloomberg writes:

“U.S. President Joe Biden is expected to sign a long-awaited executive order this week directing the Justice Department, Treasury, and other agencies to study the legal and economic ramifications of creating a U.S. central bank digital currency.”

In particular, the executive order will coordinate the work of the SEC, CFTC, and the definition of roles for government agencies – from the State Department to the Department of Commerce.

According to Bloomberg, the directive may contain considering the possibility of issuing a CBDC.

“The White House’s directive is also expected to address the possibility of a U.S.-issued central bank digital currency, or CBDC, though it’ll likely hold off on taking a firm position because the Federal Reserve is still studying the issue.”

Due to a lack of regulatory clarity, the White House is urged to coordinate in determining the authorities’ approach to the new asset class.

“The Biden administration is under pressure to play more of a coordinating role in Washington’s approach to the asset class, as industry executives bemoan what they say is a lack of clarity on rules.”

The war in Ukraine has raised fears that organizations and individuals could use digital assets to circumvent sanctions against Russia.

“The White House’s approach to crypto has attracted fresh attention in recent weeks after the U.S. and its allies levied sanctions on Russia, prompting concerns that organizations and individuals could use crypto to evade the restrictions.”

Yesterday Influential Democrat Senator Ron Wyden, the Chair of the Senate Finance Committee, Urged Colleagues to Tread Carefully When Regulating Cryptocurrencies.

 

 

 

Binance Giving Away $100,000 In Shiba Inu tokens

Binance Launches $100,000 Shiba Inu (SHIB) Giveaway Campaign For New Users.



The world’s largest cryptocurrency exchange Binance by trading volume has announced a massive giveaway of $100,000 worth of Shiba Inu (SHIB) tokens for new users. 

According to Binance, all new users who register on the exchange from March 8, 2022 to March 21, 2022, will participate in the sharing of the $100,000 worth of SHIBs. 

The giveaway exercise is divided into two packages, Promotion A and Promotion B. 

Shiba Inu Promotion A Offering 

For the first promotion package, interested participants are required to register on Binance using a designated referral link within the promotion period, which will see them receive a share of $80,000 worth of Shiba Inu tokens in the form of a welcome gift. 

Users in this category will receive a welcome bonus ranging between 100,000 SHIBs to 308,000 SHIBs. 

The distribution of the dog-themed cryptocurrency will be allocated based on a first-come-first-served basis, Binance said in the announcement. 

Users will not be allowed to withdraw the SHIB immediately after they receive the token, as they will be required to reach a minimum of 50 USDT equivalent in total trading across spot, BLVT, and margin trading pairs. 

Promotion B Requirements

Notably, the Promotion B Shiba Inu giveaway exercise will see the exchange distribute $20,000 worth of SHIBs to qualified users who click the “Register Now” button on the activity page. 

However, users who choose to take this route will be required to accumulate a total trading volume of $1,000, including both buys and sells of selected SHIB spot trading pairs such as SHIB/USDT, SHIB/DOGE, and SHIB/BUSD. 

Doing this will automatically qualify the user for a share of the $20,000 worth of Shiba Inu. 

Per the announcement, all interested participants will need to complete the Know-Your-Customer (KYC) verification requirements before they can qualify for the offer. 

While rewards for Promotion A will be allocated immediately after fulfilling the necessary requirements, users who opt for Promotion B exercise will receive their rewards within two weeks after the end of the promotion. 

Shiba Inu Grows in Popularity

Shiba Inu’s popularity has continued to grow beyond expectations. The cryptocurrency is considered among the top trending tokens on various social media platforms. 

Last year, Shiba Inu had a tremendous run that resulted in its widespread adoption globally. This year, the popular dog-themed cryptocurrency, which has proven to be more than a memecoin, has been widely adopted by retail and institutional investors, as well as trading platforms. 

 

Ripple (XRP) Continues To Show Resilience On The Hopes Of Winning SEC Lawsuit

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Ripple (XRP) Continues to Show Resilience Amid A Win Against SEC Lawsuit.



Ripple (XRP) has maintained its sixth position in the global cryptocurrency ranking amid its protracted legal battle with the Securities and Exchange Commission (SEC). 

XRP Recent Price Performance

The cryptocurrency, trading around $0.57 hours before the SEC charged Ripple and two executives for conducting unregistered security offering in the United States, fell to $0.22. Several U.S.-based exchanges were forced to halt support for the coin. 

XRP has since risen from the dust, following several developments in the case. 

On different occasions, XRP had surged above $1 but has suffered slight correction amid the numerous unfavorable developments, including the upcoming cryptocurrency bill and the Russian invasion of Ukraine that rocked the cryptocurrency space. 

At the time of this report, XRP is currently trading around $0.72. Following reports, it is down by 3.72% that President Joe Biden will be signing the long-anticipated cryptocurrency executive order. 

Interestingly, XRP is up 7.84% in the last month as reports that the SEC lawsuit is expected to end by November 18 this year, court documents show. 

“The document makes me feel more confident in my September summary judgment prediction. Ripple thinks [if] it wins the SEC case in September/October. Then this class action goes away due to collateral estoppel,” attorney Jeremy Hogan, a lawyer that has been covering the development of the lawsuit, said. 

XRP Will Surge After Settlement?

With several reports suggesting that the case would end in a settlement in favor of Ripple, as Ripple CEO Brad Garlinghouse also gave a Hint a few days ago, many crypto enthusiasts expect that the cryptocurrency will surge tremendously once an official announcement is made. User activity for digital currency has continued to skyrocket. 

XRP, which currently sits in the sixth position in the global cryptocurrency ranking, has a market capitalization of $34.5 billion.  

Meanwhile, Ripple publicly criticized the Russian invasion of Ukraine and further joined other cryptocurrency enthusiasts to donate the sum of $1 million to humanitarian organizations providing relief to victims affected by the ongoing war. 

Before the SEC suit, Ripple was the 3rd top crypto globally, just behind Bitcoin and Ethereum. Ripple was doing exceptionally well by partnering with top banks worldwide to move money fast. Before the lawsuit, there were possibilities and hope that XRP would cross ETH but the SEC lawsuit badly affected the token standing pushing him back to 6th place in the crypto ranking. But Ben Armstrong, a famous crypto trader with a Youtube following of 1.45M and a Twitter following of 795K, stated that Ripple’s XRP digital token would make holders rich after the lawsuit.

 

Data Shows Whales Are Accumulating USDT To Buy Bitcoin And Ethereum At Lower Prices

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Santiment analysts have found that top Tether addresses are increasing their USDT holdings to buy Bitcoin and Ethereum At lower prices.



According to Santiment observations, the total value of stable coins at addresses with a balance of 10,000 USDT to 1 million USDT increased by $1.06 billion over the past month. This is an increase of 2.7% of the total Tether supply. In simple words, Top USDT whales have added $1.06 billion USDT increasing their buying power to purchase Bitcoin on dips or when it is cheaper.

Santiment is convinced that major players seek to acquire digital gold at a lower price. By accumulating stable coins, the whales are “increasing their purchasing power.”

Santiment writes: “Whales and sharks provide alpha through stable coin behavior, just as they do with their BTC and altcoin accumulation and dumping. In the last month, addresses with 10k to 10m Tether have added $1.06b in buying power, 2.7% of the total supply.”

Analysts also saw a net outflow of BTC from centralized exchanges. In standard cases, when Bitcoin price falls, exchange flow grows as investors tend to sell their holdings because of falling markets. But in the case of BTC, where prices are near the 6-month bottom, 21 of the past 26 weeks saw bitcoin moving off the exchanges that onto the exchanges, which shows long-term investors’ blind trust in Bitcoin.

Santiment says: “Bitcoin continues to see coins moving off of exchanges while prices are near a 6-month bottom. Interestingly, 21 of the past 26 weeks saw $BTC moving more off of exchanges than on to exchanges.”

Santiment data also show positive signs for Ethereum. According to the information, despite price correction over the 6-month timeframe, top ETH addresses holding 1M to 10M Ethereum have increased their holding by 2.2%, showing long-term and major holders’ confidence in the coin. Addresses with balances between 1M ETH and 10M ETH currently hold 21.6% of the total Ether supply.

According to Santiment: “Ethereum‘s billionaire addresses (holding 1m to 10m ETH) have shown nice price alpha, historically. Currently, these addresses hold 21.6% of all ETH. They have accumulated 2.2% more of the supply over the past six months despite the price correction.”

Data from whales stats show that over 1 Billion in USDT was minted at Tether Treasury, increasing the buying power of market movers.

Polygon Joins Top 10 Purchased Tokens By Biggest ETH Wallets After Whales Bought 6M Matic

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Matic Joins Top 10 Tokens Purchased By Biggest ETH whales, After 5.99 Million Polygon (MATIC) Accumulated By Top Ethereum Wallets In 24 Hours.



WhaleStats, a crypto tracking service, recently revealed that Polygon (MATIC) token had become one of the most accumulated tokens by 1000 biggest Ethereum (ETH) whales in the past 24 hours, making its way to the “Top 10 Purchased Tokens” leader board.

The top 500 ETH Whale wallets are now holding a $380,987,089 ($380M) worth of Polygon (MATIC), making it the third biggest dollar position by dollar value, following Shiba Inu (SHIB) and FTX Token (FTT).

In the past 24 hours, Ethereum whales have accumulated massive 5,998,998 (5.99M) MATIC tokens worth around $8,758,538 ($8.75M) in 6 transactions, as per data provided by WhaleStats.

The first two transactions made by Ethereum Whales were reported to be of the same amount, i.e., 750,000 MATIC, valued at $1,095,000 each.

After few minutes, the whales accumulated 898.99K Matic coins Worth $1,312,539, 1 Million coins for $1,460,000, 1.599 Million coins ($2,335,999), 1 Million matic for $1,460,000 in their third, fourth, fifth and sixth transaction, respectively.

However, this massive accumulation from Whale Wallets doesn’t have much impact on Polygon price yet. Still, such aggressive accumulation of any coin by top Whale wallets is considered the Bullish Sign in the crypto space.

The accumulation comes after Nasdaq Listed DraftKings Became a Validator on Polygon. Polygon announced that DraftKings, a leading sports and entertainment company, has joined its ecosystem as a validator as part of an effort to facilitate the growth of Web3 adoption. The development happens to be the first time a publicly-traded company will be taking an active role in blockchain-related governance.

At the time of writing, Polygon is trading at the price of $1.43, up 0.8% for the day, with a 24-hours trading volume of $1,251,478,083 ($1.2B). MATIC is currently the 17th biggest cryptocurrency globally in terms of market cap, as per data provided by CoinGecko.

Cardano (ADA) Founder Charles Hoskinson Exposed For Misleading About Enrolling For a Ph.D. Degree

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Doubts arise after Laura Shin, a crypto-journalist questions Cardano’s founder degree claims.



Laura Shin, a crypto-journalist who recently published a book dubbed Cryptopians, has uncovered major facts showing Charles Hoskinson, Cardano’s CEO and founder, never enrolled in a Ph.D. program contrary to his claims. 

Recall that the Cryptopian book provided important details about the identities of the founders of Ethereum, including Vitalik Buterin and Hoskinson and the decentralized autonomous organization (DAO) hacker. 

Having read the book, a Twitter user calls out Laura for portraying Charles in a bad light. Hoskinson replies to the user that Laura’s book is a ‘Great work of fiction.’ Laura Shin then replies with some receipts, showing that Charles hasn’t been very honest regarding some of his claims such as his level of education.

Following Hoskinson’s description in the book, the Cardano founder said Shin’s book is fictional.  ”Great work of fiction. Tough market to beat George R.R. Martin and Tolkien, but we wish her well,” Hoskinson said in a recent Twitter post. 

 

Hoskinson Exposed

In response to Hoskinson’s post, Shin tweeted that the Cardano founder should address the discrepancies between his claims of dropping out of a doctorate degree program and the schools’ assertion about these claims. 

Apparently, Shin had contacted various schools Hoskinson claimed to have enrolled in for a doctorate degree program and the institutions refuted his claims. 

According to evidence provided by Shin that accompanied her tweet, Hoskinson had on numerous occasions claimed that he completed an undergraduate program in Number Theory but never completed his Ph.D. program at the University of Colorado Boulder and the Metropolitan State University of Denver. 

He promised to do so after he retired from his job as a lead developer of the popular blockchain network Cardano. 

However, information from the schools shows that Hoskinson only enrolled in undergraduate programs, but he never acquired any degree. 

The revelation has sparked mixed reactions across the microblogging platform, with some users criticizing Hoskinson while others are still defending his reputation. 

While attaining a formal education is not mandatory in the crypto industry, the alleged lies from the founder of Cardano do not portray him in a good light as many people are mainly investing in the project based on his words that the digital currencies will outperform rivals like Ethereum. 

This is not the first time Hoskinson has been called out. In 2020, Hoskinson promised Cardano enthusiasts that by July 2021, there will be hundreds of assets running on the network, including thousands of decentralized applications (dApps). 

However, over a year and there are only a handful of dApps on the network. Many Cardano supporters believe Hoskinson lied to them in a bid to get more people to adopt the cryptocurrency.

 

Shiba Inu Flips FTX To Become Top 1k ETH Wallets Biggest Holding By Dollar Value As Price Reaches Major Support

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Shiba Inu (SHIB) Flips FTX Token (FTT) to Become the Biggest Token Position by Dollar Value among the Top 1000 Ethereum (ETH) Whale Wallets.



Ethereum whales love to Buy and Hold Shiba Inu tokens – especially when the popular crypto technically approaches its critical support level of $0.00002347.

Investors might dive into buying more Shiba Inu at this level and pushing the price higher, which would result in the break of its currently ongoing downtrend started in October. Shiba Inu has registered its all-time high price of $0.00008616 on October 28, 2021 (4 months ago).

shib main price support
image source: https://twitter.com/army_shiba

WhaleStats, a crypto tracking service recently revealed that SHIB token has flipped FTX Token (FTT) and becomes the biggest token position by dollar value among the top 1000 Ethereum (ETH) whales. The top 1000 ETH Whale wallets are now holding $1,648,987,135 ($1.64B) worth of Shiba Inu.

The flipping occurred when the SHIB approached its technical critical support level of $0.00002347. Looking deep into the WhaleStats data, we found that the biggest Ethereum whale which is popularly known as “Light” has accumulated whopping 35 trillion tokens of SHIB worth $984,239,360 ($984M) during the dip, which makes SHIB her 4th biggest token position by dollar value and Shib represent 10.8% of her total portfolio. The average accumulation price per SHIB token is around $0.0000279.

Besides this, Shiba Inu has also occupied the top trending spot on CoinMarketCap for the past 24 hours, indicating the importance of above mentioned critical support level.

Yesterday TheCryptoBasic reported that Shiba Inu was Trending across the world in the USA, Canada, And Asia. As far burning is concerned, 436.36 Million Shiba Inu Burned In Last 7 Days; Burn Rate Increased 286% Compared To Previous Week.

Readers should note that this is just our analysis looking into the current data provided by different reliable sources. This cannot be taken as financial advice, and readers should have to do their research before investing.

Babydoge Partners With Simplex To Enable Users To Buy The Memecoin With Credit Card

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Baby DogeCoin (BabyDoge) Can Be Purchased Through Credit Card Now Amid Partnership with Simplex.



Now, users can buy BabyDoge directly from BabyDoge’s official website by using a credit card.

BabyDoge recently declared that they have officially partnered with Simplex, a leading payment solution provider. The partnership will enable users to buy BabyDoge by using their cards directly from BabyDoge’s website.

BabyDoge had added a new form of buying method on its official website, i.e., credit card; before this, users could only buy the canine-themed meme token through PancakeSwap, Uniswap, or centralized exchanges like Gate.io, OKX, and Lbank.

Simplex is the industry leader in payment processing; On Simplex, users can purchase 130+ cryptocurrencies through Simplex’s network of hundreds of partners and is constantly rolling out support for additional currencies, including over 115 fiat currencies to date.

Simplex, a licensed financial institution, empowers its vast network of partners to accept the broadest range of payment methods, including Visa, MasterCard, Apple Pay, SWIFT, SEPA, and more!

Together with its hundred partners, Simplex is on a mission to make sure crypto is accessible to everyone, everywhere. Simplex has already partnered with top exchanges like Binance, KuCoin, and Huobi Global to make this mission possible.

The partnership announcement from BabyDoge has no significant impact on its price. At the time of writing, BabyDoge is trading at the price of $0.000000003038, down -1.1% for the day, with 24 hours trading volume of $12,452,634. The meme token has continuously underperformed for the past 30 days and is down -24.2% monthly.

U.S ‘Virginia’ Allows Banks To Offer Cryptocurrency Custody Services

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The U.S. Senate of Virginia has approved an amendment in a bill allowing banks in the Commonwealth of Virginia to provide custody services for crypto assets.



In January 2022, senatorial candidate Christopher T. Head proposed an amendment to House Bill 263 to allow banks to offer custody services for cryptocurrencies which are now approved:

The news amendments say:

“A bank may provide its customers with virtual currency custody services so long as the bank has 26 adequate protocols in place to effectively manage risks and comply with applicable laws.”

This means that banking organizations that intend to offer virtual currency custody services will have to adhere to the three specific requirements mentioned in the bill, implement effective risk management systems, have adequate insurance coverage, and run an oversight program to address the associated risks of cryptocurrencies.

“If the bank decides to move forward with offering such services, the bank shall:

  1. Implement effective risk management systems and controls to measure, monitor, and control relevant risks associated with custody of digital assets such as virtual currency;
  2. Confirm that it has adequate insurance coverage for such services;
  3.  Maintain a service provider oversight program to address risks to service provider relationships as a result of engaging in virtual currency custody services.”

Additionally, the bill transfers direct control of private keys associated with the storage of cryptocurrencies to bank clients:

“In providing such services in a nonfiduciary capacity, the bank shall act as a bailee, taking possession of the customer’s asset for safekeeping while the legal title remains with the customer, meaning that the customer retains direct control over the keys associated with their virtual currency.”

The amendments were passed unanimously by the Virginia State Senate, and the bill was submitted for signature by Virginia Gov. Glenn Youngkin. In addition, Wyoming state legislators are also interested in creating a favorable environment for developing the crypto industry in their jurisdiction.

In late February 2022, a bill was submitted to the Wyoming State Legislature to allow the state treasury to issue stable coins pegged to the US dollar. Earlier, another legislative initiative was taken to help attract miners and cryptocurrency companies to the state.