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Attorney John Deaton Says Next Ruling Is a Major Determinant In SEC v. Ripple Lawsuit

Albert Brown
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Attorney John Deaton Says Next Ruling Is a Major Determinant In SEC v. Ripple Lawsuit

According to Attorney John Deaton, the next ruling would be a significant one for the SEC v. Ripple Lawsuit.



Following the unsealing of two memos that could see the SEC lawsuit against blockchain company Ripple (XRP) dismissed in the coming weeks, new developments have surfaced. 

The developments prompted attorney John Deaton, the lawyer representing over 65,000 XRP holders, to note that the next ruling will determine the outcome of the case. 

 

In a previous ruling on the deliberative process privilege (DPP) made by Judge Sarah Netburn, speech, notes, and drafts from William Hinman, the former director of the Division of Corporate Finance, were found not to be privileged. 

Based on this, the SEC was ordered to make available a few notes, including a draft speech delivered by Hinman on June 14, 2018. 

SEC Kicks Against the Ruling

Uncomfortable with Judge Netburn’s ruling, the SEC filed a counter-motion asking the court to reconsider, as the agency argued that Hinman’s draft is only a personal opinion and not public guidance.  

The Securities and Exchange Commission added that the document is protected by the DPP and should not go public. 

Attorney Deaton’s Position on the Case

With the SEC’s new motion filing, attorney Deaton has commented on the upcoming ruling and how significant it will be for the outcome of the lawsuit. 

Commenting on the upcoming ruling, attorney Deaton said Judge Netburn’s decision on the SEC motion for reconsideration would be the most significant decision in the lawsuit, adding that: 

“I don’t believe the motion to strike a Fair Notice Defense is a significant one because the Judge isn’t deciding whether Ripple had fair notice, but only whether it can argue it.” 

The reconsideration motion contained 63 emails involving Hinman’s speech where he noted that Ethereum (ETH) was no longer a security, Deaton said. 

According to Deaton, it is expected that during the 63 messages, someone must have mentioned XRP at the time, considering the fact that the cryptocurrency was a major contender to become the second-largest cryptocurrency by market capitalization. 

It is worth noting that six months before Hinman’s speech, XRP had surged to an all-time high of $3, usurping Ethereum to become the second-largest cryptocurrency by market cap, so there is a huge chance someone in the email chain asked “what about XRP,” Deaton added. 

Attorney Deaton stated that the evidence is exculpatory once it is discovered that XRP was mentioned in the document. 

If Judge Netburn insists that the SEC must present the documents, it will be huge for Ripple. 

Furthermore, should the SEC persuade the Judge that the document is protected by the DPP, the magistrate can still look for other ways to pierce the privilege. 

However, should Judge Netburn make a 180 degree on her ruling and ask the SEC not to bring forward Hinman’s speech, and she refuses to pierce the privilege, Deaton noted that the email may not be as big as the Ripple community believes. 

Commenting on the Two legal Memos that were Unsealed last week, Brad Garlinghouse Ripple CEO said that truth is out there for everyone.

 

917 Million Shiba Inu Burned In One Week

Mark Brennan
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917 Million Shiba Inu Burned In One Week

The last week was a great one for Shiba Inu burning.



In total, the community was able to burn 917 Million coins.

On valentine’s day, Shiba Inu (SHIB) Community wanted to celebrate by Burning a Million of SHIB tokens. Steven Cooper, an owner of Bigger Entertainment, told his followers that his company burned 240 Million Shiba Inu tokens during the burn party scheduled for the Valentine.

But after this burn Steven Cooper business, Bigger Entertainment said they are Ending Shiba Inu Burn Tickets, Saying It Hurts Their Reputation, Assure Bringing New Ways Of Burning.

On Feb 16th, the pseudonymous developer of Brick Buster, the game available to play on Google Play Store, announced that he has taken out 415 million Shiba Inu (SHIB) tokens from circulation forever. He also has shared a burn transaction proof with his followers on his official Twitter handle.

Overall, the community was able to destroy 917 million coins forever in a single week. Altogether 410,303,124,044,016 coins have been burnt from the initial supply. That makes 41% of the circulating supply gone forever.

 

Italy Updates Digital Asset Service Providers Registration Requirements

Mark Brennan
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Italy Updates Digital Asset Service Providers Registration Requirements

The Italian Ministry of Economics and Finance has introduced new rules for cryptocurrency companies to combat money laundering (AML).



According to the local official Gazzetta Ufficiale, the regulator details all registration and reporting requirements for Virtual Asset Service Providers (VASPs). According to the document, if a company offers services related to cryptocurrencies, it must register in a particular category of VASPs approved by the Italian economic and finance ministry.

The new rules were published ahead of the upcoming European Union Cryptocurrency Regulation Bill (MiCA), which makes it easier for companies to operate in all EU member states. However, the new rules include a requirement that does not match the EU’s ambitious VASP stance.

The Italian regulations state that an organization must comply with article 17-bis of the 2008 directive concerning loan agreements to qualify for registration. According to this article, VASPs from another EU member state must permanently establish their subsidiary Italy. Local law firm Lexia Avvocati noted:

“Accordingly, VASPs registered in other EU member states will have to establish a branch or subsidiary in Italy to work with Italian clients. VASPs established in third countries will have to have an Italian subsidiary.”

In addition to the registration requirement, the document states that VASPs must report all information required under the AML rules to the local supervisory authority Organismo Agenti e Mediatori at the end of each quarter. The VASP registry will be created within 90 days of the document’s publication.

Although a bill to regulate cryptocurrencies in the EU was developed in 2020, legislators have made little progress in agreeing to it. Last year, the chairman of the Italian Companies and Exchange Commission (CONSOB), Paolo Savona, warned that Italy would create its own rules if the EU did not speed up the development of regulation of crypto assets.

Shiba Inu Dip Aggressively Purchased, ETH Whale Bought 47.7 Billion Shib Coins Worth $1.27 Million

Albert Brown
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Shiba Inu Dip Aggressively Purchased, ETH Whale Bought 47.7 Billion Shib Coins Worth $1.27 Million

Whale Investors’ Hunger for Shiba Inu Continues as Another 47.7 Billion SHIBs Bought.



With the price of all cryptocurrencies crashing below expectations, major whale traders are seizing the opportunity presented by the most recent crash to increase their holding. 

A development supporting this theory is an Ethereum whale who recently bought many Shiba Inu (SHIB) tokens. 

According to Whale Stats, an Ethereum whale was reported to have bought 47,743,646,900 (47.7 Billion) SHIBs worth around $1,275,710 ($1.27M) in the early hours of today. 

Apparently, the Ethereum whale paid an aggregate price of $0.000026719 for a unit of SHIB. 

Looking deep into the whale stats, we can see that the whale ranked no 15 is currently holding 4 trillion Shiba Inu coins worth $116 million, Shib is her third-biggest holding. The top priority of the whale is the ADIDAS coin. ADIDAS is the number 1 holding of the whale. She holds 888 Billion ADIDAS token 506 million.

Shiba Inu Acquisition Spree Continues 

The recent purchase marks a continuation of the whale accumulation spree for the Shiba Inu coin. 

Recall that the Shiba Inu team has been developing new initiatives that would see the cryptocurrency transition from a mere meme coin into a utility project. 

As the day goes by, Shiba Inu is becoming more decentralized which comes on the heels of ShibaSwap as well as Shiboshi. 

With all these plans in motion, high net worth investors are looking for better opportunities to increase their SHIB holding in order to benefit from the imminent surge that is poised to come when the crypto market stabilizes.  

Whale Investors Accumulate SHIB

Since the beginning of the year, crypto whales have been spending millions of dollars to purchase SHIBs, in a bid to increase their holding for the cryptocurrency. 

Last month amid market dips, an Ethereum whale bought a massive 110 billion SHIBs worth around $3.6 million, a move that subsequently opened the doors for more whale investors to buy Shiba Inu. 

In a similar development, another whale bought 139 billion SHIBs for $4.2 million last week. 

Interestingly, the most significant whale accumulation for the year is seen in the birth of a new whale investor. 

As reported, the new whale investor accumulated a massive 3.4 trillion Shiba Inu cryptocurrency for $115 million. 

 

Elon Musk Mother Even Can’t Help This Coin From Falling

Mark Brennan
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Elon Musk Mother Even Can’t Help This Coin From Falling

Radio Caca (RACA) is an NFT and DeFi-focused token touted as a cryptocurrency by Maye Musk, the mother of billionaire Elon Musk.



Maye Musk was never involved in the project’s development; she was honored through a collection of NFTs, so she mentioned the coin on her Twitter profile.

Radio Caca is a decentralized organization (DAO) backed by cryptocurrency enthusiasts who share a vision of building a new virtual world known as the metaverse.

In a Metaverse, Rádio Caca brings together some current affairs such as DeFi, NFTs, and play to mean games (P2E) along with Maye Musk’s collection, called Mystery Box (MPB) NFT.

Rádio Caca donated the proceeds from the auction of two rare Maye Musk NFTs to a tree-planting program by Binance, the world’s largest exchange.

The NFTs, Musk Plus Box (MPB) 1088 and 1099, were auctioned on the Binance NFT Marketplace and raised a total of $543,368.

During a Metaverse panel discussion, Maye Musk gave NFTs 1088 and 1099 to Binance CEO Changpeng Zhao on August 26, 2021. Rádio Caca announced the donation in a tweet on February 3.

Maye Musk has tweeted nine times about Crowned “NFT Mother” by RACA and its collection of NFTs. The coin community had reason to smile, as Musk’s mother has a lot of influence in the digital world, which has resulted in a spike in the token’s price.

The most notable interaction Radio Caca had with Maye Musk was a video in which she spoke with CZ, founder and CEO of Binance. At this event, CZ jokingly said that the Maye Musk Mystery Box (MPB) gift he received from Musk’s mother is precious, so he may one day sell it to Elon Musk.

Despite all this support from the billionaire mother, the price of RACA has dropped from $0.011823 to $0.001900 in the last six months, i.e., a drop of 65% since its launch, and ample warning for those who believe in the promises of big names promoting such coins.

Recently Kim Kardashian Popular reality television personality and actress Kim Kardashian advertised a shady project through her social networks, called Ethereum MAX or ETHMAX Protocol, and was Sued For Allegedly Promoting Crypto ‘Scam’.

Dogecoin Founder Laments Suggestions to Burn DOGE Supply to Boost Price to $1

Albert Brown
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Dogecoin Founder Laments Suggestions to Burn DOGE Supply to Boost Price to $1

The pseudonymous founder of Dogecoin (DOGE), Shibetoshi Nakamoto, has lamented how people have constantly asked him indirectly to boost the value of the dog-themed cryptocurrency to a dollar.



According to Nakamoto, most Dogecoin supporters, when trying to make inquiries about the possibility of boosting DOGE’s price, act like they mean something different in a bid to get his attention. 

Nakamoto noted that some Dogecoin supporters have indirectly asked him to boost the price of a unit of DOGE to $1 by burning its supply and placing a cap on the total number of the cryptocurrency that can ever be produced. 

In his recent tweet portraying the type of questions people ask him, Nakamoto stated that he cannot burn the supply of Dogecoin because he does not own the protocols to do so. 

Furthermore, Nakamoto added that capping the output of Dogecoin supply could destroy the security of DOGE, which is a major risk he cannot afford to take. 

“Them: I have an idea that will make Dogecoin go to a dollar and beyond. 

Me: Is it burning the supply that I don’t own and can’t, and also capping the output and destroying the security of the coin?,”  Nakamoto tweeted. 

 

Dogecoin is the first meme cryptocurrency that launched in 2013 and has enjoyed a tremendous rally since its inception. The coin’s value soared to a high of $0.73 in May 2021, however, its value has dipped over 80% from its all-time high. 

Aside from the fact that Dogecoin does not have a use case, a majority of experts blamed the design of the cryptocurrency for having been a major contributor to why the coin has continued to decline in value. 

Unlike most cryptocurrencies like Bitcoin and Ethereum, Dogecoin does not have a fixed total supply. That is, miners are always allowed to mint as many DOGEs as possible anytime at its current price. 

The implication is that with no cap on Dogecoin supply, miners can mint several of the cryptocurrencies at any time and trade them on major exchanges, thus causing its price to crash.  

It is as a result of this issue that makes some crypto enthusiasts refer to DOGE as a pump and dump cryptocurrency. 

Dogecoin has received major support from popular global figures like Mark Cuban and Elon Musk despite this flaw.  

Meanwhile, earlier this year, Musk confirmed that people can use their DOGE as a payment method for some of its merchandise. 

This Strategy Could Boost Shiba Inu (SHIB) Value Above $0.10

Mark Brennan
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This Strategy Could Boost Shiba Inu (SHIB) Value Above $0.10

Reverse Stock Split Strategy Could Boost Shiba Inu (SHIB) Value Above $0.10.



In an effort to boost the value of Shiba Inu (SHIB), the project team, alongside the SHIBArmy, has embarked on several initiatives to reduce the total supply of the cryptocurrency. 

Despite these collaborative efforts that have resulted in the burning of nearly 259 billion SHIBs, the cryptocurrency is still far from hitting $0.10.  

New Strategy Proposes

Interestingly, several experts believe the current burning mechanism to reduce SHIB’s one quadrillion total supply is insufficient to bolster the cryptocurrency’s value.

Famous investment journalist Will Ashworth has suggested that the team behind Shiba Inu should implement a crypto version of reverse split stock for SHIB to push the token’s price to greater heights. 

According to Ashworth, using the reverse stock split strategy on Shiba Inu would reduce its total supply by more than 50%. 

A reverse stock split is a company’s initiative to reduce the number of outstanding shares. 

Ashworth recommended that instead of the Shiba Inu team continuing to buy some units of SHIBs during a price dip, they should consolidate the existing 1 quadrillion SHIBs into fewer units, which will become more valuable. 

The team behind the project can choose to use a one-for-ten (1:10) reverse split, where one unit of the new SHIB token will replace every ten old Shiba Inu cryptocurrency. The move, if implemented, will drastically reduce the total supply of SHIB. 

SHIBArmy Poised to Reduce Token’s Total Supply

It is worth noting that the SHIBArmy has been committed to boosting SHIB value as they continue to throw their weight behind moves that will reduce Shiba Inu token supply. 

Popular Shiba Inu enthusiast Bigger Entertainment has been at the forefront of SHIB burning programs, as the firm has burnt over 10 billion SHIBs through its own burning program. 

In a bid to join the SHIB burning program, Bigger Entertainment called on members of the SHIBArmy to buy tickets to some of its events. A percentage of the company’s profit is converted to SHIB and sent to an inferno wallet. 

The exercise sparked interest from members of the Shiba Inu community, and billions of SHIBs were subsequently sent to the wallet. 

Unfortunately, the token’s value only received a slight boost at intervals when each burn announcement was made. 

Things became worse last week when Bigger Entertainment announced that it would stop burning Shiba Inu via the sales of its concert tickets. 

However, Bigger Entertainment promised to develop a new SHIB burning strategy soon. 

With SHIB’s burning program halted by Bigger Entertainment, the Shiba Inu team must develop better strategies to reduce the total supply of SHIB. 

A move to conduct a crypto version of the reverse stock split on SHIB and Shiba Inu’s commitment to creating a decentralized ecosystem further is only a matter of time before the SHIB token surges above $0.10. 

Blockchain, AI, and IoT: Phaeton Bringing New Business Models Together

Mark Brennan
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Blockchain, AI, and IoT: Phaeton Bringing New Business Models Together

Blockchain has brought about a complete revolution in present technological systems and transformed the dynamics of technical inventions and innovations.

Technical experts are developing more complex methods of staking success.

Staking is a more sophisticated form of passive income. It can be obtained by serving as a validator for a specific coin.

Some people may be unfamiliar with the concept of staking, but it is not really unfamiliar as it just is like placing funds in a term deposit and earning income from the interest paid on the funds deposited.

Blockchain combined with AI and IOT brings about transformation and ushering in a new era of technologically sophisticated technology. These technologies will converge, resulting in new business models. Blockchain will be releasing a spate of diverse technologies, some of which are listed below.

For example:

  1. Autonomous agents, such as automobiles, sensors, machines, trucks, and other IoT devices.
  2. Using blockchain technology to send and receive money from peer to peer without the need or control of any central banking or government system.
  3. Using the AI to make independent and autonomous judgments as economic agents.

Use case of Phaeton

STAKING

Phaeton has introduced its staking node, known as the phaeton Artemis node. It is tied to IOT and AI, both successful business models used in homes via connected devices and enterprises.

Phaeton’s ambition is to put its staking node in people’s homes via downloadable software and/or its own physical device. The passive revenue generated through the node’s hashing participation will provide passive income to the homeowner and allow homeowners to, for example, repay their loans considerably sooner, and pay rent payments as the income generated will also be made and provide smoother cash flow.

In addition, as a totally independent blockchain system.

Phaeton is focused on offering a platform for businesses to use, Blockchain As A Service (BaaS). This service could be utilised for data, smart contracts, and monetary transactions.

This is the true power of Blockchain, and it comes with a plethora of advantages. Many successful ventures will ultimately be found in the Phaeton ecosystem.

Know More About Phaeton

Phaeton, as a blockchain, addresses today’s most pressing challenges.

Phaeton has its own environmentally friendly data centre product, which has been designed to unequivocally be carbon neutral. This design produces green energy while alleviating the concerns of the vast majority of people and businesses today.

As a result of its continual iteration activities, Phaeton is providing individuals and businesses more power and solving real-world problems.

Blockchain is making greater use of technology and leading to a more intelligent approach to making things trust less, more exact and accurate.

Phaeton Blockchain: cutting-edge technology that benefits consumers and businesses alike.

The Relationship Between Blockchain, AI and IOT

Blockchain was previously perceived as a system for making cryptocurrency payments and nothing more. It has now stretched its wings in a more advanced fashion as time has passed with an ever-increasing number of real-world use case applications. For example, combining Blockchain with AI and IOT led to supply chain management and digital identity innovations.

Its combination with AI and IOT is one of the primary reasons it is widely used in the commercial sector today. The final product is proving to be a huge success. It is used with both public and private blockchains.

It is used nowadays to make the best use of technology and stimulate innovation in various fields.

Through a Staking model, people participating are offered stability and a seamless investing option. This has been introduced by combining Blockchain with AI and IOT. It allows you to earn PHAE passively and without being active in the process. Phaeton’s model is a more sophisticated strategy in which delegates make passive income simply by downloading and installing the relevant node software so passive income then starts to be generated regardless of whether they are active in the market or not.

The entire premise of Phaeton relies on educating people about Blockchain.

As a result of Blockchain’s combination with AI and IOT, a whole new wave of innovation is possible.

When it comes to the connection between Blockchain, AI, and IoT, we can say that each part has a significant role to play, and when combined, it works wonders and has the capacity to create previously unavailable revenue opportunities for those participating.

The data is collected and provided by IOT.

Blockchain focuses on the infrastructure and the establishment of interaction rules. AI also helps to improve the process and the defined regulations. This is how the process is coordinated within the system.

The number of application use cases for Blockchain in conjunction with AI and IoT is growing exponentially.

These three technologies aim to enhance data scalability, standardization, security, and privacy.

It’s all about making a big, positive difference. Furthermore, changes such as blockchain-based identity authentication are highlighted.

Conclusion

Because Phaeton is a self-contained native blockchain, it offers a vast array of benefits and is a carbon neutral system. Furthermore, the interaction of Blockchain with other technologies such as AI and IoT allows the world to run and flourish more intelligently.

US Federal Reserve Officials Banned From Investing In Bonds, Securities, Crypto, Commodities, Forex To Avoid Conflict of Interest

Mark Brennan
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US Federal Reserve Officials Banned From Investing In Bonds, Securities, Crypto, Commodities, Forex To Avoid Conflict of Interest

The US bans Federal Reserves officials from investing in many financial instruments.



According to a decision by Federal Open Market Committee on Friday, Federal Reserve officials are prohibited from trading or investing in cryptocurrencies and other financial instruments to avoid conflicts of interest.

This Friday, the Federal Open Market Committee announced that the board has unanimously decided to adopt the new rules for investments in different sectors formally. Under the new regulations, officers and executives of major US financial entities will no longer be able to participate in various investment-related activities.

The report writes:

“Under the new rules, senior Federal Reserve officials are prohibited from purchasing individual stocks or sector funds; holding investments in individual bonds, agency securities, cryptocurrencies, commodities, or foreign currencies; entering into derivatives contracts, and engaging in short sales or purchasing securities on margin.”

The rules are intended to provide the public with impartiality and integrity of the committee’s work to ensure that there is no conflict of interest within crucial members of the board and executive body by holding any financial instruments.

“Aim to support public confidence in the impartiality and integrity of the Committee’s work by guarding against even the appearance of any conflict of interest.” 

The new rules also require executives to obtain prior approval for any financial transactions and holding investments. Officials would not be allowed to purchase and sell in periods of high market fluctuations.

“Additionally, senior Federal Reserve officials will be required to provide 45 days’ non-retractable notice for purchases and sales of securities, obtain prior approval for such transactions, and hold investments for at least one year. Purchases and sales also will be prohibited during periods of heightened financial market stress.”

Once the new policies take effect, Reserve Bank presidents will have to publish their stock transactions over the past 30 days. The financial reports of the Reserve Bank presidents will be posted publicly on the relevant websites.

“When the new policy takes effect, Reserve Bank presidents will be required to publicly disclose securities transactions within 30 days, as Board members and senior Board staff currently do. In addition, financial disclosures filed by Reserve Bank presidents will be promptly posted on the website of the relevant Reserve Bank.”

The rules do not directly represent any negative position towards the crypto market as regulations are being made to avoid conflicts of interest between officials who can alter the US market for their benefit.

Shiba Inu (SHIB) NFT Floor Price Surge to 1.35 ETH After Doggy DAO Launch

Mark Brennan
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Shiba Inu (SHIB) NFT Floor Price Surge to 1.35 ETH After Doggy DAO Launch

Following the launch of Shiba Inu Doggy Decentralized Autonomous Organization (DAO) Phase 1 on ShibaSwap, the floor price of the Shiboshi skyrocketed after the announcement. 



According to data on Ethereum-based decentralized exchange, the floor price for a unit of Shiboshi spiked to 1.3 ETH ($3,661). 

Prior to the launch of the SHIB Doggy DAO, the Shiboshi floor price had fluctuated between 1 and 1.2 ETH this year. 

However, the Shiba Inu community popularly referred to as the SHIBArmy grew more confident in the SHIB project through the launch of the recent initiative, as they got to have more control to influence the future of the cryptocurrency. 

This development shot the floor price of the Shiba Inu NFT to greater levels. 

Recall that in October last year, the SHIB team announced the launch of Shiboshis, a collection of 10,000 units of non-fungible tokens that are built on the Ethereum blockchain. 

Each NFT costs between 0.1 and 0.3 ETH, depending on the time each digital collectible is minted. The first minting exercise lasted for only 34 minutes as the SHIBArmy hurried to lay their hands on a piece, thus causing a spike in the price of Ethereum gas fees, with some users paying as high as $700 in fees. 

With the floor price surging to 1.3 ETH, holders of Shiboshis are now in profit of up to 1,500%. 

Shiba Inu Doggy DAO 

The Doggy DAO is part of plans by the Shiba Inu team to transition the project into a “true decentralized ecosystem,” the team said in an AMA session held last year.  

According to the SHIB team, Doggy DAO will also expand the Shibarium Layer-2 chain and the Shibaverse metaverse project. 

Henceforth, the governance of the entire Shiba Inu ecosystem will be given to the community who will be required to vote on key updates that will help solidify its future. 

Before partaking in the Doggy DAO, members of the Shib Inu community will be required to own the $BONE token, the governance token of the project. 

However, unlike other DAO initiatives, the $BONE token holders must stake the cryptocurrency in a bid to earn $tBone, which will be used to vote on important proposals. 

“The more BONE you hold, the more weight your vote carries in these future endeavors,” Shiba Inu said in the SHIB woofpaper. 

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