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Ripple’s Brad Garlinghouse Will Not Sue YouTube for XRP Giveaway Scams

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According to a statement by CEO Garlinghouse, two platforms will collaborate in combating crypto scams.

According to a statement shared by the CEO of Ripple Inc., Brad Garlinghouse, his company reached a settlement with YouTube videohosting. Therefore, he will not sue the platform for failing to shut down scam XRP giveaways.

Peace instead of war

Mr. Garlinghouse announced that his company has come to a resolution with YouTube, the world-leading video hosting platform. He will not sue them for the endless “XRP giveaways” launched by scammers.

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Image via Twitter

Typically, these giveaways are launched on behalf of Ripple Inc. or Mr. Garlinghouse himself. Scammers hijack popular YouTube accounts and rename them “Ripple” to lure gullible investors.

Moreover, Ripple and YouTube will collaborate in preventing, detecting and taking down these scams. CEO Garlinghouse stressed that this is the result of the progress in platforms’ understanding of their roles in changing the digital segment:

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Social platforms are starting to acknowledge their role in allowing crypto scams to persist and recognize the need to be part of the solution.

The exact details of the settlement remain confidential.

Fake giveaways steal millions of dollars

Mr. Garlinghouse also mentioned the XRP-focused tools that are useful for  mitigating malicious activity and tracking funds. Namely, it is XRP Forensics instruments by the XRPlorer team. They combat suspicious activity in XRP Ledger accounts.

However, without the platforms’ involvement, these practices remains just “whack-a-mole,” he admitted.

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As covered by U.Today previously, XRP scams remain a very profitable direction for criminal activity in crypto. XRP Forensics analysts calculated that one campaign alone can yield its masterminds more than $60,000 every 24 hours.

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XRP Lawsuit: SEC aims to make XRP skip the bull run with an Expert Discovery Extension Appeal

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The latest update in the XRP lawsuit saw the SEC file a letter requesting the Court to extend the expert rebuttal report deadline to November 12, 2021, and the expert discovery deadline to January 14, 2022, from the former date of November 12, 2021. The plaintiff noted that the extension will allocate both parties sufficient time to prepare rebuttal reports and depose a minimum of 14 expert witnesses.

Ripple Opposes SEC extension appeal to save XRP from an isolated bear run

While consenting to the extension of the rebuttal report deadline until November 12, Ripple opposes the January 14 deposition deadline to avoid the case from stretching long enough for XRP to entirely miss the bull run. Furthermore, Ripple also intends to file an opposition to this letter motion on October 18, 2021.

The SEC offered a compromise to Ripple, preponing the expert discovery extension to December 22, but the defense has rejected that offer as well. Ripple argues that the extension would “would likely impact the briefing schedule for summary judgment motion[s].”, as post-December 10, 2021, the Thanksgiving holidays will commence the holiday season.

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SEC supports extension appeal with pending motions

The SEC objects that the case is even less ready for summary judgment motions as expert discovery has commenced with an incomplete factual record. The commission noted that on September 1, 2021, Magistrate Judge Netburn granted the SEC’s motion to compel Ripple to produce certain instant messages among its employees, but Ripple has not completed its production of responsive documents and has not provided any timetable by which it will be complete. Along with the incomplete discovery of a granted motion, the plaintiff states that the parties have a total of four pending discovery motions before Magistrate Judge Netburn. The plaintiff claims that even if one motion is granted, the parties will require an additional extension to proceed with the discovery.

“If Magistrate Judge Netburn grants any of the pending motions to compel, at minimum, the parties would need additional time to review and produce the documents at issue…The SEC’s proposed extension is fair and reasonable under the circumstances and should be granted for good cause.”, stated the SEC.

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SEC v. Ripple Labs: Agency opposes motion to seal documents citing ‘influence’

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The SEC v. Ripple Labs lawsuit is in the news today after yet another crucial development. According to the latest updates from the court, the regulators have responded in opposition to Ripple’s motion to seal transcripts of audio and video recordings from internal meetings.

As per the filing shared by @CryptoLawUS, the SEC claimed that the documents “have the tendency to influence the Court’s ruling on the discovery dispute before it.” The tables turned for Ripple when SEC added that “no countervailing business or privacy interests outweigh their disclosure to the public.”

On 30 August, the SEC had filed a motion to compel the production of some audio and video-taped recordings after Ripple failed to disclose them during discovery. Ripple agreed to produce these recordings, along with “all recorded meeting by the custodians of such meeting, meeting name, and other criteria” for responsive documents.

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The SEC later filed another motion to compel Ripple on 1 October to conduct a “reasonable search.” Here, the intent was to find more responses through recordings of meetings at which the agreed-upon custodians spoke.

The SEC has been trying to make the documents public since it found statements made by Ripple CEO Garlinghouse and other key Ripple employees. The filing added,

“These transcripts contain statements by Garlinghouse and other key Ripple employees that bear directly on whether Ripple’s offers and sales of XRP are “investment contracts” and therefore securities under SEC v. W.J. Howey Co., 328 U.S. 293, 298-99 (1946), and whether Garlinghouse and Larsen had the requisite scienter for purposes of the SEC’s aiding-and-abetting claims.”

Although the concerning statements from the transcripts have been redacted, according to the SEC, Ripple is also seeking to seal excerpts of Garlinghouse’s deposition testimony. The same apparently pertains to the frequency of “all-hands” meetings, along with a certain email from the CEO.

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The SEC also argued that the transcripts of the recordings are Judicial Materials. Ones that should be disclosed to the public. Curiously, attorney Jeremy Hogan believes that the recording may be the backbone of the SEC’s case.

Nevertheless, only the Court’s decision will reveal the importance of the recordings for the people, Ripple, and the SEC.

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Ripple and British firm collaborating in country’s futuristic CBDC project

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  • Ripple has joined the board of the UK’s Digital Pound Foundation. The foundation is pushing for the adoption of a digital pound in England.
  • The Bank of England recognizes that a Central Bank Digital Currency (CBDC) will enhance financial access. The electronic pound is, therefore, the cornerstone of an equitable financial system in the UK.

Ripple says it has agreed to join the Digital Pound Foundation’s (DPF) board. DPF is a non-profit that’s pursuing the creation and adoption of the electronic pound in England.

The firms’ policy chief, Susan Friedman, will sit on the DPF board. Ripple’s joining of the foundation adds to the engagements it’s having with different nations on CBDCs. In those engagements, it has been supporting its central banks with its technical and management expertise

Ripple acknowledges the UK’s role in spearheading prudent advancement of the digital assets space. Consequently, it views the latter’s pursuit of the digital pound as a rational conclusion of those efforts.

Ripple backs the digital pound

Friedman has expressed Ripple’s excitement at the new working relationship. She reiterated that her company was happy to support DPF in creating and executing the digital pound. 

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Again, she’s confident that DPF will assist Britain in achieving a long-term all-embracing settlement system.

The digital pound will anchor the UK’s push for an inventive digital society. Collaboration with other digital assets will guarantee the nation’s place at the apex of the evolving digital ecosystem.

Today, many central banks are experimenting with sovereign-issued cryptocurrencies. These include CBDCs.

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The Bank of England (BOE) hasn’t lagged in those endeavors too. It’s working to find solutions to the challenges of creating, adopting, and managing the electronic pound.

BOE envisions the e-pound as the key to increasing households’ and businesses’ access to funds. It also recognizes the significance of the advancing digital payments sector. 

In it, the UK can look forward to a settlement system that’s capable and timely, and affordable. Such a system isn’t only viable but also has wide application.

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 There’s a need for broader collaboration to get there, though. The foundation understands this fact, and that’s why it’s seeking the input of other players in this space. It holds that such associations will guarantee UKs lead as the hub of financial innovation.

Ripple’s expertise in CBDC development

As they continue adopting CBDCs, central banks must grapple with several factors that may impact these projects. These include privacy, interoperability, and independence. The three are central to the banks moving funds in an affordable, dependable and timely manner.

Here’s where Ripple comes in. Its expertise in the creation and application of CBDCs creation and is a boon for the e-pound project.  

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Last month, Ripple said it was teaming up with Bhutan’s Central Bank, the Royal Monetary Authority (RMA), in a similar project. In the deal, the former would help RMA test an international and bulk settlements system for its e-Ngultrum.

The digital Ngultrum is Bhutan’s CBDC version of its fiat currency. Ripple is supplying the Blockchain infrastructure besides the CBDC solution for this project.

Bhutan banks on this partnership to boost digital payments. It’ll also strengthen its efforts towards increasing financial inclusion. Moreover, it’ll help the nation maintain its pledge to sustainability.

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Today, Bhutan remains the world’s only carbon-neutral country. Ripple’s CBDC solution is also carbon neutral. As such, it is the perfect fit for Bhutan’s e-payments and sustainability goals.

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