- Ripple is now asking the court to consider statements made by Crypto Mom Hester Peirce that the SEC hadn’t done enough to regulate cryptos as support for its motion to dismiss.
- The SEC immediately fired back stating that a Commissioner’s statements are no grounds for market participants to violate securities laws and urged the court to dismiss the argument.
The Ripple vs. the U.S Securities Exchange Commission legal battle has taken an unexpected turn, and this time, one of the regulator’s top officials may ultimately turn the case against it. Ripple’s latest filing has urged the court to take into account statements made by one of the five commissioners – ‘Crypto Mom’ Hester Peirce – as supplemental support for its motion to dismiss the case. Crypto Mom has recently commented that there is a lack of clarity for crypto companies from the SEC, a statement that Ripple believes builds on its lack of fair notice defense.
Ripple filed the motion with the Southern District of New York, requesting Judge Analisa Torres to consider statements by Crypto Mom, as well as fellow commissioner Elad Roisman, as “supplemental authority in support of Ripple’s opposition to the SEC’s pending motion to strike Ripple’s fair notice defense.”
#XRPCommunity #SECGov v. #Ripple #XRP 1/2 New Ripple filing in support of Fair Notice defense states that "Commissioners Peirce and Roisman have candidly explained that there is a 'decided lack of clarity for market participants around the pic.twitter.com/i9m8cFTWU4
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) July 21, 2021
In its filing, Ripple claimed that the two top-ranking officials have “candidly explained that there’s a decided lack of clarity for market participants around the application of securities laws to digital assets and their trading.”
Ripple’s legal team further claims that the two commissioners have recently made statements expressing the belief that the application of the Howey test to cryptos is not crystal clear. They further reportedly stated that “the only certainty [they]see is that people have questions about how to comply with the applicable laws and regulations.”
SEC to Ripple: Crypto Mom can’t change an Act of Congress
The SEC was quick to fire back, filing its response almost immediately in New York. In the response, the regulator told Ripple off for attempting to use Crypto Mom’s statements as defense. It issued five reasons why Ripple’s argument is flawed.
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) July 21, 2021
Of note is that this is not the first time the SEC is having to defend itself over statements made by a high-ranking official. William Hinman, a former director, has been at the center of a legal battle following a statement he made years ago that Ether and Bitcoin are not securities.
And just as it did with Hinman, the SEC has sought to make it clear that comments by Crypto Mom and Roisman are “not a statement of the SEC itself or any sort of binding authority on this Court.”
Essentially, Defendants’ arguments are tantamount to arguing that they cannot be found liable for violating a statute on the grounds of certain public statements by legislators who disagree with the statute.
The watchdog further dismissed the two commissioners’ statements, claiming that “even the full SEC may not waive the requirements of an act of Congress.” A mere statement by an official can’t repeal Section 5 of the Securities Act, the regulator pointed out.
The SEC has been warning crypto issuers that they must comply with the federal securities laws, the watchdog went on.
This case should not be decided on the basis of speeches but on the basis of Howey and the cases applying it, just like every other case in the digital asset space has been decided.
XRP Has Great Risk-Reward Ratio, With 10x Price Rise Likely: Macro Guru Raoul Pal
Raoul Pal is saying that global payments asset XRP has a great risk-reward ratio despite a lawsuit filed by the U.S. Securities and Exchange Commission (SEC).
In a new interview on Savvy Finance, the CEO of Real Vision and Global Macro Investor shares why he remains bullish on the crypto asset.
“XRP is a great risk-reward. The lawsuit – we’ve seen every lawsuit, every single one has been fine. Everybody’s actually cleared up after the event anyway and these events were a while ago. Bitmex, that’s happening, we’re going to see all of these, so I think it’s going to be a slap on the wrist that it could look like a security, there’ll be no admission of guilt on either side, there’ll be a payment of a fine and then XRP is free to run.”
The former Goldman Sachs executive also identifies factors that will help drive up the price of the coin.
“What’s interesting about XRP is there is quite a lot of use cases. Now, I know the bunch of Bitcoin people hate it– it’s not decentralized enough, I don’t care. Are people using it? Yes, a lot more than most people realize, and what’s amazing about this setup is you can’t buy on any of the exchanges and it’s not in the Bitwise ETF.
“The Bitwise ETF is now a billion of the Bitwise index. The top 10 index is a billion dollars, so the moment XRP is free, they have to buy a few hundred million dollars in it as everybody else can because the exchanges will have it back, so you’re setting up for a hell of a nice run if this clears up.”
Pal says it is still worth betting on XRP despite the possibility of Ripple losing in its legal battle with regulators.
“Worst case it doesn’t? Worst case is, let’s say, 50% downside, best case is 10x from here, so I’ll take a 50 to 1 risk-reward for the next three to six months.”
XRP, Chainlink and This Crypto Project Launching Bitcoin Smart Contracts Are ‘About To Go Crazy’, Says Altcoin Daily
Altcoin Daily host Austin Arnold is listing three altcoins that he says are “about to go crazy”.
In a new video, Austin tells his one million YouTube subscribers that the altcoins in question are Dfinity Foundation’s Internet Computer (ICP), the bridge currency XRP, and blockchain oracle network Chainlink (LINK).
Kicking off the list with Internet Computer, Austin says that the crypto project focused on becoming a decentralized global computing platform, is planning to introduce smart contract functionality to Bitcoin.
“Internet Computer smart contracts will gain access to Bitcoin liquidity and Bitcoin will gain powerful new smart contract functionality without the need for insecure and cumbersome trusted bridging services.
So this could be big – a DeFi [Decentralized Finance] ecosystem for Bitcoin is a major industry initiative. It would mean the world’s most popular cryptocurrency, Bitcoin, could be used for lending, yield farming, derivatives, liquidity pools and more.”
Turning to XRP, Austin says the developer Ripple Labs has encountered a setback in the lawsuit filed against it by the U.S. Securities and Exchange Commission (SEC).
“…Ripple filed a motion back in August 27th requesting information about whether SEC employees had purchased and traded Bitcoin, Ethereum and XRP. The United States Magistrate Judge Sarah Netburn rejected this motion on Tuesday…
…so what this means to you as a potential XRP holder is that Ripple will have to find another way to prove to the SEC that XRP is not a security. That’s of course the SEC’s point of view. They’re the ones that are suing Ripple and the case is heating up.”
In the case of Chainlink, Austin says that the blockchain oracle network’s recent integration with decentralized cold storage aggregator Coldstack is bullish.
“…big green flag for LINK holders. Here’s the reason Chainlink was chosen – because in their [Coldstack] words ‘Chainlink is the industry standard in blockchain oracles’.”
Austin also quotes Coldstack’s CEO Alexander Shishow showering praise on Chainlink.
“In a direct quote from Coldstack CEO… ’There really isn’t any substitute for Chainlink – if we want to provide the best data storage solutions for our users, then it makes sense to use the best oracle service provider in the industry.’”
Top Analyst Plots Path Ahead for Cardano and XRP, Says Three Altcoins Are Now Attractive After Dip
Michaël van de Poppe is sharing his updated forecast for two leading altcoins, Cardano (ADA) and XRP.
In his new video, the crypto analyst says that Cardano has hit important price levels, breaching the $1.90 to $2.10 range.
Van de Poppe next looks at the token’s Bitcoin pair (ADA/BTC) and says that there is a possibility that Cardano could see new highs.
“I’m expecting that we’re going to have some slight consolidation comparable to the area that we had in April. So some slight consolidation here until we crack resistance, but if we [do], I think we’re going to be running with new all-time highs or new highs for Cardano here as well.”
The trader also identifies a crucial price level for XRP that could indicate a bullish signal for the crypto market.
“I think that if you want to get into the markets then the chances are here that we’re finally getting bottomed out and we are ready for the next impulse wave in the market.
What is the level to crack for XRP? The area around $1.05 is the one that it has to crack through. I’m not assuming that we’re going to get it in one go, but I’m assuming that once it breaks through there, I think all coins will be breaking out left and right. But this is a good candle on XRP.”
The widely-followed analyst notes that the downturn offers a good opportunity to get into the market, naming Avalanche (AVAX), Solana (SOL), and Fantom (FTM) as the three altcoins to buy during the dip.
“Should you be getting interested in the markets when it’s approaching support and when projects are dropping down by about like 35% to 45%? Yes, of course.
When you get towards the support, people will ultimately become quite bearish and they are only expecting further downward momentum. That is the moment that you want to get into the markets.”
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