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XRP Lawsuit: SEC marks Ripple response as “misleading” in the RFAs dispute

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After losing its extensively stretched “privileged documents” argument, the SEC has now switched to three new words – “burdensome”, “irrelevant”, and “duplicative” to tackle every argument thrown at them. The latest update in the XRP lawsuit saw the plaintiff file an opposition against the defendant’s response to SEC’s protective order request in the RFAs dispute. The commission argued that Defendant’s Requests For Admission (“RFAs”) is “misleading in several respects”, reinstating its “burdensome” stance.

SEC repeats the “burdensome” argument yet again

The SEC cited the 1970 Advisory Committee’s amendments to Rule 36, noting that the court should enter an appropriate protective order when a party is served with “voluminous” RFAs that are “unduly burdensome.”

The plaintiff further contended its argument by asserting that a litigant should not serve RFAs “to cover all issues of a complex case”, according to the Rule. The SEC stated that regardless of the case’s complex, significant, or well-publicized nature, the defendants are not permitted to burden the plaintiff with a crushing number of RFAs. The commission further categorized the RFAs as “abusive, unreasonable, and oppressive.”

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“None of the cases Defendants cite support the proposition that a court may deny a protective order simply because a case is complex, fact intensive, involves an important policy issue, or has generated significant public interest. Their cases are merely ones where a court found that the burden of responding to RFAs was reasonable under the circumstances.”

SEC “irrelevant” & “duplicative” RFAs stance

The SEC objected defendant’s claim about the RFAs’ essential and uncontested nature, levying them as disingenuous. The plaintiff argued that the RFAs will raise “irrelevance objections” as the facts they seek to establish will not establish any viable defenses on which a judgment for Defendants could be based. The SEC noted that the RFAs are not only irrelevant, they are also disputed, and objectionable, and therefore are unlikely to result in useful admissions.

Lastly, the SEC asserted that the defendants’ RFAs are “cumulative and duplicative” as Ripple recently served the SEC with expert reports that address the same issues as their Fifth and Sixth Set of RFAs. The plaintiff has argued this stance under Rule 26 (b)(2), which allows protective order if RFAs are unreasonably cumulative and duplicative of another form of admissible evidence.

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XRP Price Could Surge the 5x To Hit More Than $5! But When?

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The crypto space is all geared up for its leg-up this fourth quarter. Several coins in the market have outperformed their targets, with the start of Uptober. The market cap of the industry at press time stands firm, with steady gains at $2,589,881,510,260

While the trading volume for the last 24-hours is at $119,704,920,223. Meanwhile, XRP struggles to rebound on the charts, owing to its shrinking presence in the U.S. As a result of its legal tussle with the U.S SEC.

Ripple Is Holding Firm to High Tides!

Crypto proponent highlights the movements of XRP on the charts, where-in the structures look like mirror reflections. Except for the fact that the consolidation from the present case scenario is larger and longer. The analyst also highlights that, consolidation precedes expansion, and that consolidation is directly proportional to the expansion that follows.

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Another analyst expects the move towards the $10 milestone, could follow more consolidations and expansions. And that, the coin might leg-up towards its ATH, this rally. Meanwhile, netizens expect the coin to reach its new ATH in the range of $4 to $5.

On the contrary, Ripple is in opposition to SEC’s request to extend the expert discovery to the 14th of January. As the delay would further freeze its market in the U.S. The claim is justifiable, as XRP is beating the cold since December of 2020. With December of this year around the corner, it would be a year of beating the odds for the platform. 

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XRP Price Analysis

XRP at press time is trading at $1.09 with gains of negligible 0.1% for the last 24-hours. The market cap of the digital asset is $50,970,708,997. While the 24-hour trading volume is at $3,665,454,140. The coin needs to surge 3X to hit its previous ATH of $3.40

From the chart, it is understood that XRP has been moving along the bottom of the Bollinger band. Indicating the presence of bears along with their movements. Trading volume can be seen fluctuating currently. The digital asset has dipped about ~16.3% previously, and a similar pattern formation can be seen. However, we can notice the price attempting to resist its crucial zones and rebound.

While traders looking to buy XRP price can look for its entry zone of ~$0.88, to yield decent gains. If things prevail in favour of the coin, it might hit $1.80 in the short term. And a major milestone of ~$5 with its legal tussle subsiding. A positive update from the Ripple vs SEC case may fuel the bull rally. On a positive note, some reports suggest that XRP has ranked #1 crypto asset in the U.K.

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XRP

XRP Price Could Surge the 5x To Hit More Than $5! But When?

Published

on

The crypto space is all geared up for its leg-up this fourth quarter. Several coins in the market have outperformed their targets, with the start of Uptober. The market cap of the industry at press time stands firm, with steady gains at $2,589,881,510,260

While the trading volume for the last 24-hours is at $119,704,920,223. Meanwhile, XRP struggles to rebound on the charts, owing to its shrinking presence in the U.S. As a result of its legal tussle with the U.S SEC.

Ripple Is Holding Firm to High Tides!

Crypto proponent highlights the movements of XRP on the charts, where-in the structures look like mirror reflections. Except for the fact that the consolidation from the present case scenario is larger and longer. The analyst also highlights that, consolidation precedes expansion, and that consolidation is directly proportional to the expansion that follows.

Advertisement

Another analyst expects the move towards the $10 milestone, could follow more consolidations and expansions. And that, the coin might leg-up towards its ATH, this rally. Meanwhile, netizens expect the coin to reach its new ATH in the range of $4 to $5.

On the contrary, Ripple is in opposition to SEC’s request to extend the expert discovery to the 14th of January. As the delay would further freeze its market in the U.S. The claim is justifiable, as XRP is beating the cold since December of 2020. With December of this year around the corner, it would be a year of beating the odds for the platform. 

Advertisement

XRP Price Analysis

XRP at press time is trading at $1.09 with gains of negligible 0.1% for the last 24-hours. The market cap of the digital asset is $50,970,708,997. While the 24-hour trading volume is at $3,665,454,140. The coin needs to surge 3X to hit its previous ATH of $3.40

From the chart, it is understood that XRP has been moving along the bottom of the Bollinger band. Indicating the presence of bears along with their movements. Trading volume can be seen fluctuating currently. The digital asset has dipped about ~16.3% previously, and a similar pattern formation can be seen. However, we can notice the price attempting to resist its crucial zones and rebound.

While traders looking to buy XRP price can look for its entry zone of ~$0.88, to yield decent gains. If things prevail in favour of the coin, it might hit $1.80 in the short term. And a major milestone of ~$5 with its legal tussle subsiding. A positive update from the Ripple vs SEC case may fuel the bull rally. On a positive note, some reports suggest that XRP has ranked #1 crypto asset in the U.K.

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Gary Gensler met with Jay Clayton in 2018 and was instrumental in XRP hostility: Report

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  • Gary Gensler is said to have held a sitting in 2018 with Jay Clayton to discuss cryptocurrencies, and he was fond of BTC and hostile towards XRP and Ethereum.
  • According to a new report, Gensler’s contribution to the meeting was instrumental in the ensuing XRP hostility and even the famous Bill Hinman speech.

When Gary Gensler took over at the U.S Securities and Exchange Commission (SEC) this year, many in the cryptocurrency community touted it to be the beginning of a new era – one that would spell clarity and prosperity for the nascent industry. However, it’s been anything but. Genser has been just as tough, if not even more so than his predecessor. And as a new report now reveals, Gensler’s hostility, especially towards XRP, started years ago and could have influenced the SEC’s stand against the cryptocurrency even before he took over the leadership.

The report by the New York Post revealed that Gensler met with his predecessor Jay Clayton in 2018. At the time, Gensler was just settling into his new role as a professor at the MIT Sloan School of Management. Ironically, at MIT, he served as the senior advisor to the school’s Digital Currency Initiative, teaching extensively about blockchain technology.

According to Charles Gasparino, the Fox Business reporter who exposed the 2018 meeting, the two leaders talked about how much they could regulate cryptocurrencies at the meeting.

Citing sources who were privy to the meeting, the report claims Clayton and Gensler dwelt on how digital currencies were largely unregulated and a haven for scams. They both agreed that most coins were securities that fell under the SEC oversight.

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Liking Bitcoin, opposing Ether and XRP

Gensler has always been a big fan of Bitcoin, a fact he conveyed during the meeting. According to him, it was the only “true crypto.” This is a belief he has held since before joining MIT and the SEC, back when he was the head of the CFTC, yet another regulator that has dipped its toes into cryptocurrency regulation.

Gensler disliked Ethereum, which at the time wasn’t nearly as big as it is today. He disliked XRP even more, sources revealed. Both, he claimed, were securities that were using jargon and regulatory ambiguity to escape securities regulations.

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Gensler has never been shy to admit that he believes the two – Ethereum and XRP – are securities and not currencies. In 2018, he gave an interview to the New York Times in which he claimed:

There is a strong case for both of them — but particularly Ripple — that they are non-compliant securities.

According to those close to the economist, his biggest problem with XRP and Ether are that Ripple and the Ethereum Foundation respectively sold the coins and used the proceeds to build their platforms. This makes them illegal securities.

It gets better.

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Three months after the Clayton-Gensler meeting, Bill Hinman went on to give his famous 2018 speech. Hinman, who was the director of the division of corporate finance at the SEC, claimed that BTC and ETH were not securities.

This speech has been the subject of intense legal face-offs between Ripple and the SEC in their ongoing lawsuit. Hinman has claimed that these were personal opinions. However, according to the report, Clayton reviewed the Hinman speech before the presentation, “and provided some reactions.”

And if this in itself isn’t dubious enough, there’s the career advancements of the two – Clayton and Hinman – after leaving the SEC. As CNF reported Clayton now works with an organization that manages billions of dollars worth of BTC. The firm, known as One River Asset Management, has even applied for a Bitcoin ETF, which ironically, Clayton repeatedly turned down when at the helm of the SEC.

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Hinman, on the other hand, is an adviser to Simpson, Thatcher and Bartlett, a member of the Enterprise Ethereum Alliance, which seeks to advance the growth of the Ethereum blockchain.

Is the SEC picking the winners and losers?

Just about a year ago, there were three top cryptocurrencies – Bitcoin, Ethereum and XRP. While the other altcoins were coming up quite remarkably, these were the three to watch. The SEC’s lawsuit against XRP dismantled this trinity, bringing devastating losses to XRP, and since then, it has yet to recover.

XRP is the only cryptocurrency in the top 10 to not hit an all-time high in this year’s bull run.

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Gasparino believes that the SEC is picking winners and losers, and at the moment, it’s skewed against XRP and for Bitcoin. The top cryptocurrency recently had an ETF approved, indicative that the SEC is fully onboard with the coin, he observed.

Ethereum held an ICO, why aren’t they [SEC] going after them? It’s just a weird regulatory thing that they’ve got going on here. I think it’s time Congress steps in if this [the blockchain industry]is worth saving. The Internet was worth saving.

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