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Ripple CLO Breaks Down Next Steps In US SEC vs XRP Appeal
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2 months agoon
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adminRipple Labs Chief Legal Officer (CLO) Stuart Alderoty has shared the developments of next steps that are to be taken in the ongoing lawsuit between Ripple and the United States Securities and Exchange Commission (SEC).
This case was filed in 2020 and focuses on the characterization of the XRP as a security, and whether Ripple conducted the sales of this token without registering them under the laws of the United States. As the legal fight enters the appeals stage, the firm and the US SEC prepare for a drawn-out process that could extend into 2026.
Ripple CLO Breaks Down Next Steps In US SEC vs XRP
Alderoty outlined the next stages of the appeal process at the agency’s annual Swell conference, explaining the basis of the agency’s appeal and Ripple’s cross-appeal. Stuart Alderoty said that the SEC has to file Form C, indicating what it wants to prosecute, by October 16, 2024.
In two weeks, the firm will file its own Form C, which will present the company’s cross-appeal. The company has said that it plans to challenge the specific provisions of the original decision that held that certain institutional XRP sales constituted unregistered securities transactions.
After presenting Form Cs, the parties will then schedule when they will brief. The first brief by the US SEC is due in 90 days, and the commission is expected to present its legal points. Stuart Alderoty noted that the agency is expected to take the full 90 days, which means that the SEC’s first brief submission will be due mid-January 2025. The company will then file its response, followed by its own brief. This process, which includes several cycles of briefing and reply, is expected to continue until the middle of 2025.
Confidence in the Second Circuit
However, Stuart Alderoty was optimistic that the company is on stronger legal ground given the long time frame. In his speech at the Swell conference and other interviews, he said that Ripple is even more confident in its position in the U.S. Court of Appeals for the Second Circuit than it was in the Southern District of New York.
”We think this appeal will blow up in the SEC’s face,” Alderoty said, noting that the majority of the appeals in the Second Circuit do not lead to reversals of the district court’s decisions, but rather affirmations of such decisions.
He pointed out that the SEC’s attempt to seek clarification through this appeal could positively impact the whole cryptocurrency space as the ruling will set a legal precedence.
Ripple’s Cross-Appeal Focuses on Institutional Sales
Ripple’s cross-appeal will only be on the part of the judgment of Judge Analisa Torres where she found that institutional sales of XRP by the company were a violation of the securities laws. While Judge Torres ruled that retail sales of XRP did not constitute unregistered securities offerings, she ruled against Ripple on institutional sales.
The company will argue that these institutional sales did not involve “investment contracts” because they lacked specific rights and obligations, a key legal factor in determining whether a financial product is a security under U.S. law.
Alderoty explained that the firm is aiming for a legal precedent that clarifies this distinction. “We think that’s a fundamental rule of law that needs to be recognized,” he said, noting that trial courts have been reluctant to go that far in their interpretations. Nevertheless, the Ripple CLO acknowledged that the Second Circuit’s ruling could bring much-needed clarity, regardless of which side prevails.
In addition to its ongoing legal battle with the SEC, the company continues expanding its operations globally. At the Swell event, the firm also discussed the launch of its new stablecoin, RLUSD, a dollar-denominated token designed to enable faster and cheaper cross-border payments. The stablecoin is set to be issued under New York’s strict regulatory framework, which could give it an advantage in regulatory compliance, especially in an environment where other stablecoins face increased scrutiny.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Moonpay In Talks To Acquire Coinbase Commerce Rival Helio
Published
1 hour agoon
December 23, 2024By
adminMultinational financial technology firm Moonpay is reportedly in talks to buy Helio as it looks to bolster its crypto service offerings. According to a scoop shared by Fox Business journalist Eleanor Terrett, the Helio deal is worth about $150 million. If successful, this will mark the largest acquisition made by the Miami-based firm since its inception.
Moonpay and Helio as the Power Duo
While much detail has not emerged regarding the terms of the deal, many in the ecosystem are already weighing the potential. Notably, Helio will enable Moonpay to compete directly with Coinbase Commerce as a self-service crypto payments outfit.
Helio enables content creators and ecommerce merchants to get paid for their products and services using crypto. Among the available products includes Solana Pay, the payments engine powering the DexScreener platform. As Terrett highlighted, the Solana Pay outfit is also integrated into Shopify.
🚨SCOOP: @FoxBusiness has learned that #crypto payment services provider @moonpay is in talks to acquire @helio_pay for an estimated $150 million. This would be MoonPay’s largest acquisition to date.
Helio is a Coinbase Commerce alternative providing a self-service crypto…
— Eleanor Terrett (@EleanorTerrett) December 23, 2024
Moonpay occupies a unique role in the crypto ecosystem. It currently powers a lot of crypto payments services with an extensive partnerships record. As reported by Coingape in October, it landed a Venmo partnership to enable crypto access to 60 million users worldwide.
With crypto adoption growing, the need for more merchant integrations have grown considerably. Moonpay is among the infrastructure firms benefitting from these growth and Helio might help amplify this.
Growing Corporate Investments in Crypto
Since the victory of Donald Trump as president-elect last month, the corporate alignment has increased. Suddenly, companies are beginning to revamp their investment strategies in a bid to benefit from the potential incoming pro-crypto administration.
From Justin Sun investing $30 million into World Liberty Financial to Tether’s latest $775 million investment in Rumble, firms are largely diversifying their portfolios.
While M&A activities beyond the potential Moonpay deal might appear too formal, the presence of Bitcoin and Ethereum-based ETF products is removing entry barriers for firms.
BlackRock invests in IBIT, setting a precedent for state pension funds to also join the trend. Asset management firms are doubling down on other crypto ETF products to grant firms more access to gain exposure to the crypto industry.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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5 Tokens Ready For A 20X After Solana ETF Approval
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5 hours agoon
December 23, 2024By
adminThe US Securities and Exchange Commission (SEC) looks likely to approve a Solana exchange-traded fund (ETF) under Donald Trump’s administration. With this Solana ETF approval looking imminent, there are tokens that are ready to enjoy a 5x price increase once this happens.
5 Tokens That Could 20x After A Solana ETF
Bloomberg analysts recently suggested that a Solana ETF could launch at some point next year, although the exact timing remains uncertain due to some complex legal issues. Ahead of this potential launch, these are 5 tokens that could witness a significant price increase after the SEC approves a Solana ETF.
Jupiter (JUP)
Jupiter (JUP) is one of the tokens that is ready for a 20x price increase after a Solana ETF approval. The JUP price is in a good position to benefit from such bullish development, considering its status as one of the top Solana coins.
As such, the DeFi token will likely witness a parabolic surge on the back of an ETF approval. Crypto analyst Altcoin Scholar predicted that JUP could rally to $10 or higher in this bull run.
NebulaStride Token (NST)
NebulaStride Token (NST) is in a good position to witness a significant price increase after a Solana ETF approval. This ETF approval provides a bullish outlook for the crypto and NST, as a newer token, could enjoy one of the most gains.
As a newer token, NST could even record more than a 20x price increase since it has more room to run to the upside than these older coins. the token’s fundamentals also provides a bullish outlook for its as NebulaStride is revolutionizing the finance space.
Render (RENDER)
Render (RENDER) is another top Solana coin that is ready for a 20x price increase after a SOL ETF approval. The token already boasts a bullish outlook based on its ties to the artificial intelligence (AI) narrative.
Meanwhile, from a technical analysis perspective, crypto analysts have suggested that RENDER is well primed for a parabolic surge. In an X post, crypto analyst Exotrader predicted that the AI coin couuld rally to as high as $24 as long as it holds the $6.9 support level on the weekly close.
Bonk (BONK)
Bonk (BONK) has become more than just a meme coin in the Solana ecosystem. The top meme coin has gained several use cases and even boasts an exchange-traded product (ETP).
Meanwhile, it is worth mentioning the upcoming BONK token burn with 1 trillions coins set to be burnt. With this 1 trillion token burn on the horizon, the meme coin eyes a $0.11 price target.
XRP
XRP looks like an obvious play if the SEC were to approve a Solana ETF, especially if this approval comes before the one for an XRP ETF. In a scanario where a SOL ETF gets approved an XRP ETF, XRP will likely witness a 20x price increase as traders anticipate the XRP ETF next.
Moreover, crypto analysts have already provided a bullish outlook for the XRP price. One of these analysts is Dark Defender who predicted that XRP could rally to as high as $18 in this market cycle.
Conclusion
A Solana ETF approval is undoubtedly bullish for JUP, NST, RENDER, BONK, and XRP. These coins, most especially NST, are ready to enjoy a 20x price increase once these SEC approves the SOL ETF.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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BTC Risks Falling To $20K If This Happens
Published
8 hours agoon
December 23, 2024By
adminBitcoin News: A recent report from The Kobeissi Letter hints at a potential BTC crash to $20,000 in the coming few weeks. The report cited Bitcoin’s relation with the global monetary supply, saying that if the crypto continues to move in tandem, it could witness a massive dip ahead. Besides, it also comes amid highly volatile trading noted in the broader crypto market, with the flagship crypto falling below the $100K mark recently.
Bitcoin News: Why BTC Can Crash To $20K?
In the latest Bitcoin news, the crypto could face a significant correction, potentially dropping to $20,000 in the coming weeks, The Kobeissi Letter said. The report highlights Bitcoin’s historical tendency to mirror global money supply trends, suggesting a steep decline might be on the horizon. The analysis revealed a close relationship between Bitcoin prices and global monetary supply, with BTC often reacting with a 10-week lag.
As global money supply peaked at $108.5 trillion in October, Bitcoin hit an all-time high of $108,000 recently. However, a subsequent $4.1 trillion drop in money supply to $104.4 trillion, its lowest since August, raises concerns about Bitcoin’s near-term trajectory.
Meanwhile, The Kobeissi Letter raised concerns over the potential crash ahead. They noted, “If the relationship still holds, this suggests that Bitcoin prices could fall as much as $20,000 over the next few weeks.” Notably, this prediction comes amid heightened market volatility, with BTC recently slipping below the psychological $100K mark. Such movements have amplified fears of a broader selloff in the crypto market, which has already faced pressure from global economic uncertainties.
What’s Next For BTC Amid Bearish Sentiment?
The latest positive Bitcoin news and strong rally this year showcased its resilience but this potential correction could pause its bullish momentum. Traders and investors are now closely monitoring macroeconomic factors, including shifts in monetary supply, which could significantly impact BTC’s performance. However, the question remains whether Bitcoin will defy this predicted trend or align with historical patterns.
If the BTC crash occurs, it would mark a critical juncture for the cryptocurrency market, testing Bitcoin’s role as a safe haven in uncertain times. For context, Robert Kiyosaki has recently hinted towards a looming economic depression, while urging investors to buy Bitcoin amid the economic turmoil.
However, popular crypto market expert Rekt Capital also said that the crypto “has confirmed a Bearish Engulfing Candlestick formation”, highlighting the bearish momentum in the market.
In a separate post, the analyst said that BTC has lost its weekly support and its 5-week technical uptrend is over. Considering that, the expert warned about a potential multi-week correction for the crypto ahead.
However, despite that, the institutional interest remained strong for the crypto. For context, Matador has recently revealed its plan to buy $4.5 million in BTC this month. On the other hand, MicroStrategy also continued its buying trend, indicating strong market interest.
Meanwhile, BTC price today was down more than 1% to $94,430, while its one-day trading volume jumped nearly 34% to $54.39 billion. Notably, the crypto has touched a high of $97,217 over the last 24 hours. In addition, a recent Bitcoin price analysis highlights three potential reasons that could help in ending the bearish momentum ahead.
Rupam Roy
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Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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