Ripple Hires New Lawyer as Courts Discuss Fair Notice

Key Takeaways Ripple has brought securities specialist Nicole Tatz of Cleary Gottlieb Steen & Hamilton LLP onto its legal team. This week, Ripple also argued that the SEC did not give it fair notice over the legal status of its token sales. The SEC initially filed a lawsuit against Ripple in December; an end date for the proceedings is still unclear. Share this article Ripple saw two significant legal developments this week. It has added a new lawyer to its legal team, and it is contesting a key accusation from…

Ripple publishes proposal for federated sidechains to keep main ledger lean

Ripple’s developers have been engaging with feedback and suggestions that they expand the XRP Ledger, or XRPL, to integrate functionalities such as smart contracts. The latter have become a major feature of the booming decentralized finance space, but Ripple’s creators claim that a different solution is better for the payments-focused XRPL. This solution comes in the form of what they term “federated sidechains” i.e. parallel ledgers that can support developers’ experimentation and specialized interests, whether for DeFi or other use cases. Using sidechains can leave the main XRPL streamlined and efficient…

Ripple Seeks XRP Transfer Data on Overseas Exchanges

Key Takeaways Ripple’s executives have filed a new motion requesting the Court to issue Letters of Request to foreign authorities. The letters would be sent with the aim of collecting data on Ripple’s XRP sales on 15 non-U.S. exchanges. Ripple has submitted the motion in hopes of proving that its XRP sales were made outside the scope of the Securities Act of 1933. Share this article The legal team representing Ripple executives has filed a motion aiming to collect in-depth data on XRP sales conducted on foreign crypto exchanges. This…

Ripple seeks docs from 15 offshore exchanges it says could be ‘fatal’ to the SEC’s charges

Ripple CEO Brad Garlinghouse and co-founder Chris Larsen, have filed a motion requesting the U.S. Securities and Exchange Commission investigate Bitfinex’s parent company, iFinex, and 14 other international crypto exchanges. The June 2 motion requests documents from exchanges including iFinex, Bitforex, Bithumb, Bitlish, BitMart, AscendEX (formerly Bitmax), Bitrue Singapore, Bitstamp, Coinbene, HitBTC, Huobi Global, Korbit, OKEx, Upbit Singapore, and ZB Network Technology The motion’s supporting memorandum notes the letters of request solicit assistance from authorities in the Cayman Islands, Hong Kong, South Korea, the United Kingdom, Singapore, Seychelles, and Malta.…

Ripple Claims SEC Misquoted It in Latest Development

Key Takeaways Ripple has filed a new legal memorandum in an attempt to counter previous motions from the SEC. The memo claims that the SEC misquoted Ripple’s statements in its earlier attempts to dismiss Ripple’s defense. This is the latest development in an ongoing lawsuit over whether Ripple’s XRP sales constitute unregistered securities. Share this article As part of an ongoing lawsuit, Ripple has countered the SEC’s previous legal motions by filing a new legal memo. This memo claims that the SEC misquoted key parts of Ripple’s defense. Ripple Lawsuit…

Ripple (XRP) Turns Green, Here’s Why The Bulls Could Aim $2

Ripple started a fresh rally above the $1.50 barrier against the US Dollar. XRP price is likely to surge further if it clears the $1.75 and $1.80 resistance levels. Ripple is gaining bullish momentum above the $1.55 and $1.60 resistance levels against the US dollar. The price is now trading well above $1.50 and the 100 simple moving average (4-hours). There was a break above a key bearish trend line with resistance near $1.58 on the 4-hours chart of the XRP/USD pair (data source from Kraken). The pair is likely…

Ripple sold twice as much XRP this quarter, as demand grows for its ODL service

Despite the ongoing legal battle with the Securities Exchange Commission, Ripple reported a 97% increase in sales of XRP for Q1. Ripple posted its Q1 markets report on May 6th and revealed that total sales net of purchases had gone from $76.27 million in Q4 2020, to $150.34 million in Q1 this year. Ripple noted the surge in sales was led by the growing demand for RippleNet’s working capital service On-Demand Liquidity or ODL: “The increase in XRP sales can be attributed to deeper engagement from key ODL customers. For…

Former US treasurer joins Ripple board

Rosa Gumataotao Rios, the 43rd treasurer of the United States, will be joining Ripple’s board of directors.  In an announcement from Ripple today, the company said Rios, who served as the U.S. treasurer from 2009 to 2016 under President Barack Obama, will be the newest member of the firm’s leadership team. Ripple CEO Brad Garlinghouse cited Rios’ experience in both the public and private sectors as well as her success in “rapidly accelerating businesses” in the company’s decision to bring her on board. “Ripple is one of the best examples…

Ripple wants go public after settling SEC lawsuit, SBI CEO says

Major cryptocurrency company Ripple has not given up on its plans to go public despite its ongoing legal battle with United States regulators, according to SBI Group’s CEO. Yoshitaka Kitao, CEO of Japanese financial giant SBI Group, claimed that Ripple plans to become a public company after the firm settles a legal action brought against it by the United States Securities and Exchange Commission. Speaking on a Wednesday earnings presentation call, Kitao said that both Ripple CEO Brad Garlinghouse and executive chairman Chris Larsen are planning to take Ripple public: “After the…

Ripple (XRP) Could Surge If It Settles Above This Key Hurdle

Ripple started a fresh increase after testing $1.00 against the US Dollar. XRP price is likely to surge further if it clears the $1.45 and $1.46 resistance levels. Ripple is showing positive signs above the $1.25 and $1.30 resistance levels against the US dollar. The price is now trading well above $1.3200 and testing the 100 simple moving average (4-hours). There was a break above a major bearish trend line with resistance near $1.15 on the 4-hours chart of the XRP/USD pair (data source from Kraken). The pair is likely…