Tag: Ripple

Ripple CEO compares Wells Fargo billions mismanagement with FTX collapse

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Amid the heated-up news steam about the FTX drama, Ripple CEO Brad Garlinghouse has tried to turn the public’s attention to another case regarding the misdeeds of traditional finance. A $3.7 billion fine for mismanagement at Wells Fargo bank was treated as, in Garlinghouse’s words, “barely a blip on the radar.” Ripple CEO expressed his concern with the lack of public attention to the Wells Fargo case in his tweet on Dec. 21: The world is (appropriately) outraged by SBF and FTX’s fraud, but when Wells Fargo mismanages billions in…

Understanding the Settlement between Ripple (XRP) and SEC

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XRP is a cryptocurrency that was created in 2012 by the company Ripple Labs. It is used as a means of exchange and a store of value, and it is designed to facilitate cross-border payments and currency exchange. The Securities and Exchange Commission (SEC) is a U.S. government agency that is responsible for regulating the securities industry and protecting investors. The SEC has the authority to take enforcement action against individuals or companies that engage in securities fraud or other illegal activities. In this article, we will explain the settlement…

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Is Ripple poised to settle with SEC this week? Crypto Twitter weighs in

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Rumors continue to swirl suggesting the two-year legal battle between Ripple Labs and the United States Securities and Exchange Commission (SEC) may be coming to an end as early as this week, prompting the crypto community to weigh in on the matter.  Speculation about the potential settlement appears to have come from a Dec. 10 ask-me-anything (AMA) with Cardano founder Charles Hoskinson, who said he had heard rumors that the case would be settled on Dec. 15. In the days since, there’s been plenty of commentary from the community — …

Ripple Relishes Promising Future of Carbon Credit, Gaming NFTs amid Market Downturn

Ripple is excited about the prospects of carbon credits and gaming NFTs. Despite a market downturn that has overstayed its welcome in the crypto industry, carbon credit and gaming NFTs may finally be presenting some glimmer of hope. Those are the sentiments shared by Ripple Chief Technology Officer David Schwartz, per The Block’s report. Although Schwartz admits that he’s the most enthusiastic about payments, still, gaming NFTs and carbon credits are gradually gaining his attention, he says. Ripple CTO Shares Carbon Credit and Gaming NFTs Dreams During a recent interview,…

What SEC ICO Precedents Mean for Ripple

Back in 2012, when Ripple was founded, the term “initial coin offering” did not exist. Neither did enforcement actions against the then-miniscule crypto industry. In fact, the U.S. Securities and Exchange Commission (SEC) wouldn’t announce its first settlement for alleged registration violation  until November, 2018 with the Airfox and Paragon ICOs. For context, Ripple’s network went into production on Jan. 1, 2013 – nearly six years earlier. Source

Ripple CTO shuts down XRP conspiracy theory from ChatGPT

Ripple’s chief technology officer has responded to a conspiracy theory fabricated by Artificial Intelligence (AI) tool ChatGPT, which alleges the XRP Ledger (XRPL) is somehow being secretly controlled by Ripple. According to a Dec. 3 Twitter thread by user Stefan Huber, when asked a series of questions regarding the decentralization of Ripple’s XRP Ledger, the ChatGPT bot suggested that while people could participate in the governance of the blockchain, Ripple has the “ultimate control” of XRPL. Asked how this is possible without the consensus of participants and its publicly-available code,…

Ripple files final submission against SEC as landmark case nears end

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The most talked about crypto lawsuit involving the United States Securities and Exchange Commission (SEC) and Ripple is approaching its conclusion after a two-year-long battle. On Dec. 2 the SEC and Ripple both filed redacted replies to each other’s opposition to motions for summary judgment. Ripple argued in its motion document that the SEC has failed to prove that its offering of XRP between 2013 and 2020 was an offer or sale of an “investment contract” and therefore a security under federal security laws. Ripple concluded the document by stating…

FTX fall was ‘incredibly damaging,’ crypto must foster real utility: Ripple policy lead

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Ripple’s APAC Policy Director has described the fall of FTX as “incredibly damaging” for the crypto space, but says the industry should stand the test of time if its focus shifts towards building “real utility.” In a statement sent to Cointelegraph, Ripple’s APAC policy lead Rahul Advani said he expects the FTX saga to lead to greater scrutiny on crypto regulations, while governments will re-evaluate “their stance towards crypto and blockchain technology,” adding: “The collapse of FTX is incredibly damaging for the crypto space and once again underscores the need…