Coinbase Mandamus Action: Court Issues Ruling

Coinbase’s Chief Legal Officer, Paul Grewal, revealed that the Third Circuit Court issued an order in its Mandamus action, instructing the SEC to indicate whether it chose to reject the exchange’s petition for rulemaking.

A situation where the SEC supports the exchange petition for rulemaking would imply that the court orders the regulatory body to reveal how much extra time it needs to either grant or reject the petition.

Read Also: Wall Street Veteran: Ripple IPO Could Surpass 20x Valuation, Propelling Price to $600 per Share

In addition, SEC was quizzed on why the court should not maintain jurisdiction and order periodic reports as presented by the exchange. The order hopes to establish a deadline by which the court could issue its stance on the exchange’s Writ of Mandamus petition should the SEC not grant or deny the petition for rulemaking.

Notably, SEC has seven days to file a letter addressing the issues raised in the order. On the other hand, Coinbase may also react to the SEC’s letter within five days of the agency’s filing, and submissions from both parties shouldn’t exceed ten pages.

Ripple Executives React

Ripple’s General Counsel Stuart Alderoty and David Schwartz, the Chief Technical Officer at Ripple, gave their opinions on Grewal’s update on Twitter.

Alderoty noted the importance of the new order by tweeting, “It may have been lost in yesterday’s other news, but this is big!”

In response to Grewal’s update, Schwartz, knowing fully well how SEC reacts to queries due to the regulator’s behavior in the lawsuit against Ripple, noted the SEC will initially try to argue that it does not have to provide the information the court seeks. However, the regulatory body would still provide the information in the long run.

I will bet money the SEC's response to this order begins with arguing that they shouldn't have to provide this information and then goes on to provide it.

— David "JoelKatz" Schwartz (@JoelKatz) June 8, 2023

Read Also: Lawyer Pinpoints Why Uphold Keeps Trading XRP in the U.S. Despite Ripple-SEC Lawsuit

Relist XRP – Crypto Community Beckons Coinbase

Recall that Coinbase had long delisted XRP from its platform at the onset of the SEC’s lawsuit against Ripple. Following the recent turnout of events that saw the regulatory body sue Coinbase and Ripple executives publicly supporting the exchange, crypto enthusiasts think it is high time the exchange relisted XRP.

THERE IS NO REASON FOR XRP TO STILL BE DELISTED FROM COINBASE AFTER WHAT THE SEC DID

THEY HAVE NOT DELISTED ALL THE OTHER CRYPTOS

THE ULTIMATE SHOW OF CRYPTO HARMONY IS TO RELIST XRP

RETWEET AS WE NEED TO GET THEIR ATTENTION FOR A CALL TO ACTION@coinbase @iampaulgrewal…

— The Bearable Bull (@thebearablebull) June 7, 2023

Other notable crypto proponents calling Coinbase to relist XRP include Ben Armstrong, popularly known as Bitboy, and the Gym Positivity founder Joey Swoll.

Relist $XRP Uncle Brian https://t.co/E9tquPu1Mk

— Ben Armstrong (@Bitboy_Crypto) June 8, 2023

Now would be a great time to #RelistXRP.

— Joey Swoll (@TheJoeySwoll) June 7, 2023

Follow us on Twitter, Facebook, Telegram, and Google News

The post Community Calls Coinbase to Relist XRP as Ripple CTO and General Counsel React to Major Development appeared first on Times Tabloid.

On April 13, Ripple Liquidity Hub which provides businesses with a simple and seamless way to manage their modern crypto liquidity needs was launched. 

Surprisingly, the San Francisco-based crypto solutions company which has been battling with the U.S. SEC in court since 2020 to prove that XRP isn’t a security, failed to support XRP in its latest and groundbreaking project. Whereas it supported several other crypto assets including Bitcoin (BTC), Litecoin (LTC), Ethereum Classic (ETC), Bitcoin Cash (BCH), Tether USD (USDT), and USD Coin (USDC). 

Accordingly, there have been diverse reactions and concerns from the XRP community with some claiming that the Silicon Valley tech company could be abandoning XRP due to pressure from the lingering SEC case. As published, a certain user publicly condemned Ripple’s selling of XRP to generate revenues, stating that its escrow account XRP tokens will find better use in the B2B crypto liquidity solutions. 

 In response, Ripple updated that its major reason for not including XRP in the Liquidity Hub project is that the XRP Ledger native token lacks regulatory clarity. But to give more reasons for the company’s deliberate decision, Ripple General Counsel Stuart Alderoty took to Twitter today to make some clarifications.

Alderoty began by noting that Liquidity Hub is an enterprise or institutional product, and not just for retail purposes. He added that there is little liquidity for XRP in the United States, adding that Ripple Liquidity Hub will integrate XRP when there is regulatory clarity over the asset and sufficient liquidity for customers to access. 

“Our product team has been very clear – Liquidity Hub was built to access all kinds of crypto liquidity, not just XRP,” he said, adding that the company’s target Liquidity Hub customers which are mainly institutions in the United States want access to a variety of tokens like BTC, ETH, and stablecoins and not embattled coins like XRP. “We’re here to serve customer demands,” he wrote.

Follow us on Twitter, Facebook, Telegram, and Google News

The post Ripple CLO Stuart Alderoty Addresses Community Concerns Over XRP Exclusion from Liquidity Hub Launched By Ripple appeared first on Times Tabloid.

Unlike many crypto companies such as Kraken that opted to pay a fine of $30 million to settle with the SEC over a Securities Act violation charge, Ripple stated that they are ready to spend over $100 million in battling with the financial regulator in court regarding the XRP lawsuit. 

The lawsuit which has lasted for over two years now was presumed by Ripple CEO Brad Garlinghouse to be concluded around mid-2023, according to an earlier report. However, this prediction has been disputed following a recent comment dropped by Ripple’s General Counsel. 

As disclosed by Alderoty, the United States Securities and Exchange Commission (SEC) has lost several cases in the Supreme Court in its five outings. This he shared, applauding those entities that were determined enough to battle with the SEC in court. 

“The SEC has lost 4 of its last 5 cases in the Supreme Court, thanks to the few that had the courage and resources to fight back against the SEC’s bullying and clinging to stretch legal positions that were not faithful to the law,” Alderoty wrote.

Ripple Will Win in Supreme Court, John Deaton Says

Some proponents of XRP took this comment to mean that the end of the Ripple-SEC case may not be as close as predicted by Brad Garlinghouse. “Is this a hint that Ripple anticipates fighting the SEC all the way to the Supreme Court?” a certain user XRPcryptowolf commented. 

The case involving the apex court indicates more years of litigation because it will have to make it to the circuit first before the Supreme Court. For context, the first phase of appeal is that the circuit level and all of these processes usually take years not months.

Hence, XRP investors seem worried that this may further affect the price action of the 6th largest crypto asset negatively. Already, XRP printed its 12th largest losing (red) candle in a row on Sunday while showing signs of further decline. Notably, the last time XRP price recorded such performance was in March 2015. 

Among those who reacted to Alderoty’s comment was John Deaton, the attorney representing over 75,000 XRP holders in the XRP lawsuit as an amici curiae. Deaton indicated that in any case, Ripple will defeat the Gary Gensler-led SEC in the XRP lawsuit, adding that the Supreme Court would help stop the agency’s gross overreach in the crypto industry. 

He wrote, “I have no doubt Ripple will win and the current Supreme Court will shut down the SEC’s gross overreach. The West Virginia vs EPA case is all you need to read to agree with me. Ripple’s summary judgment brief is already an extremely well-written appellate brief.”

“We are lucky we got Judge Netburn and Judge Torres and if Judge Torres denies the SEC’s motion like I expect her to and says it goes to a jury, that’s a win.  You confuse my motion with Ripple’s. I filed in opposition of the SEC not in support of Ripple,” Deaton added.

Follow us on Twitter, Facebook, Telegram, and Google News

The post Ripple General Council and Attorney John Deaton Speak of Chances of SEC Losing XRP Lawsuit in Supreme Court appeared first on Times Tabloid.

In the article titled, “Inside a Crypto Nemesis’ Campaign to Rein In the Industry”, it’s stated that the SEC has labeled XRP a security, which made the digital asset lose its position as the third largest cryptocurrency by market capitalization.

Read Also: Ripple General Counsel Says 12 Amicus Briefs Indicate the SEC’s Poor Judgment about XRP

The article read in part:

“Before the filing, Ripple’s signature token, XRP, was the third most valuable cryptocurrency; it has dropped down the rankings since the S.E.C. labeled it a security.”

SEC Has No Power to Label XRP a Security

In response to the NY Times misrepresentation, Ripple General Counsel Stuart Alderoty stated that the security status of XRP is for the court to decide. He said the SEC has no power to label the crypto asset a security.

Stuart Alderoty tweeted, “To be clear, the SEC hasn’t labeled XRP a security, nor does it have the power to do so. One Judge put it this way: the SEC can only ask the question and the court ultimately answers.”

To be clear, the SEC hasn’t labeled XRP a security, nor does it have the power to do so. One Judge put it this way: the SEC can only ask the question and the court ultimately answers. https://t.co/oMUjZwBkZo

— Stuart Alderoty (@s_alderoty) November 21, 2022

Attorney John Deaton, the lawyer representing over 75,000 XRP holders in the ongoing Ripple-SEC lawsuit, also complemented Alderoty’s assertion.

Read Also: Ripple CTO David Schwartz: “I Feel More Positive about Ripple’s Prospects Now than I Have in at Least Six Years”

According to Deaton, the article is a total misrepresentation of the SEC’s power. He said even the SEC had once acknowledged that only the court has the power to determine the security status of an asset, such as XRP.

John Deaton wrote, “Let me add that the SEC itself acknowledged that it does not determine w/r an asset is a security – only the Court: The SEC: The “[SDNY] supplies the exclusive method for testing the validity of the Commission’s complaint.” Regrading XRP – it will be invalid.”

Follow us on Twitter, Facebook, Telegram, and Google News

The post Ripple General Counsel Reacts to NY Times Article: SEC Has No Power to Label XRP a Security appeared first on Times Tabloid.