ceo coinbase confirms adoption of xrp after defeating sec xrp to 75 000
ripple ceo brad garlinghouse exuded confidence in winning a lawsuit against
the securities and exchange commission sec speaking at the paris blockchain week event
garlinghouse told attendees that their protection turned out to be extremely better than he expected
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the video to the end to like and subscribe he also added that a victory in the xrp lawsuit would be a
good precedent for cryptocurrencies and exchanges that have suffered from several unfavorable rules
introduced by the sec the case filed 15 months ago alleges that ripple its ceo garlinghouse and the
company's executive chairman chris larson engaged in illegal activities by placing unregistered
securities worth one dollar three billion the securities and exchange commission applies the
howie test obtained on the basis of the supreme court decision the case sought to distinguish
between an investment contract and what qualifies as an investment security according to the sec
the xrp coins were sold without registration with the regulator however garlinghouse as well as the
company argued in their defense that xrp works as a virtual currency like ethereum and bitcoin
which are not registered and are not recognized as securities their defense team added that xrp
should have been treated as a virtual currency not as an investment contract in the above objection
garlic house also stated that if they lose the case a bad precedent will be set for the crypto
world this case is important not only for ripple it is important for the entire crypto industry
in the united states this would be negative for crypto currencies in the united states
essentially this model will mean that exchanges offering xrp will be forced to register with the
sec as security brokers this will oblige everyone who owns xrp tokens to register and be personally
known to the sec earlier last week ripple won on an important issue raised during the proceedings
a motion by the u s securities and exchange commission sec to review the deliberative
process privilege dpp was rejected by a federal judge the court's decision is considered a huge
victory for ripple in a long-standing fight with the regulator these series of victories left the
company inspired and confident of success in the main suit a ripple victory would be welcome news
for cryptocurrencies that have faced walls of uncertainty ripple labs a san francisco-based
fintech company continues its offensive attacks on the sec amid an ongoing lawsuit
however perhaps it's time for his supporters to sharply slow down this victorious mood
ripple through defendant brad garlinghouse filed a response to the sec's objections to the motion to
compel the production of estabrook notes according to a february 28 statement the defendant demanded
disclosure of records of a 2018 meeting between former sec commissioner elod roizman and ripple
ceo this is mainly to prove that ripple executives have made efforts to comply with u.s securities
laws alas the sec referred to the privilege well that's the last thing that made headlines today
on april 20th judge netburn rejected garlinghouse's motion to compel the
production of esther brooks recordings the court stated that estabrook's notes
are no different from the notes that the court previously recognized as protected by privilege
attorney james felin shed light on the event by tweeting xrp community hashtag
hashtag ripple hashtag xrp breaking judge netburn denies garlinghouse's motion to compel production
of the estabrook notes the court states that estabrook's notes are no different from the
notes the court previously found to be protected by the privilege the application notes collecting
sec facts from third parties is not inherently a privileged activity but after studying estabrook's
notes i found that they could have revealed to garlinghouse the internal thought processes of
the securities and exchange commission during his meeting with commissioner roisman the privilege
applies the statement claims that neither estabrook nor commissioner roizman are involved
in the sec's investigation into ripple various members of the xrp community have asked clarifying
questions to get an idea of this situation one entity asked the following so the recordings from
the meeting that brad actually took part in are privileged i'm not a lawyer but what's the point
for god's sake soon enough another lawyer tried to sort out this situation jeremy hogan a partner at
hogan in hogan stated why fight this uphill battle one because ripple wasn't 100 sure what was in
those notes and so it was a chance worth taking 2. these are the notes that the sec found after the
fact and it makes the sec look sloppy slash bad and you always want to highlight that to the judge
smiley face in any case hogan expected the defendant to come back to normal
then he added the idea of irrefutable evidence is very strong in the law this is evidence that the
court must believe so unless the sec provides evidence to the contrary whatever garlinghouse
says about this conversation is what took place no questions were asked did altcoin feel this
or was it preparing to slow down its trajectory instead well it looks like the latter xrp lost
about 2 percent in just 24 hours trading at around zero dollars 76 in fact it recorded a quarterly
trading volume that was three times lower than the volume recorded in the first quarter of 2021
the trading volume of xrp in the first quarter of 2022 was approximately 203 dollars 94 billion
this is a 68 drop in trading volume compared to the figures for the same period in 2021 in the
first quarter of 2021 the trading volume of xrp amounted to about six hundred and forty dollars
seventy billion ripple tried to refute the report of dr albert metz an expert at the u s securities
and exchange commission sec mets and several other parties have concluded that ripple is capable of
manipulating xrp prices according to the sec tuesday's decision can be called a minor victory
for the sec in this case the court also gave the sec more time to object to the publication of some
internal documents related to the speech of former director william hinman crypto lawyer james k
phelan drew attention to this decision on tuesday judge sarah netburn's ruling reopened the door for
an expert opinion until may 13th to rios dr metz the court order allows the defendants to file any
additional reports in response to the mets report however the judge also ordered the sec to pay
reasonable expenses incurred by the defendants in connection with the filing of the petition
the order states that both parties must meet and agree on a reasonable payment meanwhile may 13th
will be the last date for filing a petition for payment of lawyers services the live xrp price
today is zero dollars 88 us dollars with a 24-hour trading volume of 3 billion 740 million us dollars
we update our xrp to usd price in real time xrp is down zero four percent in the last 24 hours
do you think xrp will be able to win the court and restore its former price
write the answers in the comments that's it for today thank you for watching this
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