breaking news uh on the story that charlie's been following a judge from the southern district of
new york today granted permission for more than 23 000 xrp holders to get their voices heard in
court after charlie interviewed the lawyer representing the cryptocurrency shareholders
this is a potentially a big big development in the sec versus ripple case welcome back
everybody to altcoin daily my name's austin in today's video i want to share with you the
latest news involving bitcoin involving ethereum involving tezos and of course the breaking news
of the day how over 25 000 xrp holders have now been granted amisi cura status in this sec versus
ripple case click subscribe we drop a video every single day demystifying this cryptocurrency market
let's jump in the very first thing we need to talk about is bitcoin bitcoin has just broke over 50
000 for the first time in a month and these gains for bitcoin come amid a weak start to october for
u.s stocks so the stock market traditional markets are sinking right now yet bitcoin is looking
bullish so can we now count fifty thousand dollars as a new support level for bitcoin well as jason
dean who is an analyst at quantum economics states it's too early to say whether this will turn into
a new support level in the short term but it is clear that the overriding market is bullish
so patience the longer the growth takes the more sustainable the bitcoin growth is and we are close
to breaking out of this consolidation phase if momentum buying continues and the bitcoin price
rallies above 52 000 we could confirm the end of this consolidation pattern give me your thoughts
on this down below keep in mind nobody can see the future but usually when we see the slow steady
growth to me that's a very bullish sign so what's this news with xrp because a judge has just ruled
in the xrp token holder's favor a judge in the ripple cryptocurrency case wants the token holders
fuse listen to this three minute clip from fox business this morning explaining what exactly just
happened in the courts for xrp they will play you a quick flashback clip from last week explaining
what he was asking for and why xrp investors wanted a voice in this case and as of this morning
now that they've got it what this means to you as a crypto holder this is three minutes watch this
breaking news uh on the story that charlie's been following a judge from the southern district of
new york today granted permission for more than 23 000 xrp holders to get their voices heard in court
after charlie interviewed the lawyer representing the cryptocurrency shareholders on friday
watch that well right now we've asked the court permission to come into the case and intervene as
de facto defendants or in the alternative to grant us a meeka standing with proper with participatory
rights basically what that means is to allow us to prove that the xrp that we purchased is not
only not a security we also didn't enter into a common enterprise with ripple here now to discuss
charlie gasparido so what does this mean that is the great john deaton um this is a potentially a
big big development in the sec versus ripple case which is a big development in [ __ ] inc
in crypto if the sec loses the case against ripple uh xrp which is its cryptocurrency that is used
in its decentralized network for across broader transactions that's going to be declared um a
legal currency not a security doesn't need sec approval huge story for for the crypto
business because it's basically saying that the sec overstepped its bounds in regulating
the crypto business by declaring xrp a security and essentially going after ripple for using xrp
as a security to finance it's to build out of its platform huge thing here's why it's big john deep
now joins the suit it's almost as if when he says it's an amicus brief he's now being sued
although he's not he's just part of the case what he's going to do now is say okay sec not only you
know you can do whatever you want with ripple if you think ripple did something wrong but he
he can go to the judge and this will be i guess before a federal court judge not a jury i i don't
know the particulars but so far it's before a judge he can go before that judge and say
you know this action was so bad so egregious so outside the norm because not only did you go
after ripple you went you basically went after these innocent xrp holders who just bought the
stuff who were trading this stuff for seven years before the sec came in and said it's a security
and lost a ton of money the minute the sec said it was a security because it got bounced off of
exchanges the share the price of it went down and they owe us money and that's what is going
to go on here so it's essentially that the sec is is fighting a front on this it's got a fight
against ripple ripples fighting back obviously so it's going to prove its case against ripple
uh whether it knew and whether it violated the law not an easy case i've been talking talking to
people about this a lot of lawyers securities are saying well wait a second you know it was seven
years they let this thing go on uh what ripple did with xrp in building out its its infrastructure
was no different than what ethereum did with its ether cryptocurrency and they were they were given
the green light uh and now they're going to have to they're going to listen to john deaton say
how xrp people that had no just weren't part of the ripple process totally opposite they're
literally trading this stock you know or they're trading the cryptocurrency almost said stock
it's not a stock it's not a security according to the ripple people um they they were harmed and had
no business being harmed in this whole thing it's the sec who's overstepped it's bound so that this
is going to get really messy because they because the the whole notion was that they were holding
ripple to a higher standard or a different standard than other major crypto places
including ethereum ethereum is the second biggest right blockchain so uh very interesting stuff
we're going to keep following this development it's uh it's obviously people are interested
so xrp holders now have a voice in this sec case give me your thoughts down below in the video
in the video comment section and i'll admit i was wrong i was wrong on this i did not think that the
judge would allow xrp holders to be a part of this case i thought it would just stay with ripple the
corporation and brad and the other leadership and i do want to clear things up because if you hold
xrp there is misinformation going around right now of what exactly just happened xrp holders will not
be defendants in this case the judge has rejected xrp hodler's bid to join the sec against ripple's
case as defendants but just like we saw on fox business in that last clip xrp investors will be
allowed to advise they will be allowed to provide information on monday october 4th the u.s district
judge torres ruled that individuals holding the company's xrp token cannot act in ripple's ongoing
lawsuit as defendants and the reason why is that judge torres asserted that allowing xrp holders
to join the suit as defendants would compel the sec to take an enforcement action against them
the individual people she also added that it would delay the case which ripple and token holders have
urged for a quick resolution to so for those two reasons individual investors are not defendants
however the judge determined that token holders can participate as amicus curate a party that is
not involved in the litigation but is allowed by the court to advise or provide information
in a direct quote from the judge the court concludes that a mesi status strikes a proper
balance between permitting individual investors to assert their interest in the case and allowing the
parties to remain in control of the litigation so a happy medium for both parties and the
council for ripple is on record saying that they were pleased with the outcome for xrp holders
that can now share their meaningful perspectives with the court give me your honest take on this
down below in the video comment section but let's keep moving it's not only xrp working
with the banks but now tezos arab bank has chosen tezos to facilitate institutional custody service
tezos holders are loving this here are the details arab bank switzerland announced tuesday it will
integrate staking trading and custody services onto the tezos blockchain's native token xtz
in a bid to provide a digital asset environment for institutions corporations and high net worth
individuals the 50 year old establishment partnered with tezos in hopes of benefiting
from the ecosystem's inherent focus on energy conservation low gas fees and fast upgrades
so they chose tezos because it's faster it's better for the environment in their words and
because of their consensus mechanism i.e their faster upgrades in a direct quote from the bank
on why they chose crypto and why they chose tezos digital assets are a cornerstone of our strategy
requiring strong agility while complying with the highest security standards
our mission is to bridge traditional and cutting edge innovation tesos with its scalability high
quality governance and staking possibilities fits perfectly within our vision so this is a 50 year
old bank integrating blockchain integrating tesos into its traditional banking system
pretty cool and next up talking about ethereum and stablecoin usdc circle reveals cooperation
in ongoing sec investigation so circle has published filings revealing its cooperation
with the subpoena from the sec that it received in july we are just finding out this information
we know that circle is the company behind stablecoin usdc a very popular stablecoin and
according to an october 4th regulatory filing from circle the sec issued an investigative subpoena
from its enforcement division in july in a direct quote from circle in july 2021 we received an
investigative subpoena from the sec enforcement division requesting documents and information
regarding certain of our holdings customer programs and operations we are cooperating
fully with their investigation so interesting to read about but nothing we didn't really expect
anyway if you're a centralized company in the us the scc is going to want info from you
right we should expect that but that is the video my name's austin like always see you tomorrow