In this video we will take a look at the latest news and updates on the Sec vs Ripple trial, we will actually see when it may end, and also what are the current best buy points for XRP, as as long as it does not finalize its trial, we will quite likely continue to see it in the same sideways range.
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What are we going to talk about in today's XRP video?
CHAPTERS:
0:00 XRP News today
1:19 Ripple Chief Legal Officer Stuart Alderoty has reacted to Coinbase's receipt of a Wells Notice from the United States Securities and Exchange Commission
5:18 XRP vs SEC case update
6:16 Ripple is an investor in different companies about finance
8:34 Has Attorney John E. Deaton's prediction finally come true?
10:48 Conclusions
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Give me more information about today's video
Ripple Counsel Reacts To Potential SEC Lawsuit Against Coinbase, As Coinbase becomes the SEC's latest target. By the way, Ripple pumped a $10 million contribution into Mercy Corps Ventures in October 2020 through its Impact initiative, what then will be the result of the facilitation or is it a strategy by Ripple to ensure more partnership with more companies? Also, the XRP Ledger Foundation has now published a new UNL which now has a list of 36 validators after it made three additions from community-owned validators. Finally, to our big question of the day: did Attorney John E. Deaton's prediction finally come true?
Ripple Chief Legal Officer Stuart Alderoty has reacted to Coinbase's receipt of a Wells Notice from the United States Securities and Exchange Commission (SEC).
For context, a Wells notice is a letter from the SEC that expresses the agency's belief that a company or individual has violated securities laws.
Notably, it allows the recipient to respond to these claims to convince the market regulator otherwise, with the SEC having six months to decide whether or not to go forward with an enforcement action.
Yesterday, Coinbase confirmed the receipt of this letter from the SEC. However, per the blog post authored by the crypto exchange's Chief Legal Officer Paul Grewal, the notice offered little information for Coinbase to respond to.
The letter taps an unspecified portion of tradable assets on the exchange, Coinbase's staking service, Coinbase Prime, and its self-custody wallet as violating investor protection laws, per the disclosure.
It follows an investigation into the crypto exchange last year. In addition, the regulator also claimed that nine of the assets listed on the exchange were unregistered securities in a lawsuit against former Coinbase employee Ishan Wahi for insider trading charges.
Notably, Coinbase to date maintains confidence in its asset listing process.
"Coinbase does not list securities," Grewal wrote in the blog yesterday.
In addition, the crypto exchange has also maintained and frequently argued in recent weeks that its staking program does not represent an unregistered security offering.
Recall that Coinbase competitor Kraken in February agreed to permanently stop its staking program for U.S. customers and pay a $30 million fine to settle charges from the SEC.
Coinbase highlights that the threat of enforcement action comes even though the SEC, based on these same disclosures, approved its business and allowed it to become a publicly traded company in April 2021, days before SEC Chair Gary Gensler assumed office.
In addition, the firm noted that it had met with SEC officials 30 times in the past nine months in an attempt to register a portion of its business and resolve investigations.
However, the SEC which initially suggested this approach, ended the process in January after Coinbase claimed to have spent millions in legal fees to suggest suitable registration models, as none exists for crypto under the status quo.
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