Today, we will discuss the litigation concerning Ripple and XRP How to rise after the pre-trial meeting. Welcome to the "money party". Click the "Subscribe" button and open more notifications! Currently, in terms of value, XRP is only Bitcoin, Ethereum, Binance Coin, Tether, Cardano and Polkadot After the seventh largest cryptocurrency. The current transaction price is US$0.4, and the market value is US$20.94 billion. San Francisco-based Ripple Labs is the controlling power behind the company and the XRP token.
XRP in 2020 Experienced crazy development. After a disappointing operation in the first 10 months of 2020, As XRP repurchased $45.6 million, the value of XRP soared in November. Ripple has offices in San Francisco, New York, London, Sydney, India, Singapore and Luxembourg. The value of the company comes from being the creator and majority holder of the digital currency XRP . Among the 100 billion XRP tokens, Ripple has about 60 billion, and these tokens will always be in circulation. The company deposits approximately 55 billion of the XRP tokens it owns into an escrow account, and can only use the 1 billion XRP tokens were released from the account. Ripple never tried to issue 1 billion tokens to the market.
This is Part of the effort to prevent excessive market flooding. This excessive flooding will Altcoin value generation huge influence. Compared to other cryptocurrencies, XRP’s relatively cheap valuation seems to help Explosive growth in November. However, this rally was short-lived because the SEC sued Ripple, which resulted in The value of XRP falls freely. Why Ripple XRP faces lawsuits On December 22, 2020, the U.S. Securities and Exchange Commission (SEC) sued Ripple, Claim that XRP is a security and not a digital currency. The SEC believes that XRP should be treated like stocks of listed companies. The SEC claims that Ripple Labs violated the Investor Protection Act when selling a Bitcoin-like digital asset called XRP . The SEC also accused Ripple, CEO Brad Garlinghouse and co-founder Christian Larsen of engaging in Illegal securities issuance. Ripple's objection is that XRP has been identified as a currency in the past. One of the main differences between XRP and other cryptocurrencies is Ripple sells XRP in segments during a specific period .
The case against Ripple, Garlinghouse and Larsen is scheduled for February A virtual pre-audit meeting. After the SEC complaint, many crypto exchanges stopped trading in XRP tokens. Although many small cryptocurrency exchanges suspended XRP trading early, the real blow came from Coinbase said it will suspend XRP trading. Coinbase has suspended XRP trading starting at 1:00 pm Eastern Time on January 19th. Binance.US, OKCoin, Bittrex, Bitsmap and other major exchanges and popular wallet providers And crypto trading platform Blockchain.com also suspended XRP transactions. These exchanges have completely cancelled the listing of XRP or have suspended trading until further notice. CrossTower and Hong Kong-based OSL are part of the exchanges that have been delisted from the stock exchange.
As these conditions develop, many traders and analysts are wondering about the future of XRP. Although some investors invested a lot of money and accounted for losses, others believed that It is an opportunity to buy on dips. But even at this disturbing moment for Ripple, everything will not completely disappear. With 3.5 million people, the United Arab Emirates is the country with the largest immigrant population from India in the world , Making the UAE the main source of remittances from India.
Recognizing the need to be the largest in the world Strengthen cross-border payment experience on one of the remittance channels , LuLu Exchange is a leading financial service based in Abu Dhabi Provider, in cooperation with the Federal Bank of India, a leading private sector financial institution. Through RippleNet Cloud, through LuLu Exchange in the UAE The 76 branches and the LuLu Money mobile payment application make cross-border transactions in India faster and more reliable. "Our long-term partnership with Ripple has opened up many channels for us to Consolidate our presence in existing and new corridors, and the latest partnerships move forward A step forward to provide our customers with the best experience to satisfy them in India Demand for payment", said Adeeb Ahamed, managing director of LuLu Financial Group. LuLu Exchange has joined many financial institutions that are already running on RippleNet Cloud. Using RippleNet Cloud, LuLu Exchange can Send and receive payments between financial institutions on RippleNet through a simple integration, thus in the entire cloud Instantly, reliably and cost-effectively process cross-border payments .
Mr. Ahamed also added that the partnership sign is a step towards strengthening An important step in its India corridor, while also adopting a partnership And technology applications to enhance its design world’s most reliable, seamless and accessible financial journey Overall mission. Senior Vice President and Country Head of the Commonwealth Bank-Deposits, Cards and Unsecured Loans The person in charge Nilufer Mullanfiroze also said that disruptive technological innovation is the federal The bank’s mantra, the bank continues to invest in technology, which will benefit all their partnerships, including Partners in the remittance industry. They believe that such an innovation will benefit the greater Indian diaspora, who can enjoy a Modern, low-cost, fast, convenient and more reliable way to send money to India. "Despite the pandemic, we have seen the continued surge in remittances in some of the largest corridors, including the UAE to India. People still need to send money to relatives and friends abroad more than ever ," said Navin Gupta, managing director of South Asia.
And MENA. He further added that Ripple is honored to cooperate with LuLu Exchange and Commonwealth Bank , To transform the cross-border payment experience in the region into an easier, cheaper and more reliable way. RippleNet's product suite ensures the highest security, security and privacy, and It is now SOC 2 certified, which means that financial institutions planning to adopt RippleNet Cloud can use it with confidence RippleNet Cloud, because Ripple has a certified industry-leading Seal of approval. Meet modern security and privacy needs. Click the "Subscribe" button to get more information! Therefore, it is safe to say that with the participation of this institution, Ripple will definitely Started after the SEC mischief. You should also know that MoneyGram is suspected of misleading investors A lawsuit was filed against XRP, which has been used in remittances for some time. On Tuesday, Rosen Law Firm announced that it has represented Those who purchased MoneyGram securities between June 17, 2019 and February 22 this year filed a class action lawsuit. The law firm believes that MoneyGram Partner Ripple got into trouble with the U.S. Securities and Exchange Commission (SEC) in December.
After the trouble, these investors may now be entitled to compensation. Although the case is still in the pre-trial discovery stage. Rosen claimed that MoneyGram “made false and/or misleading statements and/or did not Disclosure: XRP, MoneyGram as its Ripple partnership Part of the cryptocurrency used by the SEC is considered unregistered and therefore illegal security. The Lawson Law Firm pointed out that If the U.S. Securities and Exchange Commission enforces securities laws against Ripple, "MoneyGram may lose The lucrative market development fee, which is Financial performance is crucial. " In addition, "As a result, MoneyGram’s public statement is at all relevant times All are substantially wrong and/or misleading. When the real details entered the market, the lawsuit claimed that investors suffered loss.
" Since 2019, Ripple has been paying MoneyGram for settlement services using XRP. Since then, the sender has changed from $61.5 million in these "market development fees" . On February 22, MoneyGram stated that it would withdraw from the partnership with Ripple. Reasons It is the legal uncertainty surrounding XRP. The executive chairman of Ripple has asked the U.S. court to reject a U.S. security The Exchange Commission (SEC) litigation, which alleges that XRP cryptocurrency Illegal activities related to the sale of securities.
Notify the Southern District of New York based on a legal letter United States District Court Judge Analisa Torres (Analisa Torres) Filed a motion for removal, the lawyer stated that the SEC’s amendment petition “still failed to Clarify what is required of Mr. Larson. "According to the revised complaint filed last month, The center of the Center’s claim is Larsen, who “willfully or recklessly accused another person who violated the Securities Act of 1933 [Section 5] Provided substantial help" . For these reasons, Larson’s lawyers argued that the SEC failed to prove that Larson At that time, it was known that XRP units were securities, and Ripple's activities were inappropriate. They have put forward various points to support this, including the Ministry of Justice and The fact that FinCEN regards XRP as a "virtual currency" and regulates it as a "virtual currency" is in line with the fact that it is a Is contradictory. They also believe that the SEC’s allegations are not only insufficient, but certainly show It does not meet the standard.
The SEC must at least declare that "XRP transactions are Securities, and Ripple’s behavior is improper, so that the husband must be very clear "This is so obvious. The lawyers also argued that the regulator failed to prove that Larsen Provided "substantial assistance" to Ripple in the sale of XRP, or Larsen's XRP transaction In the United States and therefore within its jurisdiction. This defect is fatal to the claim against Mr. Larsen in Section 5 and must be argued Violation of Section 5, the SEC must fully charge that every transaction occurred in Section 5 Within the territory of . Larsen's lawyer also believes that the SEC's monetary relief claim is timely- The stipulated time limit has been exceeded, and no claim can be filed under Article 5. As the SEC claims that the sale of XRP over a multi-year period only constitutes An offer, so the statute of limitations came into effect in 2013 and expires in 2018 in 2009.
In addition, Andrew Ceresney, Ripple's external consultant at the law firm Debevoise & Plimpton Said: "The SEC case is unprecedented in history, and it is improperly conceived. The SEC ignored the clear status of XRP as a virtual currency, which not only It conflicts with the findings of other U.S. regulatory agencies and also conflicts with the international regulatory system. In the past eight years, the XRP market that has nothing to do with Ripple’s activities has been It has grown to a large scale and traded on more than 200 exchanges worldwide. Please remember that we are not a licensed financial advisor. All videos on this channel are for entertainment purposes only. Tell us what you think in the comments section below and let us have a conversation. Thank you very much for watching. Don’t forget to like this video and click the subscribe button below. Whenever we post amazing content, please turn on the notification to get notified. We will see you in the next video..