XRP THE SENATE ANNOUNCES THAT THEY ARE BEHIND RIPPLE | XRP NEWS TODAY!

What is going on between the SEC and Ripple
case? What did the SEC say just as October began? Why is the senate behind Ripple? What does that mean for Ripple's XRP? Keep on watching this video to find out more
so that you don't miss out on an excellent opportunity to win a giveaway of 25 XRP tokens
at the end of this month! Hey guys! Welcome back to XRP Daily, the best spot for
your daily dose of everything XRP and cryptocurrency. In today's video, we will be talking about
XRP, and how the senate announced that they are behind XRP! So be sure to stay focused! If you are new to the channel, be sure to
subscribe to the channel, and turn on post notifications by hitting the bell, so you
never miss any of our uploads and also enter our giveaway. Now with the intro out of the way, let's get
into our topic for today! The Securities and Exchange Commission or
the SEC sought a protective order relieving the SEC of any obligation to respond to 29,947
requests for admission by the Defendants during the final six hours of fact discovery, back
on 31st August.

The Plaintiff argued that these requests imposed
an extreme, disproportionate, and unnecessary burden on the agency. The agency then also reminded the Judge that
Courts routinely don't really allow much less problematic and excessive requests because
they are "abusive, unreasonable, and oppressive." The SEC also informed the Court that it spent
more than 100 hours responding to 254 requests. At that rate, the Plaintiff needed just over
473 days to complete the task. Attorney Jeremy Hogan commented on the SEC's
request for a protective order by saying, "30k Requests for Admissions is an astonishing
number," and Hogan said that he served around 25-30. Attorney Hogan continued, "But keep in mind
that it was the SEC who decided to wait seven years before filing the lawsuit and decided
that it would argue that all continuing sales of XRP are securities.

This lawsuit covers nine years!" While the SEC awaits a ruling on this matter,
the plaintiff must have been struggling with the most recent attack from Ripple’s counsel
days after discovering a document that may prove that the SEC provided guidance based
on Hinman’s 2018 speech, which could reveal the SEC lied when stating the speech was only
a personal opinion, not policy. And now, Ripple is pushing the SEC up against
the wall by arguing that no Deliberative Process Privilege or the DPP exists because the SEC
has never deliberated about policy regarding digital assets. Only personal opinions from officials. Ripple’s attorneys are placing the SEC between
two options: 1 being: its officials’ views on digital
assets – including Hinman’s speech – are only personal opinions, which means there
is no Deliberative Process Privilege case to be made;
And 2: its officials’ views were policy, there is a DPP case to be made, but Hinman’s
speech and other officials’ views can be used as evidence against the SEC in the lawsuit.

Ripple Labs CEO, Brad Garlinghouse, has expressed
that Ripple is available to settle the SEC lawsuit against Ripple but will do as such
under one condition that the SEC ought to obviously characterize the regulatory status
of XRP in a fox business interview. Brad Garlinghouse expressed to the degree
that they can track down a helpful path forward with the SEC as they obviously need to find
out that there's no situation, however that Ripple is going to settle except if there's
outright conviction concerning what XRP is on a go forward premise and just simply how
Ripple is utilizing these technologies and the number of scores of others in the community
is utilizing these technologies they're not securities they don't address ownership and
ripple the organization. Further on, Ripple's CEO proceeded to say
that the crypto industry is fundamentally managed. This statement comes in logical inconsistency
to what the SEC Chairman Gary Gensler said in a statement. Also, Senator Toomey recently tweeted that
“China’s authoritarian crackdown on crypto, including Bitcoin, is a big opportunity for
the U.S. It’s also a reminder of our huge structural
advantage over China.

“Beijing is so hostile to economic freedom
they cannot even tolerate their people participating in what is arguably the most exciting innovation
in finance in decades. Economic liberty leads to faster growth, and
ultimately, a higher standard of living for all.” Ripple provided feedback to Senator Toomey
as the U.S. Senate prepared to review blockchain and crypto laws. The XRP proposes a regulatory framework that
encourages innovation sandboxes for crypto and increases public-private collaboration. Ripple also suggested the Senate consider
existing legislative efforts, particularly the Securities Clarity Act (SCA) and the Digital
Commodity Exchange Act or the DCEA. Ripple Labs responded to Senator Toomey, who
asked for feedback on crypto and blockchain laws. Stuart Alderoty, Ripple's General Counsel,
tweeted a summary of the firm's answer in three bullet points:
1.

Encourage innovation sandboxes for crypto
2. Increased public-private collaboration and
3. Engagement and consideration by the Senate
of existing legislative efforts Mr. Alderoty furthermore added, "It all comes
back to clear regulatory frameworks that allow innovation to flourish, with consumer and
market protections. We don't have clarity today in the US, despite
those who insist on incorrectly suggesting otherwise". He continued, "Thank you, @SenToomey, for
engaging with the industry." Ripple’s full response, Ripple introductions,
its products, and XRP, the native asset to the open-source XRP Ledger. “Although Ripple utilizes XRP and the XRP
Ledger in its product offerings, XRP is independent of Ripple. The XRP Ledger is decentralized, open-source,
and operates on what is known as a “consensus” protocol. While there are well over a hundred known
use cases for XRP and the XRP Ledger, Ripple leverages XRP for use in its product suite
because of XRP’s suitability for cross-border payments.” The document addressed to Senator Toomey then
mentions SEC’s April 2019 guidance and how even SEC Commissioner Peirce criticized it,
comparing it to a Jackson Pollock work insofar as it “splashed lots of factors on the canvas
without any clear message.” The letter also reminded that SEC Chair Gary
Gensler, while at MIT, stated the issue was deserving of a "worthy public debate" and
for XRP and other "big market cap" tokens, "there needs to be clarity in the market." Ripple welcomed Commissioner Peirce's proposal
of a "safe harbor" under which network developers would be exempt for three years from the registration
provisions of federal securities laws.

They would be allowed to launch their products
and develop their networks through token transactions during that time. If "network maturity" has been achieved after
the three years, token transactions would not trigger securities registration requirements
under SEC Peirce's proposal. The letter then focused on public-private
collaboration as an essential element to achieving optimal outcomes instead of regulating innovation
and job creation out of this country. Senator Toomey is likely to agree with that
since not only is he asking for feedback from blockchain companies, but he has recently
commented on China's crackdown on Bitcoin. "China's authoritarian crackdown on crypto,
including Bitcoin, is a big opportunity for the U.S.

It's also a reminder of our huge structural
advantage over China. Beijing is so hostile to economic freedom
they cannot even tolerate their people participating in what is arguably the most exciting innovation
in finance in decades. Economic liberty leads to faster growth, and
ultimately, a higher standard of living for all." Ripple’s letter then suggested the Senate
consider the two new proposed bills: the Securities Clarity Act (SCA) and the Digital Commodity
Exchange Act (DCEA). "Both the SCA and DCEA seek to provide legal
clarity to industry, markets, and consumers in a way that an ad hoc, regulation by enforcement
approach simply cannot.

"Moreover, these bills are an implicit acknowledgment
that laws drafted for our legacy financial system cannot simply be overlaid on cryptocurrency
and blockchain; rather, a tailored, flexible approach designed to address and remedy the
specific challenges presented by this space is required. Ripple encourages the Senate to consider both
the SCA and DCEA as they work to provide the certainty that is needed to keep industry
within the United States while also maintaining the strong consumer and investor protections
that have made American capital markets the best in the world”. Well, guys, that's all we have for you today. What are your thoughts on XRP and the latest
news on the lawsuit? Do you think Ripple is near its long over
due victory? Get involved and let us know in the comments
down below! If you guys liked this video, then be sure
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