Ripple CEO blasts Dogecoin for ‘inflationary dynamics’

The CEO of Ripple, the company behind the XRP cryptocurrency, is not a fan of the meme-based digital currency Dogecoin (DOGE). Brad Garlinghouse believes that DOGE is not good for the cryptocurrency market due to its alleged “inflationary dynamics” and unlimited supply. The global inflation is driving Bitcoin (BTC) price higher, but has a warning for Dogecoin fans, Garlinghouse argued at a CNBC-moderated panel at the Fintech Abu Dhabi event on Tuesday. “I’m actually not convinced, somewhat controversially I guess, that Dogecoin is good for the crypto market. Dogecoin has…

Palau partners with Ripple on climate friendly national digital currency

Ripple, the digital payment network, has partnered with the Republic of Palau to help the Pacific island nation develop its own digital currency. The initial focus of the partnership will see the development of a USD-backed digital currency to help facilitate cross-border payments for the nation. The collaboration “could see the implementation of the world’s first government-backed national stablecoin in the first half of 2022” according to Ripple’s announcement. Ripple suggested the national digital currency may not necessarily be just another CBDC. “Ripple would provide Palau with technical, business, design…

Judge orders Ripple to hand over 1 million Slack messages to the SEC

U.S. Magistrate Judge Sarah Netburn has ordered Ripple to produce one million missing Slack messages between employees which the Securities and Exchange Commission (SEC) has sought to access.  Despite Ripple’s protestations that complying would cost up to $1 million, the judge deemed the messages critical and unique evidence for the SEC’s ongoing case against the multi-billion dollar company for selling unregistered securities. The SEC filed suit against Ripple Labs and its initial and current CEOs, Christian Larsen and Bradley Garlinghouse for selling XRP as an unregistered security in December 20.…

Ripple files motion to expose XRP holdings of SEC employees

Ripple has filed a motion to compel the United States Securities and Exchange Commission, or SEC, to disclose its internal cryptocurrency trading policies as part of the ongoing legal battle with the securities regulator. James Filan, an attorney closely following the SEC’s case against Ripple, shared a new motion document seeking to bring clarity whether the SEC permitted its own employees to trade XRP, which, as per the regulator’s allegations, is an unregistered security. Filed on Aug. 27 on behalf of several defendants, including Ripple Labs, Ripple CEO Brad Garlinghouse,…

SEC wants ‘terabytes’ of Slack communications from Ripple

The legal battle between the United States Securities Exchange Commission (SEC and blockchain-based payments firm Ripple continues, with the regulator wanting further access to Ripple’s internal communications. The SEC filed a motion with the Southern District of New York on Monday, requesting Judge Sarah Netbrun to order Ripple to produce and submit its employee messaging on business communication platform Slack, Ripple executives’ attorney James Filan announced on Twitter. The filing notes that Ripple’s previous production of Slack messages to the SEC was incomplete, with the firm eventually admitting that this…

Ripple granted access to Binance’s records in SEC securities case

The ongoing case between fintech firm Ripple and the U.S. Securities and Exchange Commission (SEC) took another turn this week when the company was granted access to Binance’s documents. U.S. Magistrate Judge Sarah Netburn granted Ripple CEO Brad Garlinghouse’s motion to “Obtain international discovery” of Binance records. According to the docket, the approval was made on August 3 while a duplicate request was denied: “ORDER granting 274 Letter Motion for Discovery. The Court will communicate with counsel to arrange delivery of the letters.” As part of the case against Ripple…

It is time for the US to create a ‘Ripple test’ for crypto

Most crypto enthusiasts are less than pleased with the United States Securities and Exchange Commission’s past approach to crypto. This is not because legitimate businesses oppose regulation but because of the breadth, complexity and uncertainty associated with the current regulatory regime. Even in the context of general discontent, few actions by the SEC have engendered as much widespread criticism as the Dec. 22, 2020 complaint that initiated a civil enforcement action against Ripple Labs and two of its executives. Not everyone opposed the action. For example, Coin Center, a pro-crypto…

Judge allows Ripple to depose SEC official who decided ETH is not a security

San-Francisco-based fintech firm Ripple has notched up another small victory in its ongoing battle with the U.S. Securities and Exchange Commission. U.S. District Court Judge Sarah Netburn has denied the SEC’s motion to suppress the deposition of the former director of the SEC’s Division of Corporation Finance, William Hinman, in a ruling in New York on Thursday. In June 2018, Hinman said in a speech that based on his understanding of the Ethereum network and its decentralized structure the “current offers and sales of Ether are not securities transactions.” The…

Ripple publishes proposal for federated sidechains to keep main ledger lean

Ripple’s developers have been engaging with feedback and suggestions that they expand the XRP Ledger, or XRPL, to integrate functionalities such as smart contracts. The latter have become a major feature of the booming decentralized finance space, but Ripple’s creators claim that a different solution is better for the payments-focused XRPL. This solution comes in the form of what they term “federated sidechains” i.e. parallel ledgers that can support developers’ experimentation and specialized interests, whether for DeFi or other use cases. Using sidechains can leave the main XRPL streamlined and efficient…

Ripple seeks docs from 15 offshore exchanges it says could be ‘fatal’ to the SEC’s charges

Ripple CEO Brad Garlinghouse and co-founder Chris Larsen, have filed a motion requesting the U.S. Securities and Exchange Commission investigate Bitfinex’s parent company, iFinex, and 14 other international crypto exchanges. The June 2 motion requests documents from exchanges including iFinex, Bitforex, Bithumb, Bitlish, BitMart, AscendEX (formerly Bitmax), Bitrue Singapore, Bitstamp, Coinbene, HitBTC, Huobi Global, Korbit, OKEx, Upbit Singapore, and ZB Network Technology The motion’s supporting memorandum notes the letters of request solicit assistance from authorities in the Cayman Islands, Hong Kong, South Korea, the United Kingdom, Singapore, Seychelles, and Malta.…