SEC news about Ripple: An attorney for XRP refuted rumors regarding the company’s ODL sales in the most recent filing of its ongoing SEC litigation, claiming that the sales have no impact on XRP’s pricing.
Ripple SEC News: In response to the SEC’s Motion for Judgment and Remedies, Ripple has filed a reply letter in support of that motion. Notably, this filing has generated a lot of conversation, particularly among supporters of XRP. In the meanwhile, pro-XRP attorney Bill Morgan emphasized Ripple’s position in the current litigation in a recent article by addressing the FUD (Fear, Uncertainty, and Doubt) surrounding XRP ODL sales.
Pro-XRP lawyer debunks FUD on Ripple’s XRP ODL sales
To refute the SEC’s claims in its request for judgment, Ripple’s legal team responded to Judge Analisa Torres on May 29. In response, Ripple made clear that the SEC’s claims regarding the firm’s financial standing had no bearing on the court’s choice of remedies.
Furthermore, the corporation stressed that the court should not consider its financial status while making its decision, pointing out that it has never contested its capacity to pay any fine. In the midst of all of this, pro-XRP attorney Bill Morgan used social media to refute rumors circulating about Ripple’s XRP sales to ODL clients.
He made the argument that ODL clients do not receive price breaks from Ripple. Interestingly, Morgan noted that the court considered the update to be a significant consideration when determining whether or not over-the-counter arrangements qualified as investment contracts.
Furthermore, Morgan contended that this information refutes assertions that XRP’s price is adversely affected by Ripple’s sales to ODL clients. Furthermore, Morgan emphasized that the idea that Ripple is dumped on ordinary investors is unfounded since ODL sales have no impact on the price of XRP.
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He reiterated that he has already offered several explanations why these assertions are baseless and expressed annoyance at the continued spread of such false information.
A closer look into the development
In a recent filing, Ripple made the case that the SEC shouldn’t be granted access to its private financial information unless there is a compelling reason to do so. The corporation made the point that if the court decides not to take into account the SEC’s allegedly important facts, then disclosing such information might not be essential. Notably, Ripple insisted that company has a legitimate, widely acknowledged reason for keeping its private financial data sealed.
Furthermore, Ripple disputed the SEC’s claim that its earlier contracts are no longer applicable. The business clarified that the details of its contracts are private and that disclosing them to potential competitors may unfairly give them an advantage.
In the meanwhile, Ripple emphasized that the sale of XRP did not correspond to the sale of investment contracts as stated in the court’s summary decision, restating the court’s earlier ruling that XRP is not a security.
Nevertheless, in spite of the news, the price of XRP dropped 0.92% as of this writing, trading at $0.5199, below its 24-hour peak of $0.5170. However, yesterday’s trade volume increased 13% to $1.56 billion.
Citadel Securities-backed broker Hidden Roads halts access to Bybit
Due to a disagreement over the exchange’s KYC/AML processes, premier brokerage house Hidden Roads has decided to discontinue providing its clients with access to the Bybit cryptocurrency platform.
Bloomberg has learnt that international prime broker Hidden Road is allegedly getting ready to stop trading for its customers on cryptocurrency exchange Bybit, citing people with knowledge of the matter. It is believed that the action was taken in response to worries about the exchange’s anti-money laundering (AML) and know-your-customer (KYC) policies.
Although the precise moment of the suspension is yet unknown, reports said that Hidden Road informed its customers “a few weeks ago.” A representative for Bybit told Bloomberg that the exchange is “committed to transparency and will provide further updates as the review progresses,” despite the fact that Bybit has not publicly addressed the issue.
CFTC Subpoena to Coinbase In The Matter Of Bybit Fintech Ltd. and Ben Zhou. @coinbase & @Bybit_Official pic.twitter.com/uJWe1urBzi
— Ƀitcoin Chris (@CryptoChrisG) November 27, 2023
Some of Coinbase’s clients were notified in November 2023 that the Commodity Futures Trading Commission (CFTC) in the United States had issued a subpoena pertaining to Bybit. Both the details of the papers or information that the CFTC is seeking and the overall scope of the probe have not yet been made public.
Hidden Roads, founded in 2018 by Marc Asch, provides margin financing and cross-margining for cash, cleared derivatives, and over-the-counter swaps products. The company also provides cryptocurrency prime brokerage.
A $50 million Series A fundraising round headed by Castle Island Ventures and comprising Citadel Securities, FTX Ventures, Uncorrelated Ventures, Greycroft, XBTO Humla Ventures, Wintermute, and Coinbase Ventures was obtained by Hidden Road in 2022.
PayPal’s PYUSD stablecoin on Solana introduces ”confidential transfers” for enhanced privacy
PayPal officially announced on May 29 that its dollar-pegged stablecoin, which was previously only available on the Ethereum blockchain, will now be available on Solana.
What is PayPal’s ”confidential transfers” feature?
With the advent of “confidential transfers,” PYUSD merchants may now guarantee regulatory compliance while providing transactional secrecy to their clients.
This implies that consumers can have some privacy as the transaction amounts can be hidden from the general public.
Prominent proponent of Bitcoin (BTC) Udi Wertheimer stated in an X post that PayPal customers will have access to a feature akin to “confidential transactions” prior to its implementation by Bitcoin developers.
“You’re telling me PayPal customers will have “secret transactions,” a feature that Bitcoin developers have been kicking about for over a decade but never built? This sounds a lot like that. LOL,” he wrote.
ok this is wild
paypal just launched its PYUSD stablecoin on solana (yeah i know. yawn)
but it seems to have a privacy feature they call “Confidential Transfers” that hides the transaction amounts of transactions????
this sounds a lot like “confidential transactions”, a… pic.twitter.com/BMqvWTBoOC
— Udi | BIP-420 🐱 (@udiWertheimer) May 29, 2024
Helius Labs CEO Mert Mumtaz stated that the speed of the blockchain was not the only factor in PayPal’s decision to expand to Solana.
Mumtaz underlined how revolutionary Solana’s inherent support for token programmability on Layer 1 and secret transfers is.
For PYUSD customers looking for further privacy options, the ability to conduct private transactions on Solana provides a number of benefits.
Solana offers more benefits for PYUSD
Solana’s token extension standard, which adheres to the SPL token standard, offers PYUSD other advantages in addition to private transfers.
This includes easier integration and development and testing, enterprise-ready features, and more flexibility.
Because of the open standard of token extensions, PYUSD may be used with any compatible wallet, exchange, or library outside of PayPal, in addition to the PayPal ecosystem.
The stablecoin’s issuer, Paxos, claims that PYUSD, which became live in August 2023, is principally supported by U.S. Treasury Reverse Repurchase Agreements.
According to CoinGecko, its circulating supply has increased by 50% from the year’s beginning, and its 24-hour trading volume is presently over $18 million.
The Paxos Trust Company-issued stablecoin, which was previously only available on Ethereum (ETH), now has a total circulation of almost $400 million, with a current supply of $5 million on the Solana blockchain, according to Solana’s network explorer.
Notably, there is still no regulation on the stablecoin market, which is presently valued at over $140 billion.
Senators Kirsten Gillibrand and Cynthia Lummis collaborated to draft a new measure last month that would regulate stablecoins.
Payment stablecoin issuers would be subject to reserve and operating requirements under the proposed law, which would include setting up subsidiaries specifically for the purpose of issuing stablecoins.
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Senators Lummis and Gillibrand have already sponsored a number of laws pertaining to the market for digital assets. One of those proposals, which was submitted last summer, sought to define decentralized finance and give federal authorities like as the Commodity Futures Trading Commission power over cryptocurrency.
Triple-A, a payments startup located in Singapore, has revealed plans to add PayPal’s stablecoin to its list of accepted tokens for consumer payments.