- The Ripple v. SEC lawsuit gains notable momentum in the bankruptcy story of FTX and Alameda.
- Blockchain technology and the cryptocurrency market are gaining global attention due to their ability to transcend the siled tech industry.
Ripple Inc. v. SEC Lawsuit Grabs Crypto Community Monday After Media Outlet Fox Business announced The settlement is scheduled for today, Tuesday. As a result, XRP’s price has increased by more than 10% over the past 24 hours and is trading around $0.38 at the time of reporting. However, reports of a possible settlement have been discredited by a Ripple spokesperson through the same media outlet.
— Eleanor Terrett (@EleanorTerrett) November 14, 2022
Judge Torres nonetheless granted the motion to file Amicus Briefs. As a result, the Blockchain Association, six of his XRP holders, Coinbase, CCI, Valhil, Cryptillian, Veri DAO, Reaper Financial, InvestReady, NSEI, and Paradigm, will submit formal summaries by November 18, 2022. is needed.
The Ripple v. SEC lawsuit gains notable momentum in the bankruptcy story of FTX and Alameda. More cryptocurrency companies likely to be affected by the outcome of the lawsuit are joining forces to support blockchain technology.
Is Ripple in Monkey Business with Fox Media?
Blockchain technology and the cryptocurrency market are gaining global attention due to their ability to transcend the siled tech industry. For example, it takes 3-5 business days to process an international payment, while the blockchain and cryptocurrency industry offers very high throughput. So while traditional financial institutions are looking for blockchain technology solutions, Ripple specializes in his Ripplenet technology.
In particular, the XRP market has a market capitalization of approximately $19,318,541,963 and a daily trading volume of approximately $2.2 billion. Half of the XRP volume is in the circulating supply, but Ripple controls a majority stake through regular sales.
As such, the SEC claims that Ripple sells security tokens to the public in the name of cryptocurrencies. This disturbs the gray area in which most cryptocurrency projects have operated over the past decade.
While the media plays a key role in promoting cryptocurrency projects, fake news is reportedly carried out in the name of pump and dump. Longtime Bitcoin commentator Peter Schiff describes the same argument as a sophisticated Ponzi scheme.
The cryptocurrency market is being defined day by day and some people are choosing to sit on the sidelines.
Despite this, tech billionaire Elon Musk claims that the Bitcoin market will eventually recover. Additionally, according to data provided by DefiLlama, over $43 billion in digital assets are locked in decentralized financial protocols.
The big task of spearheading cryptocurrency adoption has largely fallen to Binance, which ostensibly created a fund to rescue DeFi projects affected by the FTX saga.