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Ripple XRP Prepares for a Fight in court with representation from former SEC officials

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Ripple XRP
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Ripple XRP has been in the headlines for all the good reasons lately. From the launch of the SBI virtual currencies exchange to millions in donations being made in Ripple XRP to just courses, there is no end to the Ripple effect all around mainstream media at the moment. However, one of the most pressing issues about this real-time gross settlement cryptocurrency, despite its success, is the fact that it’s mostly misunderstood by the cryptocurrency community.

Why they hate Ripple XRP

Most seasoned cryptocurrency traders wouldn’t touch Ripple XRP not even with a ten-foot pole, and for a good reason. Since Ripple works to partner with banking institutions globally, such investors imagine that it is a centralized coin that only uses the term Blockchain to gain traction and nuance from already existing digital solutions. After all, the Bitcoin revolution was all about paving a new path, away from the mainstream financial institutions. Therefore, Ripple XRP might appear to be the old wine in the new skin to most.

However, this couldn’t be further from the truth. Ripple XRP and Ripple the company are two completely separate entities. While the latter is the company that founded the former, the XRP cryptocurrency is a distributed ledger that is completely independent of the Ripple the company.

The lawsuit

On the other hand, there will be some cryptocurrency traders and investors who will regard Ripple XRP as a security for Ripple the company. In fact, it has only been a couple of weeks since Ripple got sued by an investor who claimed that he lost his investment while buying and selling XRP. He went on to file a class action lawsuit against Ripple alleging that state and federal securities laws have been violated by the company.

In response, Ripple has indicated in a statement reported by CoinDesk saying that they are “ready to fight this opportunistic suit in an appropriate federal court.”

Ripple also mentioned that it is “Confident that the claims regarding XRP are completely unfounded both in law and fact”

Former SEC officials

Furthermore, court records show that the Ripple is being represented by Mary Jo White and Andrew Ceresney. The interesting and most ironic part about the suit is that the two formerly worked with the Securities and Exchange Commission. Ceresney formerly served as an enforcement director at SEC from 2013 in April to 2016 December. While White, on the other hand, served as the chairwoman of the SEC during the Obama administration to its end last year.

Currently, the court case has shifted to the US District Court for the Northern District of California from its previous proceedings at the San Francisco County Superior Court.

Since the filling of the lawsuit last month, Ripple has been on the defense disputing the basis of the lawsuit that classified Ripple XRP as securities for Ripple (the Blockchain startup).

In an interview with CoinDesk, Ripple’s head of corporate communication was quoted saying that ripple will “assess the merit or lack of merit of the allegation at the appropriate time.” He also went on further to mention that the decision to classify XRP as a security is “for the SEC to decide” and that Ripple maintains its stance that XRP is not and should not be classified as a security. Given that the two Ripple representatives are former SEC officials, it will be interesting to see how the courts rule out the case.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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How Can Foreigners Get Loans in Singapore

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loans for foreigners in Singapore
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Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also…

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Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social
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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip
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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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