Connect with us

Blogs

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

Published

on

Ripple XRP
READ LATER - DOWNLOAD THIS POST AS PDF

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.

For the latest cryptocurrency news, join our Telegram!

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.

Image courtesy of Pexels

Blogs

Blockchain-Focused ETF Arrives on London Stock Exchange

Published

on

blockchain-focused ETFs
READ LATER - DOWNLOAD THIS POST AS PDF

The crypto community is still waiting for the US SEC to approve Bitcoin ETFs, with speculation which application might get approval being one of the hottest topics in 2018. However, come 2019, the US government shutdown dragged on, and the Bitcoin ETF request which had the most potential to see a grant got withdrawn by the very companies that submitted the application.

While the question of BTC ETF remains hanging in the air, blockchain-focused ETFs seem to be a different matter entirely. In a recent announcement by an independent investment managed firm called Invesco, the company has stated that it was about to launch the largest blockchain-focused ETF in the world. They managed to go through with this plan, and the ETFs have reached the London Stock Exchange today, March 11th.

The exchange-traded fund includes a portfolio containing as many as 48 different firms which are bringing exposure to the emerging technology. Among them, there is Taiwan Semiconductor Manufacturing, which is a well-known creator of chips used for crypto mining, as well as the CME Group, which is the first regulated exchange in the US which launched Bitcoin futures. There are many other well-known companies as well, such as Intel, Microsoft, and others.

Chris Mellor, the Invesco’s head of ETF equity product management in Europe, said that blockchain has a huge potential to increase earnings, even though…

Continue Reading

Blogs

Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?

Published

on

Jeff Bezos
READ LATER - DOWNLOAD THIS POST AS PDF

Amazon’s Jeff Bezos has made numerous headlines recently due to his overly-publicized divorce, which shows all signs of being one of the most expensive ones — if not THE most expensive one — in modern history. According to estimates, it might cost him as much as $70 billion, which will make his soon-to-be-ex-wife the richest woman in human history.

However, as the process continues to unfold, many have started wondering if things may have ended up differently for Bezos if he turned to Bitcoin for help.

Bitcoin as a divorce tool?

In the last several years — since Bitcoin and other cryptos hit fame — many have started turning to BTC during their divorce proceedings. In fact, it can even be said that using the largest cryptocurrency in this way has become a new trend. The trend has been gaining so much strength that numerous law companies started including advice on what to do in regards to Bitcoin as part of their websites.

However, while the trend has been picking up in recent years, it is nowhere near as easy as it might seem. For example, if there is even a suspicion of a spouse having undisclosed holdings appears during the divorce process, it might be enough to impact the final decision of the judge. In other words, even if there is a complete lack of evidence, but…

Continue Reading

Blogs

Three Biggest Things To Know Come Cryptocurrency Tax Season

Published

on

cryptocurrency tax
READ LATER - DOWNLOAD THIS POST AS PDF

In recent years, digital cash systems known as cryptocurrencies such as Bitcoin and Litecoin have exploded into the public eye. A blend of cash and stocks, their use and value has grown exponentially. In 2017, the IRS decided to focus great effort on taxing them. In theory, this should be as simple as calculating taxes on any other type of property, bond, or other assets. Cryptocurrency, however, presents a unique challenge. The full extent of one person’s crypto activity can stretch across dozens of platforms and take a variety of different forms. This makes it difficult to gather all of this information cohesively, much less begin the seemingly- complicated process of reporting it.

These three tips should help anyone looking to legally report their crypto activity to figure out where to start.

Documentation is key!

There are dozens of different “exchanges” individuals can use to change their cash into crypto. When the flat currency is changed into cryptocurrency at the exchange, you establish your cost basis. This makes this data crucial when you begin the process of reporting.  Those who have used a variety of different exchanges should keep detailed records of everywhere that they made trades. Once tax season arrives, most exchanges will allow users to view their entire trading history with that exchange. This information will be necessary later to complete taxes.

Calculate your total gains

Continue Reading

Elite