HQLAx’s prototype version was built using R3’s Corda in 2017.
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“When we think about a cryptoasset as being a security what we’re doing is we’re saying it’s being sold as part of an investment contract.”
Ripple Labs needs to close this legal chapter with the SEC as soon as possible.
The court order denying access to the firm’s lobbying efforts was most welcomed by the XRP community following the recent decision to extend discovery by 60 days.
Being composed only by Democrats, the working group might only be able to go so far in its assertions and proposals.
The Judge has extended the SEC period to complete discovery. The SEC now has until August 31 to conduct fast discovery, with expert discovery being pushed until October 15.
Ripple could face a similar outcome for the class-action lawsuit brought forth against the blockchain firm.
Stalling may be the SEC’s strategy to hurt Ripple’s business to a point of reaching their desired settlement conditions. Otherwise, the fair notice defense could neuter the regulator for years.
The Swiss and French Central banks have announced that along with a consortium of private players that includes Accenture, they would be conducting using central bank digital currencies (CBDC) for cross-border settlement.
Earlier this week, Ripple filed a SurReply that argues that the “more than seventy” lawsuits brought by the SEC against cryptocurrency firms don’t serve as Fair Notice for Ripple Labs.
The ABA named no names but seems to be pointing fingers at the many distributed ledger technology firms that are offering their services to develop CBDCs.
Fnality has been dubbed ‘XRP Killer’. It was founded to create a cross-border settlement framework among participating banks that will utilize a fiat-pegged cryptocurrency.
“Despite that repeated instruction, the SEC persists in refusing to search an obvious repository for responsive evidence on external communications”.
The lawsuit between the SEC and Ripple is most likely ending in a pre-trial settlement. 96% of all SEC cases are settled before trial, of which 60% before litigation and 90% in discovery.
In other words, Ripple’s position is that it seems that the two and half year investigation before filing the lawsuit was not enough for the SEC to build the case. The regulator has also enjoyed nearly six months after filing the complaint.
The BCB launched a working group for the development of its digital currency in August 2020. This was two months after holding meetings with Ripple Labs.
TradeBlock, one of the largest crypto index providers and trading platform for OTC markets, has announced that Breanne Madigan has joined it as the new CEO.
The attorney-client privilege clearly stood in the way and provided Ripple with a much-needed win.
“For the most part, the SEC will not be able to bring any more crypto lawsuits if that happens, and the SEC is funded by the fines and such from these lawsuits so…read between the lines”.