Uphold Vault: XRP Community to Get Exclusive Early Access
Uphold CEO Simon McLoughlin discusses the impact of the SEC vs. Ripple case, upcoming product launches including Uphold Vault, and plans for institutional and enterprise adoption.
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Posted 8/27/2023, 10:04:09 AM
cryptoglobe.com
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Uphold CEO Simon McLoughlin has expressed strong support for XRP, highlighting the platform's commitment to the XRP community and emphasizing the importance of transparency, as evidenced by their real-time reserve status updates and impressive collateralization rates.
Ripple Labs could have potentially avoided the SEC lawsuit if it had chosen the right law firm, according to attorney John Deaton.
Top executives from Ripple, Brad Garlinghouse and Chris Larsen, have provided their availability for the upcoming trial in 2024 in the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC), as the SEC appeals the court's ruling that XRP is not a security.
Despite the re-listing of XRP on rival exchanges at higher prices, Uphold exchange saw a consistent influx of net deposits, which Uphold CEO Simon McLoughlin attributes to the platform's loyalty to the XRP community and its commitment to trust, transparency, and security.
The Securities and Exchange Commission's (SEC) chances of defeating Ripple in court are slim, as experts believe the court has thoroughly studied all arguments over the years and is unlikely to overturn its previous decision. If the SEC does succeed, it could have significant implications for the crypto market, leading to many companies relocating out of the United States and a decline in cryptocurrency prices.
The U.S. Securities and Exchange Commission (SEC) has revealed that the trial for the case against Ripple Labs is scheduled for April 2024, while three attorneys from the SEC's legal team have left the case, leading to speculation about their motivations.
Prominent lawyer and founder of CryptolawUS, John Deaton, criticizes the SEC for charging Ripple CEO Brad Garlinghouse and argues that if former SEC leaders had testified earlier, the entire situation could have been avoided.
Ripple attorneys are preparing for the SEC's appeal in the lawsuit, with a focus on the Howey Test and former SEC official William Hinman's speech, while XRP is at risk of closing September with losses based on historical trends and struggles to start an upward trend.
Ripple has objected to the SEC's motion to file an interlocutory appeal, arguing that the SEC failed to establish the conditions necessary for approval; meanwhile, Ripple's XRP token has seen a strong start to the month with high on-chain metrics.
Ripple is acquiring Fortress Trust, a regulatory and technology infrastructure provider for blockchain organizations, expanding its portfolio of licenses in the United States.
The U.S. SEC is seeking an appeal in the Ripple Labs lawsuit, arguing that there are contentious legal issues surrounding the court's application of the law and the Howey Test that warrant a review. The SEC is requesting a stay on proceedings until the resolution of the appeal.
Ripple's chief legal officer criticizes the SEC's latest submission as a "contradictory shift" and highlights SEC Chair Gary Gensler's inconsistency and appetite for expanded regulation.
Ripple CEO Brad Garlinghouse believes that the United States is currently the worst place to launch a cryptocurrency startup, pointing to countries like Singapore, the UK, the UAE, and Switzerland as examples of jurisdictions with more favorable crypto policies. He also criticizes the SEC for its lawsuits against the industry and suggests that recent court wins for Ripple and Grayscale may indicate a shift in the court's perspective. Despite the US being a big market for Ripple, Garlinghouse says the company is expanding services to countries that better understand the potential benefits of blockchain technology.