Connect with us

Uncategorized

SEC Loses Motion to Gain Access to Ripple’s Legal Files

Published

on


SEC Loses Motion to Gain Access to Ripple’s Legal Files | Crypto Briefing

















Ripple lands a small win against the SEC in its ongoing lawsuit regarding XRP sales.


Shutterstock cover by Virrage Images

Key Takeaways

  • The judge ruling over Ripple’s lawsuit has denied the SEC’s request to access the firm’s legal documents.
  • The SEC had filed a motion requesting access to Ripple’s legal conversations with lawyers over whether XRP was a security.
  • In the request, the SEC wrote that it needed access to memos so it could refute Ripple’s fair notice claims.

Share this article

In the latest development in the ongoing Ripple lawsuit, Judge Netburn has dismissed the SEC’s request to access Ripple’s legal memos.

Judge Rules In Favor of Ripple

The Securities and Exchange Commission (SEC) has been denied access to Ripple’s files in the ongoing lawsuit regarding the firm’s XRP sales.

Sarah Netburn, the judge presiding over the case, denied the SEC’s motion to access all of Ripple’s documents that reference legal advice the company sought over the legality of its XRP sales.

The latest update is yet another ruling in connection with the discovery process, a pre-trial procedure where each party collects evidence to make their case. In Dec. 2020, the SEC filed a lawsuit alleging that Ripple had raised $1.3 billion from selling unregistered securities in the form of XRP.

At the beginning of May, the SEC filed a request with Judge Netburn in the context of its discovery efforts. The filing aimed to make Ripple obliged to produce its legal conversations from 2012, the same year the company was formed. That year, Ripple executives sought advice from two law firms on whether the offer and sale of the digital asset XRP were subject to U.S. federal security rules. In return, Ripple received three legal memoranda from the firms.

In the motion, the SEC wrote that Ripple had refused to share the three memos during the agency’s investigation (Ripple had cited attorney-client privilege, a legal rule that keeps all communication between a lawyer and their clients secret).

While the attorney-client privilege is applicable in all legal cases, it may be implicitly waived when a defendant claims they acted in “good faith” and is unaware of committing a violation. Consequently, the attorney-client privilege can be relinquished so the subjective state of mind can be scrutinized for good faith. 

This was the argument the SEC used in the motion it filed with the court. The SEC claimed that the defendants had waived the right to maintain client-attorney privilege after they put forward the fair notice defense. The SEC claimed that Ripple’s fair notice was an “artfully pleaded” good faith defense and needed access to its legal documents so it could refute the defense.

The documents would further help the agency verify whether the defendants, Ripple executive chairman Chris Larsen and CEO Brad Garlinghouse, were aware of potential violations tied to XRP sales before the ongoing lawsuit was filed.

In response, Judge Netburn ruled in favor of Ripple, stating that the request may not be relevant. She reasoned that Ripple did not raise good faith belief for their defense, and hence client-attorney privilege cannot be waived.


Rather than good faith or the mental state of the defendant, the fair notice defense focused on the SEC’s inactions of not providing a warning to all market participants that XRP could be a security under the Howey test, Netburn argued. In her ruling, she wrote:

“Ripple focuses on the SEC’s failure to provide fair notice to the market about the Commission’s state of mind as to whether XRP qualified as a security. It is not clear that such a defense even requires that a defendant act in good faith.”

Although Netburn ruled that SEC’s request was invalid, she added that if Ripple raises its good faith beliefs to support its fair notice defense in the future, the SEC may renew its request to the Court.

In April, Netburn denied the SEC’s request to investigate the personal bank records of Ripple’s executives. The SEC has taken several strikes at Ripple’s fair notice defense. Last week, the agency alleged that Ripple engaged in “lobbying efforts” to alter public perception of XRP’s regulatory status. The judge’s response to the claim is still pending.

Share this article

Loading...

Source: https://cryptobriefing.com/sec-loses-motion-gain-access-ripples-files/

Uncategorized

U.S. Homeland Security Signs $1.36M Contract with Coinbase

Published

on

By

In brief

Coinbase will provide the Immigrations and Customs Enforcement branch with blockchain analytics software.
The crypto exchange has also provided software to the U.S. Secret Service and Inland Revenue.

The Immigration and Customs Enforcement branch of the U.S. Homeland Security has given a $1.36 million contract to crypto exchange giant Coinbase for “business application” and “application development software”, according to the Federal Procurement Data System.

The new deal is Coinbase’s largest federal contract yet. The deal was signed on Thursday and is worth around forty times more than Coinbase’s last contract with the Homeland Security branch. 

Back on August 9 this year, the ICE paid Coinbase $29,000 for forensics software. According to a document dated August 3, the contract was given to Coinbase on the basis that the company is “the only vendor who can reasonably provide the services required by the agency.”

Details as to exactly what the ICE wants Coinbase software for are scarce. The same document later states, “This requirement is LAW ENFORCEMENT SENITIVE[sic], therefore minimal information will be provided publicly.”

ICE is not the first government agency to request Coinbase’s services. Last year, Coinbase announced its desire to sell analytics tools to two U.S. government branches: the Drug Enforcement Agency and the Inland Revenue Service. 

The IRS said that it could use several analytics tools to help catch blockchain-savvy tax dodgers, including “Coinbase Analytics”, formerly known as Neutrino. Coinbase acquired Neutrino back in 2019 for $13.5 million.

It was a controversial acquisition at the time since Neutrino members had been linked to an Italian organization called Hacking Team, which sold spyware to authoritarian regimes in Saudi Arabia, Sudan and Venezuela.

Coinbase CEO Brian Armstrong later expressed his regret towards the purchase and sacked the more dubious members of the team. Coinbase later sourced analytics software deals with both the Secret Service and the IRS

Coinbase is now inking million-dollar deals with the federal government. Move over Chainalysis: the U.S. government may have a new favorite blockchain company.

Source: https://decrypt.co/81263/u-s-homeland-security-signs-1-36m-contract-with-coinbase

Continue Reading

Uncategorized

Solana’s DeFi Projects are Raising Millions of Dollars

Published

on

By

Solana may be up 122% in the past month, but its rise has begun to slow down. As the blockchain secures its place in the top 10 by market cap, investors in the nascent low fee, high-speed blockchain are turning their attention to something else: Solana’s decentralized finance protocols.

In the past week, investment in some Solana-based DeFi protocols came so thick and fast that the blockchain couldn’t handle all the attention. Solana crashed for 17 hours on Tuesday after bots rushed to invest in a token sale for Grape Protocol. 

But what are these new projects, how much have they raised, and who’s funding them? We take a look: here’s our roundup of some of the biggest protocols that are capping off a heady and hot Solana Summer, and a glance at those yet to come. 

Big IDOs

First is Grape Protocol, the culprit of the outage, which despite all the upset raised only $600,000 during its public raise on Raydium’s “Acceleraytor”. 

Grape Network hooks up to platforms like Discord, Telegram and (soon) Twitter to help decentralized communities coordinate over Solana and reward their members with cryptocurrencies. It’s all powered by the protocol’s token, GRAPE.

Next up is Parrot Protocol, which raised $69 million in an Initial DEX Offering from investors including Sino Global Capital, Alameda Research, and QTUM VC. Parrot’s a non-custodial lending platform and decentralized exchange—similar to the Maker protocol on Ethereum.

Parrot’s partly backed by PAI, an algorithmic stablecoin. In its IDO, however, Parrot sold a governance token called PRT. It’ll allow investors to vote on how the protocol is run and farm for yields on Solana without taking money out of yield farms on other Layer 1 blockchains

Parrot’s IDO slowed to a halt due to Solana’s outage but all was wrapped up by September 16. In a “Letter from the Parrot” this morning, the team said it’ll commence work on PRT staking, NFTs and adjustable interest rates. 

Many more projects are set to launch within the next few days on Solana launchpads like Solanium, Boca Chica, and Solstarter. Today, the sale for whitelisted users for MatrixETF, a decentralized ETF platform, began on Solanium. 

On September 16, a lending protocol called Larix launched on Solana. From September 15 through September 17, the total value locked in Larix rocketed from $1.7 million to $119 million. Solana, Huobi Global and Polygon are among investors.

Flippies, a sold-out NFT penguin collection, also launched on Solanium and will be distributed on September 21. Contrastive, a generative AI art series on the Solana blockchain is set to launch in two days

With the breakneck speed at which Solana continues to grow, the network’s ability to sustain all these diverse projects will be a good way to determine their success.

Source: https://decrypt.co/81262/solanas-defi-projects-are-raising-millions-of-dollars

Continue Reading

Uncategorized

Maxim Magazine Launches NFT Marketplace With xSigma

Published

on

By

A partnership between Maxim and xSigma has birthed a new non-fungible token (NFT) marketplace. 

Sponsored
Sponsored

MaximNFT is a new platform launched from a partnership between xSigma and Maxim Magazine. The marketplace is said to grant exclusive access to Maxim’s NFT collections. xSigma, a blockchain R&D laboratory, is a subsidiary of ZK International (Nasdaq: ZKIN). The lab has been developing its own DeFi, NFT, and stablecoin based products. Meanwhile, Maxim magazine is celebrating 25 years in the business and is now available in 75 countries across the globe. The magazine is geared towards younger men and focuses on cars, fashion, lifestyle, and women. It is considered the “safe for work” version of magazines like Playboy. Previous cover models include Angelina Jolie, Christina Aguilera, and Megan Fox. 

The goal of the NFT marketplace is to combine the clout that Maxim’s brand name has with the research and development capabilities of xSigma’s lab. The MaximNFT marketplace will give users the option to buy, sell and mint NFTs that utilize multiple blockchains including Ethereum, Polkadot, and the Binance Smart Chain. 

Sponsored
Sponsored

Using the power of its 10 million monthly readers, MaximNFT is looking to attract a large base of creators and traders via print, social media, and digital publishing efforts. Behind the scenes, xSigma will be adding in features to include “NFT tokenization,” which will allow traders to sell fractional ownership of their NFTs. This will allow for these unique assets to be broken apart and shared with the cryptocurrency community in what the MaximNFT hopes will be a step to change the industry. 

Maxim NFTs will focus on sports and pop culture

Maxim plans to focus its attention on “sports and celebrities’ collectibles, as well as gaming content.” So far, just one of these collaborations has been confirmed. In a post to Twitter on Sept. 2, MaximNFT announced it had teamed up with former NBA star Michael Beasley. In a post on Instagram, Beasley confirmed that his NFTs will be sold exclusively on MaximNFT starting in November. Unless something else happens first, they will become the first NFTs sold on the platform. 

The press release also stated that the company is confident the rise of gaming and the incorporation of NFTs in the metaverse will continue to grow. MaximNFT also plans to combine the NFT’s minted with AR and VR technology. 

The announcement states that MaximNFT will be going live in Q4 2021 with “a series of NFTs from celebrities, athletes, and brands.”

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

Follow Author

PlatoAi. Web3 Reimagined. Data Inteligence Amplifed.
Click here for Free Trial.

Source: https://beincrypto.com/maxim-launches-nft-marketplace-with-xsigma/

Continue Reading
Uncategorized5 days ago

All Ironworks Hand vendor locations in Final Fantasy XIV from A Nocturne For Heroes event

Blockchain3 days ago

Gate.io Introduces OpenPunks, A Community-Based NFT Collection

Uncategorized3 days ago

Wicked Craniums are now Nifty Gateway!

Uncategorized5 days ago

Natus Vincere wins ESL Pro League Season 14

Uncategorized2 days ago

Swissquote Confirms European Expansion Plan, Focusing on Crypto

Blockchain3 days ago

Biggest Crypto Adoption Rumours: Apple, Amazon, and Walmart

Blockchain4 days ago

DeFiPie (PIE) Price Prediction 2021-2025: Will PIE Rise to $1 by the End of 2021?

Uncategorized3 days ago

Investor: Coinbase’s $2 billion junk bond deal shows crypto ‘supercycle’ is in place

Uncategorized3 days ago

Head of Australian Crypto Exchange Says Regulations Are Beneficial

Blockchain3 days ago

The Signal and the Noise

Blockchain2 days ago

Massive NFT and Token Giveaway from Polker as Staking is Announced!

News2 days ago

Gods Unchained and Guild of Guardians Layer 2 Solution Immutable Raises $60 Million

Blockchain4 days ago

This is how NFT mania pumped Litecoin, MATIC, and other alts

Uncategorized3 days ago

Acorns Hires Former Amazon Executive as President, Hints at Crypto Options

News4 days ago

Here’s What It Would Take for Shark Tank Investor Kevin O’Leary Says To Put More Capital Into Bitcoin and Crypto

Uncategorized4 days ago

How to fix the Party Member Preloading error in Apex Legends

Blockchain3 days ago

Public.com Inks Deal with NFL Star to Advise on Financial Literacy Programs

Uncategorized2 days ago

Bingbon Launches its Carbon Free and Afforestation Project

Uncategorized2 days ago

Nickelodeon All-Star Brawl will include DLC fighters post-launch

News3 days ago

Evaluating Credit Card Debt Relief Options

Trending