Connect with us

Cryptocurrency

Ripple Court Case: SEC’s Failure To Produce External Communication Evidence Could Lead To Monetary Sanctions

Published

on

Ripple - Investorsking

The never-ending legal battle between the U.S. SEC and Ripple has taken a new turn, as Ripple Labs filed a motion that compels the United States Securities and Exchange Commission to produce evidence of internal documents and communication regarding dealings with other cryptocurrencies like BTC, ETH, and Ripple’s XRP.

The plaintiff, SEC, has been intsructed twice to turn over the evidence but the government body has been adamant and refused to produce the documents despite Judge Netburn’s insistence.

“The Court has ordered the SEC to “search all of the relevant repositories for documents and discovery” for communications between the SEC and external third parties relating to XRP, bitcoin or ether. After the SEC resisted, the Court reaffirmed that “the SEC must produce communications with third-parties, including external agencies and market participants.

“Despite that repeated instruction, the SEC persists in refusing to search an obvious repository for responsive evidence on external communications”, the defendant said.

Ripple’s motion asks the court to order the SEC to search for and produce documents about bitcoin, ether, and XRP from the SEC’s FinHub electronic mailbox, and produce the SEC’s trading policies related to digital assets and virtual currencies no later than June 18, 2021.

Given the SEC’s most recent request to the court – to extend the deadlines for both fact and expert discovery by 60 days – it seems that the SEC is looking to stall the case, Ripple argued.

“The SEC has repeatedly delayed its production while telling Judge Torres that the ordered discovery was “irrelevant and needless,” and asking the Court to extend the discovery deadlines based, inter alia, on the fact that Defendants “have raised a number of concerns regarding the SEC’s review and production of internal documents and communications responsive to Judge Netburn’s April 6, 2021 order.”

“In other words, the SEC cites its own delay as a reason for extending the schedule. The only way to solve this problem is with a strict deadline”, the motion stated.

It should be noted that the Judge can order monetary sanctions against the Securities and Exchange Commission or even dismiss the case altogether should the plaintiff remain uncooperative regarding the ordered discovery. A dismissal, however, is highly unlikely at this stage.

In its request to extend the deadlines, the SEC admits the “defendants do not consent to the SEC’s request because they contend that the SEC had sufficient time to investigate this matter before filing suit and because Ripple wants to move for summary judgment as soon as possible.”

In addition to this SEC’s request, both parties have filed a joint motion to extend the time until June 9, 2021, to meet and confer regarding document redactions and sealing of certain exhibits hoping “to avoid burdening the Court with unnecessary disputes”.

Continue Reading
Comments

Bitcoin

Bitcoin Reaches Highest Level Since May as Chartists Eye $50,000

Published

on

Bitcoin - Investors King

After a volatile weekend, Bitcoin has once again surpassed $40,000, reaching its highest level in more than two weeks.

The world’s largest crypto gained as much as 4.5% Monday to $41,020, extending its rally to a second day. The coin has rallied roughly 9% since Friday. The wider Bloomberg Galaxy Crypto Index, which tracks some of the major cryptocurrencies, also advanced, adding as much as 7.7% at one point.

With Bitcoin crossing the $40,000 threshold, many chartists are looking at $42,500 as its next important level to breach. That number roughly represents its 200-day moving average and topping it could mean the coin rallies toward $50,000.

“Bitcoin is always going to be volatile and the manic run-up we had was never sustainable. The question is where do we settle? What is the new floor in Bitcoin?,” said Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter. “In order for Bitcoin to resume that rally, I think you’re going to need to see more widespread legitimate adoption.”

Cryptocurrencies have been under pressure in recent weeks, with Bitcoin losing about 30% since mid-April, when it hit a record of almost $65,000. The recent selloff has been exacerbated by a public rebuke from Tesla Inc.’s Elon Musk, who criticized the amount of energy used by the servers underpinning the token and reneged a previous offer to allow customers to buy his cars using the cryptocurrency. Increased Chinese regulatory oversight has also soured the mood.

But prices got a boost at the start of the week after veteran hedge fund manager Paul Tudor Jones — who said last year Bitcoin could be a good hedge against inflation — re-endorsed the coin in a television interview.

“I like Bitcoin as a portfolio diversifier,” Tudor Jones of Tudor Investment Corp. said in an interview with CNBC. “Everybody asks me what should I do with my Bitcoin? The only thing I know for certain, I want 5% in gold, 5% in Bitcoin, 5% in cash, 5% in commodities.”

Meanwhile, over the weekend, Musk once again roiled the market, saying via tweet that Tesla would allow transactions in Bitcoin once it is mined with more clean energy. The mogul said he wants miners, who have come under the spotlight in recent months, to use about 50% clean energy. The Cambridge Center for Alternative Finance has estimated that 39% of crypto mining is powered by renewable sources, mainly hydroelectric.

Bitcoin’s peers, including Bitcoin Cash, Dash, and Ether also gained on Monday.

Continue Reading

Bitcoin

Bitcoin Mining Difficulty Drops 5% After Xinjiang’s Miner Shutdown

Published

on

An illustration photo shows a Bitcoin (virtual currency) paper wallet with QR codes and a coin

Bitcoin’s mining difficulty fell by 5.3 percent on Sunday night UTC on the back of a recent drop-off in hash rate. On-chain data shows the network’s mining difficulty dropped to 19.8 trillion, a level not seen since early January.

The mining difficulty is how the network aims to keep blocks being produced at an even rate, despite a wildly fluctuating hash rate. Every two weeks it makes the mining process easier or harder, in order to accommodate the varying hash rate.

After the previous difficulty adjustment on May 30, the network’s hash rate remained steady. But on June 9, miners in Xinjiang’s Zhundong Economic and Technology Development Zone received orders to close operations — a result of the China State Council’s high-level comment about cracking down on bitcoin trading and mining activities. Following this news, major Chinese bitcoin mining pools saw a notable plunge in hash rate by over 20 percent on average.

From the last adjustment to June 9, Bitcoin’s average block production interval was around 9.9 minutes, close to the intended 10-minute-per-block interval, data shows. But due to the hash rate plunge, the average block production interval between June 9 and 14 was extended to more than 12 minutes.

The difficulty drop may be welcome news for miners who are still online as their share of the total block subsidies over the next two weeks will increase. Meanwhile, bitcoin’s price has jumped above $39,000 again, nearing the $40,000 level.

Bitcoin’s price started to see a notable breakout also around Sunday night UTC time following Tesla founder and CEO Elon Musk’s tweet denying that he manipulated the cryptocurrency’s market movements.

“This is inaccurate,” he replied to CoinTelegraph’s tweet about an article with comments that accused him of market manipulation.

“Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market. When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions,” Musk said on social media.

Bitcoin’s price increased by over $1,500 within hours after Musk’s reply, which came just a month after Musk said Tesla suspended the bitcoin payment option out of environmental concerns.

Continue Reading

Cryptocurrency

Whale Alert: 176 Million XRP Coins Transferred

Published

on

Ripple - Investors King

Amid the current market volatility in the cryptocurrency market, there has been a significant whale movement of the 7th crypto coin by Market capitalization, Ripple (XRP).

According to the latest data published by blockchain tracking and analytics firm, Whale Alert, a leading XRP wallet transferred 176 million coins worth approximately $146 million on Saturday 12 May.

The mentioned transaction was executed at around 15:44 UTC, and it was recorded on Bithomp.com. The recent transfer of the XRP whale from an unknown wallet is one of the largest moves since the start of this month.

In the last week of May 2021, a transaction of 139 million XRP was traced to an anonymous whale address. The transaction was done from an unknown wallet after the coin surged above $1. It was also noticed that there has been a substantial increase in the activities of the network in the past few weeks.

According to Coinshares report, Ripple (XRP) has recorded an additional investment worth $7 million in the first week of June, this was the highest level of new investment since April 2021.

In May 2021, Ripple, San Francisco-based blockchain firm, announced that the company is planning to support NFTs on XRP Ledger (XRPL). In addition, the company highlighted the significant advantages of XRPL over other platforms in the growing market of NFTs.

The world’s 7th largest cryptocurrency has seen immense volatility since the start of 2021. XRP started this year at a price level of approximately $0.22 after a crash of nearly 60 percent in December 2020 due to the SEC’s lawsuit against Ripple.

In April 2021, the digital currency saw significant interest from retail and institutional investors as its price touched an all-time high of approximately $1.92. After registering the record price level, XRP price experienced a dip in May 2021 as the digital asset reached a low of $0.69 on 23 May.

As of press time XRP is trading at $0.88 with a 7.10% gain in the last 24 hours.

Continue Reading




Advertisement
Advertisement
Advertisement

Trending