I Was WRONG About XRP Cryptocurrency (Shocking for SEC vs Ripple)
This is a potentially a big big development in the sec versus ripple case. Welcome back everybody to altcoin daily my names austin in todays video. I want to share with you the latest news involving bitcoin involving ethereum involving tezos and, of course, the breaking news of the day how over 25 000 xrp holders have now been granted. Amisi cura status in this sec versus ripple case click subscribe. We drop a video every single day, demystifying this cryptocurrency market lets jump in the very first thing we need to talk about is bitcoin. Bitcoin has just broke over 50 000 for the first time in a month, and these gains for bitcoin come amid a weak start to october for u.s stocks, so the stock market, traditional markets, are sinking right now, yet bitcoin is looking bullish. So can we now count? Fifty thousand dollars as a new support level for bitcoin well as jason dean, who is an analyst at quantum economics states its too early to say whether this will turn into a new support level in the short term. But it is clear that the overriding market is bullish, so patience the longer the growth takes, the more sustainable the bitcoin growth is, and we are close to breaking out of this consolidation phase. If momentum buying continues and the bitcoin price rallies above 52 000, we could confirm the end of this consolidation pattern. Give me your thoughts on this down below, keep in mind.
Nobody can see the future, but usually when we see the slow, steady growth to me, thats, a very bullish sign so whats this news with xrp, because a judge has just ruled in the xrp token holders. Favor, a judge in the ripple cryptocurrency case wants the token holders fuse, listen to this three minute, clip from fox business this morning explaining what exactly just happened in the courts for xrp. They will play you a quick flashback clip from last week explaining what he was asking for and why xrp investors wanted a voice in this case and as of this morning now that theyve got it. What this means to you as a crypto holder. This is three minutes watch this breaking news. Uh on the story that charlies been following a judge from the southern district of new york today granted permission for more than 23 000 xrp holders to get their voices heard in court after charlie interviewed the lawyer representing the cryptocurrency shareholders on friday watch that well right Now weve asked the court permission to come into the case and intervene as de facto defendants or in the alternative, to grant us a meeka standing with proper with participatory rights. Basically, what that means is to allow us to prove that the xrp that we purchased is not only not a security. We also didnt enter into a common enterprise with ripple here now to discuss charlie gasparido. So what does this mean? That is the great john deaton um.
This is a potentially a big big development in the sec versus ripple case, which is a big development in inc in crypto. If the sec loses the case against ripple uh xrp, which is its cryptocurrency, that is used in its decentralized network for across broader transactions, thats going to be declared um a legal currency, not a security doesnt need sec approval, huge story for for the crypto business, because Its basically saying that the sec overstepped its bounds in regulating the crypto business by declaring xrp a security and essentially going after ripple for using xrp as a security to finance its to build out of its platform. Huge thing heres. Why? Its big john deep now joins the suit its almost as if, when he says its an amicus brief hes now being sued, although hes not hes, just part of the case, what hes going to do now is say: okay, sec, not only you know, you can do Whatever you want with ripple, if you think ripple, did something wrong, but he he can go to the judge, and this will be, i guess, before a federal court judge, not a jury. I i dont know the particulars, but so far its before a judge. He can go before that judge and say you know this action was so bad, so egregious so outside the norm, because not only did you go after ripple, you went. You basically went after these innocent xrp holders who just bought the stuff who were trading this stuff for seven years before the sec came in and said its a security and lost a ton of money.
The minute the sec said it was a security because it got bounced off of exchanges, the share the price of it went down, and they owe us money and thats. What is going to go on here so its essentially that the sec is, is fighting a front on this. Its got a fight against ripple, ripples, fighting back, obviously so its going to prove its case against ripple uh, whether it knew and whether it violated the law. Not an easy case, ive been talking talking to people about this. A lot of lawyers. Securities are saying: well wait a second! You know it was seven years they let this thing go on uh. What ripple did with xrp in building out its its infrastructure was no different than what ethereum did with its ether cryptocurrency, and they were. They were given the green light uh and now theyre going to have to theyre, going to listen to john deaton, say how xrp people that had no just werent part of the ripple process, totally opposite theyre literally trading this stock, you know or theyre trading, the cryptocurrency. Almost said stock, its, not a stock, its, not a security according to the ripple people um they they were harmed and had no business being harmed. In this whole thing, its the sec whos overstepped its bound, so that this is going to get really messy because they, because the the whole notion was that they were holding ripple to a higher standard or a different standard than other major crypto places, including ethereum.
Ethereum is the second biggest right blockchain, so uh very interesting stuff were going to keep following this development, its uh its. Obviously, people are interested, so xrp holders now have a voice in this sec case. Give me your thoughts down below in the video. In the video comment section and ill admit, i was wrong. I was wrong on this. I did not think that the judge would allow xrp holders to be a part of this case. I thought it would just stay with ripple the corporation and brad and the other leadership, and i do want to clear things up, because if you hold xrp there is misinformation going around right now of what exactly just happened. Xrp holders will not be defendants in this case, the judge has rejected xrp hodlers bid to join the sec against ripples case as defendants, but, just like we saw on fox business in that last clip xrp investors will be allowed to advise. They will be allowed to provide information on monday october 4th the u.s district judge torres ruled that individuals holding the companys xrp token cannot act in ripples, ongoing lawsuit as defendants and the reason, why is that judge torres asserted that allowing xrp holders to join the suit? As defendants would compel the sec to take an enforcement action against them, the individual people, she also added that it would delay the case, which ripple and token holders have urged for a quick resolution to so.
For those two reasons, individual investors are not defendants. However, the judge determined that token holders can participate as amicus curate, a party that is not involved in the litigation but is allowed by the court to advise or provide information in a direct quote from the judge. The court concludes that a mesi status strikes a proper balance between permitting individual investors to assert their interest in the case and allowing the parties to remain in control of the litigation. So a happy medium for both parties and the council for ripple is on record saying that they were pleased with the outcome for xrp holders that can now share their meaningful perspectives with the court. Give me your honest. Take on this down below in the video comment section, but lets keep moving its not only xrp working with the banks, but now tezos arab bank has chosen tezos to facilitate institutional custody service. Tezos holders are loving. This here are the details. Arab bank, switzerland announced tuesday. It will integrate staking trading and custody services onto the tezos blockchains native token xtz, in a bid to provide a digital asset environment for institutions, corporations and high net worth individuals. The 50 year old establishment, partnered with tezos in hopes of benefiting from the ecosystems, inherent focus on energy conservation, low gas fees and fast upgrades. So they chose tezos because its faster, its better for the environment, in their words and because of their consensus mechanism, i.e their faster upgrades in a direct quote from the bank on why they chose crypto and why they chose tezos.
Digital assets are a cornerstone of our strategy requiring strong agility while complying with the highest security standards. Our mission is to bridge traditional and cutting edge. Innovation tesos with its scalability high quality governance and staking possibilities fits perfectly within our vision. So this is a 50 year old bank, integrating blockchain, integrating tesos into its traditional banking system. Pretty cool and next up talking about ethereum and stablecoin usdc circle reveals cooperation in ongoing sec investigation, so circle has published filings, revealing its cooperation with the subpoena from the sec that it received in july. We are just finding out this information. We know that circle is the company behind stablecoin usdc, a very popular stablecoin and, according to an october 4th regulatory filing from circle, the sec issued an investigative subpoena from its enforcement division in july. In a direct quote from circle, in july 2021, we received an investigative subpoena from the sec enforcement division, requesting documents and information regarding certain of our holdings, customer programs and operations. We are cooperating fully with their investigation so interesting to read about, but nothing we didnt really expect anyway, if youre a centralized company in the us, the scc is going to want info from you right.