Tag: Lawyer

Here’s What Ripple Can Do To Save XRP, According to Crypto Lawyer Steven Palley

by Dailyhodl

Ripple’s best path forward does not involve a lengthy courtroom battle with the U.S. Securities and Exchange Commission (SEC), according to a prominent crypto lawyer.

Stephen Palley, a blockchain and digital currency lawyer at Anderson Kill, says the notion that the San Francisco payments firm could succeed in court and create a new legal test for digital assets is delusional.

“For XRP to survive, Ripple needs to cut a deal with the SEC and not persist in the risible delusion of ultimate success in the US Supreme Court and substitute the Ripple Test for the Howey Test. There are 600 million reasons why I am right.

If they care about bag holders, that’s the path.”

Palley is also weighing in on Ripple’s second lawsuit, which was filed in the Delaware Chancery Court this week.

Tetragon Financial Group Ltd. filed a complaint against the company seeking to “enforce its contractual right to require Ripple to redeem” Series C preferred stock that the investment company holds. Ripple says the new lawsuit has “no merit.”

Palley says the second suit is “another bit of very unwelcome news for Ripple” that shows the company was aware that XRP could be a security.

“The problem Ripple is going to run into – and why I think they are basically screwed – is discovery, including contemporaneous documents and depositions.

There’s no universe in which this will help them at all.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Martin Capek

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Ripple Lawyer Says There’s One Legal Question at Center of XRP Lawsuit

by Dailyhodl

Ripple general counsel Stu Alderoty says there is a single legal question at the center of the charges the U.S. Securities and Exchange Commission (SEC) has filed against the San Francisco payments company.

Earlier this week, the SEC officially filed a lawsuit alleging that XRP was an unregistered security upon its launch and remains a security to this day.

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Alderoty questions why the SEC complaint – which dates back to 2013 – wasn’t filed for seven years.

He also says the SEC didn’t provide the whole story.

“There are no ‘fraud’ or ‘misrepresentation’ claims. There is one legal question: Did certain of Ripple’s distributions of XRP constitute an investment contract? We look forward to litigating that in Court and providing the industry the clarity it deserves.

As always, the SEC cherry-picked and truncated the facts, quotes, etc. Ex: no mention that throughout 2018, Ripple’s XRP sales represented only 0.095% to 0.43% of global XRP volume and in Q1 2019, those sales amounted to 0.22% of the overall trading volume.”

Ripple’s lawyer also says the SEC complaint cuts against other classifications made by the US government.

“In 2015, the US Government concluded XRP was a virtual currency. Last I checked, the SEC is still part of the US Government. Here’s the plus side –– the industry will finally get the clarity it deserves. Goodbye ‘Howey test,’ hello ‘Ripple test.’”

Both Alderoty and Ripple CEO Brad Garlinghouse say the world will soon get to hear the company’s side of the story.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Tithi Luadthong

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Ripple Lawyer Says There’s One Legal Question at Center of XRP Lawsuit

by Dailyhodl

Ripple general counsel Stu Alderoty says there is a single legal question at the center of the charges the U.S. Securities and Exchange Commission (SEC) has filed against the San Francisco payments company.

Earlier this week, the SEC officially filed a lawsuit alleging that XRP was an unregistered security upon its launch and remains a security to this day.

ADVERTISEMENT

Alderoty questions why the SEC complaint – which dates back to 2013 – wasn’t filed for seven years.

He also says the SEC didn’t provide the whole story.

“There are no ‘fraud’ or ‘misrepresentation’ claims. There is one legal question: Did certain of Ripple’s distributions of XRP constitute an investment contract? We look forward to litigating that in Court and providing the industry the clarity it deserves.

As always, the SEC cherry-picked and truncated the facts, quotes, etc. Ex: no mention that throughout 2018, Ripple’s XRP sales represented only 0.095% to 0.43% of global XRP volume and in Q1 2019, those sales amounted to 0.22% of the overall trading volume.”

Ripple’s lawyer also says the SEC complaint cuts against other classifications made by the US government.

“In 2015, the US Government concluded XRP was a virtual currency. Last I checked, the SEC is still part of the US Government. Here’s the plus side –– the industry will finally get the clarity it deserves. Goodbye ‘Howey test,’ hello ‘Ripple test.’”

Both Alderoty and Ripple CEO Brad Garlinghouse say the world will soon get to hear the company’s side of the story.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Tithi Luadthong

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But the lawyer believes that this article from the Chinese official media exaggerates the risks. In fact, before the corresponding laws and regulations are issued, the current tax system in China cannot pay taxes on cryptocurrencies.

by Colin Wu（Wu Blockchain）
But the lawyer believes that this article from the Chinese official media exaggerates the risks. In fact, before the corresponding laws and regulations are issued, the current tax system in China cannot pay taxes on cryptocurrencies.

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Exclusive: Chinese mining company Ebang announced that it has obtained the exclusive authorization of AsicBoost Korean patent, which improves Bitcoin machine by about 10-20%. The lawyer said that the patent holder has sued Samsung to ban and destory the production of Whatsminer

by Wu Blockchain（Chinese Crypto Reporter）
Exclusive: Chinese mining company Ebang announced that it has obtained the exclusive authorization of AsicBoost Korean patent, which improves Bitcoin machine by about 10-20%. The lawyer said that the patent holder has sued Samsung to ban and destory the production of Whatsminer https://t.co/O5bcNr65Bb

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