92 days ago • cryptodaily
Ripple CLO, Stuart Alderoty, Reveals SEC’ XRP Settlement Before 2020 Lawsuit
Ripple’s Chief Legal Officer (CLO) Stuart Alderoty revealed in 2020 that the SEC formally requested Ripple to confirm that XRP was a security. The securities agency reportedly offered Ripple a short window for compliance.
93 days ago • zycrypto
Ripple’s CLO Exposes SEC’s Failed Arm-Twisting Attempt In XRP Lawsuit
In a startling revelation to the crypto community, Ripple's Chief Legal Officer, Stuart Alderoty, has revealed an alleged attempt to coerce Ripple executives into accepting an unfavourable resolution ahead of the XRP lawsuit by the U.S. Securities and Exchange Commission (SEC).
94 days ago • zycrypto
XRP Deemed Not a Security Is ‘Biggest Crypto Story Of 2023’, Asserts Ripple CLO
As the year 2023 draws to a close, Ripple's Chief Legal Officer (CLO), Stuart Alderoty, has declared the outcome of the Ripple vs. SEC lawsuit as the "Biggest Crypto Story of 2023."
102 days ago • cryptopotato
Ripple Exec’s Crypto Crystal Ball: Legal Conflicts, SEC Resolution, and Judiciary’s Role
Alderoty predicts that legislative conflicts could leave US crypto firms in a state of incertaintly while other nations make progress across their regulatory frameworks.
249 days ago • cryptodaily
Ripple Eyes UK Expansion Following Recent XRP Win
After securing a partial win in its case involving the SEC, Ripple’s Managing Director for the UK and Europe revealed the firm recently applied for registration in the UK and Ireland.
Ripple’s recent landmark victory in its case involving the SEC has spurred a renewed interest in the firm and its native token XRP. The firm is riding the wave of its current popularity and is setting its sights on expanding to the UK and the Republic of Ireland.
Ripple Looks to Expand Operations to UK and Ireland
Ripple’s European Managing Director, Sendi Young, told DL News in an interview the firm is in the process of obtaining approval in the UK and Ireland.
While the company still sees the US as its global hub, Sendi said, “We are going to continue growing exponentially” in the UK and Europe. To that end, Young said Ripple “very recently” applied for crypto asset firm registration with the UK’s Financial Conduct Authority (FCA) and a payment institution license in the Republic of Ireland.
During the interview, Ms Young stated:
“We are in the process of applying for our crypto asset registration in the UK and our payments licence in Ireland. These are all massive investments with a view that we are going to continue growing exponentially in this region.”
She, however, declined to provide a numerical target for the company’s UK and European growth plans but confirmed the company is increasing hiring in the region.
Court Ruling is a “Huge Win” for Ripple
Ripple secured a partial win against the SEC when Judge Analise Torres ruled Ripple’s XRP token is “not necessarily a security on its face.” Ripple has been engaged in a three-year battle with the SEC after the agency alleged the firm breached US securities laws.
XRP is not a security.This victory for @Ripple is a win for the entire industry and a step toward regulatory clarity in the U.S.A huge thank you to @bgarlinghouse, @chrislarsensf, and @s_alderoty for their leadership and the #XRPCommunity for their continued support.
— Ripple (@Ripple) July 13, 2023
Based on the SEC’s lawsuit, crypto exchanges such as Coinbase and Kraken were forced to delist XRP offerings but have since indicated they would relist the token.
Young commented on Judge Torres’ decision and said it is a “huge win” and “positive for [the company’s] growth in the US.”
She added the company’s position on the US as its global hub “has not changed” but noted since the lawsuit, the majority of Ripple’s expansion “has happened outside the US. I would only expect that the US will pick up and grow a lot more now.
Having said that, we are global, we have over 15 offices around the world.”
Ripple Secures an In-Principle MPI License in Singapore
CNCB reported weeks before Judge Torres’ decision the firm received in-principle approval of a Major Payment Institution (MPI) License from the country’s central bank – the Monetary Authority of Singapore (MAS).
In a press release announcing MAS approval, Ripple said:
“Ripple, the leader in enterprise blockchain and crypto solutions, today announced that its Singapore subsidiary Ripple Markets APAC Pte Ltd, has obtained In-Principle Approval of the Major Payments Institution License application from the Monetary Authority of Singapore (MAS).
This license will allow Ripple to offer regulated digital payment token products and services in the city-state, and further scale its customers’ use of its crypto-enabledOn-Demand Liquidity(ODL) service.”
Ripple has long held a strong presence in Singapore since opening its Asia Pacific headquarters in 2017.
Brad Garlinghouse, Ripple’s Chief Executive Officer, said in a statement released soon after announcing the company’s MPI approval:
“Singapore is a leading global financial center, and a prominent gateway to business in Asia Pacific. We’re incredibly proud to receive an in-principle license from the MAS, reaffirming our commitment to the region and ongoing proactive engagement with regulators globally.”
Stu Alderoty, Ripple’s Chief Legal Officer, also commented:
“As more countries develop regulatory frameworks for crypto, many are looking to Singapore’s early leadership in developing a clear taxonomy and licensing framework. This in-principle regulatory approval from the MAS will enable us to better support our forward-looking customers looking to hone in on blockchain and crypto technologies to build a more inclusive and borderless financial system.”
Ripple reportedly doubled its headcount in Singapore over the past year and continues to seize every advantage the city holds for it.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
275 days ago • zycrypto
XRP Lawsuit Continues To See New Twists and Turns As Alderoty Reveals Ripple’s Benefits In SEC Case
In a recent interview Stuart Alderoty, Ripple’s Chief Legal Officer, voiced his opinions about the timing of the lawsuit and the company's dedication to defending the case in December 2020, when Ripple Labs was sued by...
288 days ago • cryptodaily
SEC In a Difficult Position as Hinman Docs Are Unsealed
The long-awaited Hinman documents were unsealed and revealed to the public on June 13. The documents provide insight into William Hinman’s speech which stated that Ether is not a security.
The highly anticipated Hinman documents were unsealed and released to the public earlier this week.
The documents contain internal communications within the SEC, which provide much-needed insight into William Hinman’s, the former director of the SEC’s corporate finance division, 2018 speech in which he claimed that Ether (ETH) should not be categorized as a security.
Hinman famously said during his speech:
Based on my understanding of the present state of Ether, theEthereumnetwork and its decentralized structure, current offers and sales of Ether are not securities transactions.
In the now publicly available internal communications, Hinman said:
Attached please find a draft of the speech I had mentioned, which suggests that we don’t need to see a need to regulate Ether, as it is currently offered, as a security.
According to the documents, Hinman also did not regard Bitcoin as a security either:
Applying the disclosure regime of the federal securities laws to the offer and resale of Bitcoin would seem to add little value.
Ripple’s Interest in the Hinman Docs
Although the documents do not directly pertain to Ripple, the firm believes they are instrumental in proving its case that XRP is not a security. Ripple has been embroiled in a legal battle with the SEC since 2020, when the agency asserted that Ripple sold $1.3 billion worth of XRP as unregistered securities.
Ripple’s argument rests on the speech indicating that the regulator does not believe ETH or BTC to be securities and argues that XRP should also not be deemed a security.
The SEC was hesitant to hand over the documents but was ordered to do so by Judge Analisa Torres in September. The agency consequently tried to keep the records sealed by arguing that they were irrelevant to the case but was again denied by Judge Torres, who ruled they should be made available to the public.
Legal Experts Weigh In
Ripple’s Chief Legal Officer, Stuart Alderoty, commented on the documents in a recent Twitter thread.
Alderoty says the discovery reveal that Hinman ignored multiple warnings from collogues who suggested that the speech could create possible confusion in the market.
2/ We now can all see Hinman ignored multiple warnings that his speech contained made-up analysis with no basis in law, was divorced from the Howey factors, exposed regulatory gaps, and would create not just confusion, but “greater confusion” in the market.
— Stuart Alderoty (@s_alderoty) June 13, 2023
Alderoty also questioned why Hinman went ahead with the speech despite numerous warnings.
13/An investigation must be conducted to understand what or who influenced Hinman, why conflicts (or, at the very least, appearances of conflicts) were ignored, and why the SEC touted the speech knowing that it would create “greater confusion.”
— Stuart Alderoty (@s_alderoty) June 13, 2023
Crypto lawyer John Deaton further offered insights into the communications. Deaton said in a tweet quoting Coinbase legal officer Paul Grewal that the emails indicate how “hypocritical and reckless the SEC is being.”
The Hinman emails help @coinbase, #ETH and @Ripple’s fair notice defense. How much it helps anyone in a courtroom is yet to be seen. But in the Court of Public Opinion and in Congress, the emails should help drive attention to how hypocritical and reckless the SEC is being. https://t.co/kdYOSsh2RX
— John E Deaton (@JohnEDeaton1) June 13, 2023
Deaton gave an interview to the news agency Cointelegraph, where he said the documents provide support for not just Ripple but for Coinbase and other entities that have been facing “unjust targeting by regulators.” He further opines that the documents could potentially shape legislative discussions in Congress.
Deaton is quoted as saying:
“The documents are what I expected in two ways. One, it helps Ripple, Coinbase, and others being unfairly targeted by regulators playing fast and loose with the law they took an oath to uphold. How much it helps in the courtroom is yet to be seen, but it certainly helps in the court of public opinion and in the halls of Congress.
Two, it highlights the massive conflicts of interests and gross appearances of impropriety by William Hinman and Jay Clayton.”
The document’s release comes at a critical time for the crypto industry. The SEC served two of the largest crypto exchanges last week with allegations of securities violations triggering a market spiral.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
337 days ago • coindesk
Art Blocks Co-Founder Erick Calderon Uses Free Market Ideals to Defend NFT Royalties
Erick Calderon, the co-founder of Art Blocks, tried to turn down the heat on the battle around non-fungible token (NFT) creator royalties at CoinDesk’s Consensus Festival. He made his own opinion on the matter clear, however: according to Calderon, royalties “let the creator keep creating.”