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This 33-year-old 'dogecoin billionaire' is being paid in the meme-inspiring cryptocurrency—and he's still buying dips
In the coming weeks, President Biden will nominate a former Ripple adviser to be the Fed's Vice-Chair for Supervision.
The SEC's lawsuit against Ripple (CRYPTO:XRP) and two of its top executives is a significant development in the cryptocurrency industry.
Legal experts, including the defendants' general counsel, consider the court's decision to reject the plaintiff's move to strike the fair notice defense as a big victory.
Whether it was a judge or a settlement:
John Deaton, the lawyer for people who own XRP, said in the past that the most important decision in the lawsuit is coming soon. This means that there will be even more delays after a court ruled that the SEC had a right to the deliberative process privilege (DPP). DPP is a legal defense that protects government institutions from having to show their internal correspondence to the public.
People who are interested in the case should put a date on their calendar this month. Sarah Netburn, a mediator, has asked the two sides to come up with a schedule for briefing their summary judgment motions. It will be filed on April 22, 2022, by the defendants and the plaintiff.
Hogan & Hogan's lawyer isn't ruling out the possibility of a settlement during or after the fact-finding process is over. A month after April, Hogan thinks it might happen. The case has been going on for more than a year, so a settlement is the fastest way to end it.
A statement of defense.
Ripple says that the agency acted unfairly when it tried to regulate by enforcing rules. That's what it says. The SEC didn't give Ripple enough notice that what they were doing was against the law. The company says there should have been more information about whether or not XRP was a security, but that didn't happen.
Somehow, the court's rejection of the SEC's request to exclude the "fair notice" defense in favor of Ripple. Deaton says that the plaintiff's recent moves have pushed the case back, especially by keeping the discovery process going. He says that with the SEC's proposed rules on crypto platforms, there will be more cases against crypto exchanges.
The SEC vs. Ripple case is important because it could have a big impact on the whole world of digital assets.
It slowed down the growth of XRP because the SEC sued. The delisting of Ripple's native token by crypto exchanges in the U.S. did some damage, even though most of the people who own XRP aren't in the U.S. However, a win by Ripple could make American exchanges like Coinbase start to accept XRP again.
XRP is still the seventh-largest cryptocurrency by market value (US$39.94 billion). However, the price doesn't move much. It stays around US$0.80 and can't get above the US$1 mark. Current investors have lost only 0.1% so far this year.
Ripple has a deal with the Digital Euro Think Tank. It will help with the design of digital currencies made by central banks (CBDCs). The company is also working with the Digital Euro Association to help build a European CBDC.
Predicting the price
The strong network of Ripple makes XRP one of the most secure tokens in the cryptocurrency world, so many people think it's a good thing. Some market analysts say that the level of interest has gone down a little. Still, their average price forecast for 2022 is US$1.30, which is a 56.6 percent increase from its current price of US$0.80.
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