The SEC has filed an appeal against the recent court ruling in the Ripple case but lacks sufficient evidence to support its claims. The SEC is attempting to prove that XRP buyers expected profits based on Ripple's efforts.
Judge Torres' Ruling
Judge Torres ruled that Ripple's actions, including the sale of XRP, did not influence price movements enough to create investor expectations of profit. This means the SEC failed to demonstrate that programmatic buyers of XRP expected returns from Ripple’s activities.
Unsuccessful Expert Testimony
The SEC now has to convince the appeals court that these investors expected profits. However, the court rejected expert testimony, which was supposed to be key evidence for the SEC. The SEC’s expert based his conclusions on speculative assumptions about what a “reasonable XRP buyer” would expect, which the court found insufficient.
Evidence from Actual Investors
Another problem for the SEC is the testimony from real #Xrp🔥🔥 investors. These investors stated that they did not rely on Ripple's activities when purchasing XRP and often were unaware of Ripple's initiatives. This undermines the SEC’s argument that a “reasonable investor” would have expected profits based on Ripple’s actions, such as blog posts or marketing materials.
Lack of Ripple’s Influence on XRP Price
Moreover, products that Ripple is developing, such as the On-Demand Liquidity (ODL) software for cross-border transactions using XRP, have not significantly impacted XRP's price. This is confirmed by actual XRP community members, who state that Ripple's actions did not affect their decision to invest.
Lack of Evidence for the Appeal
The SEC is trying to convince the Second Circuit Court, but its arguments are weak. Its expert testimony was rejected, and evidence from actual investors does not support its claims. Now the SEC must rely on a hypothetical investor and argue that this fictional person expected profits from Ripple’s efforts, even though they lack solid evidence to back this claim.
#Ripple💰 , #RippleVsSEC , #courtcase , #investigation

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Chinese industry news and cryptocurrency market data company Feixiaohao is allegedly the subject of an inquiry by the local authorities.

As part of an ongoing investigation in Inner Mongolia, an autonomous area of northern China, a number of top executives of Feixiaohao are allegedly under arrest, according to a story published on August 28 by Chinese cryptocurrency journalist Colin Wu on his channel Wu Blockchain News.

Wu referenced a WeChat post from a local crypto channel that stated the Inner Mongolia police have detained "many key members of the Feixiaohao team" in order to conduct an investigation.

The purported investigation's motivations are unknown.

The largest simplified Chinese cryptocurrency market statistics website was established in August 2017, as stated on Feixiaohao's official website.

The website was sometimes referred to as the CoinGecko of China. CoinGecko is a significant international platform used to track the market capitalization of over 14,000 cryptocurrencies.

Wu's sources claim that Feixiaohao's purported inquiry has been going on for more than six months, but the probe's motivations are now unknown.

Wu observed, "Many of Feixiaohao's exchange partners said they were unable to reach them."

Feixiaohao was contacted by Cointelegraph for comment about the purported investigation and the arrest; but, at the time of writing, no answer had been received.

The website has continued to publish fresh items in the news section despite the announcements of the arrests; the most current pieces are dated August 30.

Feixiaohao remained operational during China's 2021 "great Bitcoin ban."

Data from SimilarWeb, a website that analyzes traffic, indicates that in July 2024, Feixiaohao received about 200,000 views each month. China was the country that received the most visitors last month, making about 23% of Feixiaohao's total visits worldwide.

China's user base for Feixiaohao may be regarded as substantial, particularly in light of the mainland's strict policies regarding the cryptocurrency market.

In September 2021, the People's Bank of China (PBoC), the country's central bank, formally implemented a series of regulations aimed at curbing the cryptocurrency market's growth in mainland China.

The Chinese prohibition on cryptocurrency, according to industry insiders, did not threaten local cryptocurrency media, even though prominent crypto news sites like ChainNews went down in November 2021 without giving an explanation.

It's unclear if offering crypto information services in mainland China was ultimately declared unlawful, as numerous industry-related Chinese news outlets have so far continued to run.

#China #CoinGecko #investigation #TON #TelegramCEO